New York § 354 Restrictions on assignments of compensation for services

New York Statutes

§ 354 — Restrictions on assignments of compensation for services

New York § 354

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Art. 9Licensed Lenders

This text of New York § 354 (Restrictions on assignments of compensation for services) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Banking § 354 (2026).

Text

§ 354. Restrictions on assignments of compensation for services.

1.A\nlicensee shall not take an assignment of unearned wages or other\nearnings unless:\n (a) the assignment by its terms is revocable at the will of the\nborrower; or\n (b) the assignment is a payroll deduction plan.\n 2. No assignment of wages or other earnings given to secure any loan\nhereunder shall be valid unless the amount of such loan is paid to the\nborrower simultaneously with its execution.\n

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§ 354. Restrictions on assignments of compensation for services. 1. A\nlicensee shall not take an assignment of unearned wages or other\nearnings unless:\n (a) the assignment by its terms is revocable at the will of the\nborrower; or\n (b) the assignment is a payroll deduction plan.\n 2. No assignment of wages or other earnings given to secure any loan\nhereunder shall be valid unless the amount of such loan is paid to the\nborrower simultaneously with its execution.\n