45-1021 Installment loans; interest, defined. - Nebraska Statutes

45-1021. Installment loans; interest, defined.The payment in money, credit, goods, or things in action, as consideration for any sale or assignment of, or order for, the payment of wages, salary, commission, or other compensation for services, whether earned or to be earned, shall, for purposes of regulation under the Nebraska Installment Loan Act, be deemed a loan secured by such assignment, and the amount by which the assigned compensation exceeds the amount of the consideration actually paid, shall, for the purposes of regulation under the act, be deemed interest or charges upon the loan from the date of payment to the date the compensation is payable. Such transaction shall be governed by and be subject to the act. SourceLaws 1941, c. 90, § 13, p. 350; C.S.Supp.,1941, § 45-141; R.S.1943, § 45-134; Laws 1997, LB 555, § 16; R.S.1943, (1998), § 45-134; Laws 2001, LB 53, § 49. AnnotationsFurnishing of insurance by wholly owned subsidiary was a device and subterfuge to collect additional compensation for money loaned. State ex rel. Beck v. Associates Discount Corp., 162 Neb. 683, 77 N.W.2d 215 (1956).