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Illinois Statutes Chapter 740. Civil Liabilities § 170/1. Requisites to validity

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§ 1. No assignment of wages earned or to be earned is valid unless

(1) Made in a written instrument (a) signed by the wage-earner in person and (b) bearing the date of its execution, the social security number of the wage-earner, the name of the employer of the wage-earner at the time of its execution, the amount of the money loaned or the price of the articles sold or other consideration given, the rate of interest or time-price differential, if any, to be paid, and the date when such payments are due;

(2) Given to secure an existing debt of the wage-earner or one contracted by the wage-earner simultaneously with its execution;

(3) An exact copy thereof is furnished to the wage-earner at the time the assignment is executed;

(4) The words “Wage Assignment” are printed or written in bold face letters of not less than 1/4 inch in height at the head of the wage assignment and also one inch above or below the line where the wage-earner signs that assignment;

(5) Written as a separate instrument complete in itself and not a part of any conditional sales contract or any other instrument.

The requirement of the social security number of the wage-earner imposed by this Act applies only as to wage assignments made after January 1, 1966.

Cite this article: - Illinois Statutes Chapter 740. Civil Liabilities § 170/1. Requisites to validity - last updated January 01, 2022 |

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