N.Y. PEP Law § 49

§ 49. Certain provisions not applicable to banks, trust companies or\ncredit unions. 1. The provisions of section forty-seven of this article\nshall not be applicable to any bank, trust company or credit union doing\nbusiness in the state of New York.\n 2. The provisions of section forty-eight of this article in so far as\nthey require any delay by an assignee, before filing with the employer,\nshall not apply to assignments given either as security for or as a\nmanner or method of the repayment of money actually advanced to or at\nthe request of the assignor by any bank, trust company or credit union\ndoing business in the state of New York; provided, however, that every\nsuch assignment must have printed on the face thereof the following\nwords: "This assignment is executed as security for, or as a manner or\nmethod of the repayment of, money advanced by a bank, trust company or\ncredit union doing business in New York." No assignment, however,\nreceived by any bank, trust company or credit union pursuant to any\nagreement between it and a person who has sold merchandise or furnished\nservices to, or at the request of, the assignor, shall be deemed to have\nbeen given as security for, or as a manner or method of repayment of,\nmoney actually advanced to, or at the request of, the assignor within\nthe meaning of this section.\n