17:11C-38 Certain payments deemed loan secured by assignment.
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/nj/title-17/chapter-11c/17-11c-38·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
38. The payment of $50,000 or less in money, credit, goods or things in action, as consideration for any sale, assignment or order for the payment of wages, salary, commissions or other compensation for services, whether earned or to be earned, shall, for the purposes of this act, be deemed a loan secured by the assignment. The transaction shall be governed by and subject to the provisions of this act and any such sale, assignment or order hereafter made shall, for the purposes of this act, be void and of no effect.
L.1996,c.157,s.38; amended 2001, c.294, s.4.