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2020 Colorado Revised Statutes
Title 5 - Consumer Credit Code
Article 3. Regulation of Agreements and Practices
Section 5-3-206. No assignment of earnings.
Universal Citation: CO Rev Stat § 5-3-206 (2020)
(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.
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