49. Certain provisions not applicable to banks, trust companies or credit unions. 1. The provisions of section forty-seven of this article shall not be applicable to any bank, trust company or credit union doing business in the state of New York.
2. The provisions of section forty-eight of this article in so far as they require any delay by an assignee, before filing with the employer, shall not apply to assignments given either as security for or as a manner or method of the repayment of money actually advanced to or at the request of the assignor by any bank, trust company or credit union doing business in the state of New York; provided, however, that every such assignment must have printed on the face thereof the following words: "This assignment is executed as security for, or as a manner or method of the repayment of, money advanced by a bank, trust company or credit union doing business in New York." No assignment, however, received by any bank, trust company or credit union pursuant to any agreement between it and a person who has sold merchandise or furnished services to, or at the request of, the assignor, shall be deemed to have been given as security for, or as a manner or method of repayment of, money actually advanced to, or at the request of, the assignor within the meaning of this section.
Last modified: February 3, 2019