§ 19-14.1-6. Assignment of earnings.
The payment in money, credit, goods, or things in action, as consideration for any sale or assignment of, or order for, the payment of wages, salary, commissions, or other compensation for services, whether earned or to be earned, shall, for the purposes of regulation under this chapter, be deemed a loan secured by the assignment, and the amount that the assigned compensation exceeds the amount of consideration actually paid shall, for the purposes of regulation under this chapter, be deemed interest upon the loan from the date of the payment to the date the compensation is payable. The transaction shall be governed by and subject to the provisions of this chapter.
History of Section.P.L. 1995, ch. 82, § 53.
Structure Rhode Island General Laws
Title 19 - Financial Institutions
Chapter 19-14.1 - Lenders and Loan Brokers
Section 19-14.1-1. - Confessions of judgment — Incomplete instruments prohibited.
Section 19-14.1-2. - Maximum rate of interest.
Section 19-14.1-3. - Unemployment insurance defined.
Section 19-14.1-4. - Documents delivered to borrower — Advance payments — Release of security.
Section 19-14.1-5. - Instrument evidencing loan, contents.
Section 19-14.1-6. - Assignment of earnings.
Section 19-14.1-7. - Assignment of wages simultaneous with loan — Liens on furniture.
Section 19-14.1-8. - Escrow accounts.
Section 19-14.1-9. - Penalties.
Section 19-14.1-10. - Special exemptions.