2016 New York Laws
PEP - Personal Property
Article 10-B - (Personal Property) TELEPHONE SALES PROTECTION ACT
446 - Restriction on assignment of obligation.

  446. Restriction on assignment of obligation. 1. A seller shall not
  negotiate, transfer, sell or  assign  any  note  or  other  evidence  of
  indebtedness to a finance company or other third party prior to midnight
  of  the  fifth  business  day  following the day the seller sent written
  notice to the buyer informing the buyer of his right to cancel.
2. The assignee of any note  or  evidence  of  indebtedness  shall  be
  subject  to  all  claims  and  defenses  of the buyer against the seller
  arising from the sale notwithstanding any agreement to the contrary, but
  the assignee's liability under this subdivision  shall  not  exceed  the
  amount  owing  to  the  assignee  at  the  time  the claim or defense is
  asserted against the assignee. Rights of the buyer  under  this  section
  can be asserted affirmatively against a claim by the assignee.