2012 New York Consolidated Laws
PEP - Personal Property
Article 3-A - (46 - 49-A) ASSIGNMENT OF EARNINGS
49 - Certain provisions not applicable to banks, trust companies or credit unions.

 
    §  49.  Certain provisions not applicable to banks, trust companies or
  credit unions. 1. The provisions of section forty-seven of this  article
  shall not be applicable to any bank, trust company or credit union doing
  business in the state of New York.
    2.  The provisions of section forty-eight of this article in so far as
  they require any delay by an assignee, before filing with the  employer,
  shall  not  apply  to  assignments  given either as security for or as a
  manner or method of the repayment of money actually advanced  to  or  at
  the  request  of the assignor by any bank, trust company or credit union
  doing business in the state of New York; provided, however,  that  every
  such  assignment  must  have  printed  on the face thereof the following
  words: "This assignment is executed as security for, or as a  manner  or
  method  of  the repayment of, money advanced by a bank, trust company or
  credit union doing  business  in  New  York."  No  assignment,  however,
  received  by  any  bank,  trust  company or credit union pursuant to any
  agreement between it and a person who has sold merchandise or  furnished
  services to, or at the request of, the assignor, shall be deemed to have
  been  given  as  security for, or as a manner or method of repayment of,
  money actually advanced to, or at the request of,  the  assignor  within
  the meaning of this section.