Statute · New York Banking Law
N.Y. Banking Law § 354 — Restrictions on assignments of compensation for services
N.Y. Banking Law § 354
- Type
- Statute
- Source
- New York Banking Law
- Jurisdiction
- New York
- Current through
- Nov 5, 2026 (NY Senate Open Legislation)
§ 354. Restrictions on assignments of compensation for services. 1. A licensee shall not take an assignment of unearned wages or other earnings unless:
Citator
N.Y. Banking Law § 354 — Restrictions on assignments of compensation for services is in force in the current edition of the Code, and nothing recorded condemns it.
§ 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.