537.3305 No assignment of earnings. 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 ofearnings in violation of this section is unenforceable by the assignee of the earnings andrevocable by the consumer. This section does not prohibit a consumer from authorizingdeductions in favor of a creditor if the authorization is revocable, the consumer is given acomplete copy of the writing evidencing the authorization at the time the consumer signs it,and the writing contains on its face a conspicuous notice of the consumer’s right to revokethe authorization. 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 the seller secured by anassignment of earnings. [C24, 27, 31, §9427, 9428; C35, §9438-f17; C39, §9438.17; C46, 50, 54, 58, 62, 66, 71, 73, §536.17; C75, 77, 79, 81, §537.3305] Referred to in §322.33, 536.13, 536A.31, 537.5201 Sat Dec 23 01:40:24 2023 Iowa Code 2024, Section 537.3305 (18, 0)
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