(1) A creditor may not take an assignment of earnings of the consumer for payment or as security for payment of a debt arising out of a consumer credit transaction. An assignment of earnings in violation of this section is unenforceable by the assignee of the earnings and revocable by the consumer.
(2) 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 deemed to be a loan to him or her secured by an assignment of earnings.
Source: L. 2000: Entire article R&RE, p. 1220, § 1, effective July 1.
Editor's note: This section is similar to former §§ 5-2-410 and 5-3-403, as they existed prior to 2000.