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The Laws of New York
Consolidated Laws of New York
CHAPTER 2
Banking
ARTICLE 9
Licensed Lenders
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SECTION 353
Limitation on licensee's charges on certain loans
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ARTICLE 9
Licensed Lenders
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SECTION 355
Solicitation of loans
This entry was published on 2014-09-22
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SECTION 354
Restrictions on assignments of compensation for services
Banking (BNK) CHAPTER 2, ARTICLE 9
§ 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.