6.2-1525 - (Effective October 1, 2010) Wage purchases. - Virginia Statutes

§ 6.2-1525. (Effective October 1, 2010) Wage purchases.

The payment of any amount in money, credit, goods or things in action, asconsideration for any sale or assignment of, or order for, the payment ofwages, salary, commission, or other compensation for services, whether earnedor to be earned, shall for the purposes of this chapter be deemed a loan ofmoney secured by the sale, assignment or order. The amount by which thecompensation so sold, assigned or ordered paid exceeds the amount ofconsideration actually paid (i) shall be deemed for the purpose of thischapter to be interest upon the loan from the date of the payment to the datethe compensation is payable and (ii) shall not, in any case, be more than issufficient to yield, to the person making the loan, interest on hisinvestment at the annual rate of 10 percent. Such transaction shall in allother respects be governed by and subject to the provisions of this chapter.

(Code 1950, § 6-317; 1956, c. 71; 1966, c. 584, § 6.1-288; 1968, c. 489;1974, c. 371; 1995, c. 2; 2001, c. 308; 2010, c. 794.)