§ 19-14.2-7. Assignment of wages simultaneous with loan — Liens on furniture.
No assignment of, or order for, payment of any salary, wages, commissions, or other compensation for services, earned or to be earned, given to secure any loan made by any small loan lender under this chapter, shall be valid unless the amount of the loan is paid to the borrower simultaneously with its execution; nor shall the assignment or order, or any chattel mortgage or other lien on household furniture then in the possession and use of the borrower, be valid unless it is in writing, signed in person by the borrower, nor if the borrower is married unless it is signed in person by both husband and wife, provided that written assent of a spouse shall not be required when husband and wife have been living separate and apart for a period of at least five (5) months prior to the making of the assignment, order, mortgage, or lien.
History of Section.P.L. 1995, ch. 82, § 54.
Structure Rhode Island General Laws
Title 19 - Financial Institutions
Chapter 19-14.2 - Small Loan Lenders
Section 19-14.2-1. - Maximum rate on small loans not authorized by chapter.
Section 19-14.2-2. - Confessions of judgment — Incomplete instruments prohibited.
Section 19-14.2-3. - Unemployment insurance defined.
Section 19-14.2-4. - Documents delivered to borrower — Advance payments — Release of security.
Section 19-14.2-5. - Instrument evidencing loan, contents.
Section 19-14.2-6. - Assignment of earnings.
Section 19-14.2-7. - Assignment of wages simultaneous with loan — Liens on furniture.
Section 19-14.2-8. - Maximum loan and interest rate.
Section 19-14.2-9. - Split loans.
Section 19-14.2-10. - Computation of interest.
Section 19-14.2-11. - Maximum term of small loans.
Section 19-14.2-12. - Small loans — No other charges — Exception.
Section 19-14.2-13. - Additional documents delivered to borrower.
Section 19-14.2-14. - Penalties.