6.2-1526 - (Effective October 1, 2010) Wage assignments. - Virginia Statutes

§ 6.2-1526. (Effective October 1, 2010) Wage assignments.

A. A valid assignment or order for the payment of future salary, wages,commissions, or other compensation for services may be given as security fora loan made by any licensee, notwithstanding the provisions of any other lawto the contrary.

B. No assignment of, or order for payment of, any salary, wages, commissions,or other compensation for services, earned or to be earned, given to secureany loan made by any licensee shall be valid unless:

1. The amount of the loan is paid to the borrower simultaneously with itsexecution; and

2. The assignment or order is in writing, signed in person by the borrower,and not by an attorney, or if the borrower is married unless it is signed inperson by both husband and wife, and not by an attorney. Written assent of aspouse shall not be required when husband and wife have been living separateand apart for a period of at least five months prior to the giving of theassignment or order. The provisions of this section are in addition to, andnot in derogation of, the general statutes pertaining to the subject.

C. Under the assignment or order, an amount equal to not more than 10 percentof the borrower's salary, wages, commissions, or other compensation forservices shall be collectible from the employer of the borrower by thelicensee at the time of each payment to the borrower of the salary, wages,commission, or other compensation for services, from the time that a copy ofthe assignment, verified by the oath of the licensee or his agent, togetherwith a similarly verified statement of the amount unpaid upon the loan and aprinted copy of this section, is served upon the employer.

(Code 1950, §§ 6-318, 6-319; 1966, c. 584, §§ 6.1-289, 6.1-290; 2010, c. 794.)