N.Y. BNK Law § 354
This is the official text of N.Y. BNK Law § 354, part of New York’s BNK Law — part of the compiled statutory law of New York, published by the state as "BNK Law." Browse the sections below, each linked to its official government source.
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Restrictions on assignments of compensation for services
Official statutory 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
Status: in_force · Read it on the official government site
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