2019 New York Laws
BNK - Banking
Article 9 - Licensed Lenders
354 - Restrictions on Assignments of Compensation for Services.

Universal Citation: NY Banking L § 354 (2019)
§ 354.  Restrictions on assignments of compensation for services. 1. A
licensee shall not  take  an  assignment  of  unearned  wages  or  other
earnings unless:

(a) the assignment by its terms is revocable at the will of the borrower; or

(b) the assignment is a payroll deduction plan. 2. No assignment of wages or other earnings given to secure any loan hereunder shall be valid unless the amount of such loan is paid to the borrower simultaneously with its execution.

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