New York § 354 Restrictions on assignments of compensation for services

New York Statutes

§ 354 — Restrictions on assignments of compensation for services

New York·Law BNK Banking·Art. 9 Licensed Lenders

§ 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

Free access — add to your briefcase to read the full text and ask questions with AI

§ 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

New York § 354 (Restrictions on assignments of compensation for services) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.