2015 ORS 725.355¹
Prohibition against assignment of earnings for loan security

(1) As used in this section, "earnings" means salary, wages or other compensation for service.

(2) No licensee shall take an assignment of earnings as payment of or as security for payment of a loan. An assignment in violation of this subsection is unenforceable by the assignee and revocable by the assignor. Nothing in this subsection is intended to prevent an employee from authorizing deductions from the earnings of the employee if the authorization is revocable.

(3) For the purpose of this section, a sale of unpaid earnings made in consideration of the payment of money to or for the account of the seller of the earnings is considered a loan to the seller, secured by an assignment of earnings. [1971 c.232 §3]

Chapter 725

Atty. Gen. Opinions

Applicability of licensing and registra­tion require­ments under Bank Act to loan solicita­tion office operating in Oregon, (1985) Vol. 44, p 378


1 Legislative Counsel Committee, CHAPTER 725—Consumer Finance, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors725.­html (2015) (last ac­cessed Jul. 16, 2016).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2015, Chapter 725, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ano725.­html (2015) (last ac­cessed Jul. 16, 2016).
 
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.