Title PEP, Personal Property

§ 448. Separability. If any provision of this article or the\napplication of such provision in certain circumstances shall be held\ninvalid, the validity of the remainder of this article and its\napplicability to other circumstances shall not be affected.\n

§ 45-a. Salary or earnings of public officer or employee. 1. No\nassignment of, or power of attorney to collect or other instrument\naffecting, the whole or any part of his salary or earnings by an officer\nor employee of the state or of any political subdivision thereof or of\n…

§ 46. Definitions. In this article unless the context or subject\nmatter otherwise requires:\n 1. "Assignment" means any assignment of or order for payment of any\nearnings, whether given outright or as security. "Assignment" shall not\ninclude a payroll deduction, nor any part …

§ 46-a. No implied repeal. Nothing in this article shall be deemed to\nlimit any other statutory provision. Any express statutory provision, in\nforce at the time this article takes effect, and which is inconsistent\nwith any provision of this article, shall prevail.\n

§ 46-b. Assignments of future earnings collectible only as prescribed.\nAssignments of future earnings shall be collectible only as prescribed\nin sections forty-eight to forty-eight-d, inclusive, of this chapter.\n

§ 46-c. Formal requisites of assignments of less than one thousand\ndollars and of assignments securing certain guarantees amounting to\nfifteen hundred dollars or less. No assignment of future earnings,\nsecuring or relating to any indebtedness aggregating less than one\nthousa…

§ 46-d. Guarantee of certain purchases secured by assignment of\nearnings. No guarantee given to the seller to secure the payment of\ngoods, wares or merchandise amounting to fifteen hundred dollars or less\nsold for any use other than a commercial or business use, the payment o…

§ 46-e. Personal execution of assignment by assignor; delivery of\ncopies of papers. No assignment of future earnings shall be valid for\nany purpose whatever unless such assignment is personally executed by\nthe assignor. A copy thereof and of any papers attached thereto togeth…

§ 46-f. Limit on interest and other charges. Except as provided in\narticle nine of the banking law, no person shall directly or indirectly\nreceive or accept, whether by discount or otherwise, for the use and\nsale of his personal credit or for making or continuing any advance …

§ 47. Public filing of assignment before filing with employer. Except\nas provided in section forty-nine of this chapter, an assignment of\nfuture earnings or a true copy thereof, must be filed with the county\nclerk as provided for in section forty-seven-a before such assignmen…

§ 47-a. Place of filing. An assignment of future earnings or a true\ncopy thereof authenticated by a notary public or commissioner of deeds,\ntogether with an itemized statement setting forth the amount then due\nthe assignee and the date and amount of payments theretofore made …

§ 47-b. Filing, entering and indexing. 1. The filing officer shall\nmark upon the assignment or true copy thereof filed with him the date of\nits filing and shall file such assignment or true copy thereof in his\noffice for public inspection. He shall keep a separate book in whi…

§ 47-c. Refiling. The filing of assignments shall be valid for a\nperiod of two years only. The validity of the filing may in each case\nbe extended for successive additional periods of one year from the date\nof refiling by filing in the office of the county clerk of the county…

§ 47-d. Cancellation of assignment. Upon the payment or satisfaction\nof the indebtedness, and upon written demand delivered personally or by\nregistered mail by the assignor, the assignee shall execute and\nacknowledge or prove, and deliver to the assignor a certificate setting…

§ 47-e. Vacating of an assignment, by order of a court. 1. An\nassignment may be vacated by a judgment of a court of record upon a\nspecial proceeding brought by the assignor, his employer or any person\nhaving an interest therein. Before such judgment shall be granted an\norder…

§ 48. Notice to be mailed to assignor prior to filing with employer.\n1. No assignment of future earnings shall be filed with the assignor's\nemployer until twenty days shall have elapsed after a written notice\nshall have been mailed to the assignor by certified mail, return re…

§ 48-a. Manner of collection; percentage of earnings deductible;\nrestriction against multiple deductions. Subject to subdivision two of\nthis section, any assignment of future earnings shall be collectible\nfrom the assignor's employer at the time of each payment of such\nearni…

§ 48-b. Amount of exempt earnings. Notwithstanding anything contained\nin this article, no portion of the assignor's future earnings shall be\nwithheld by reason of any assignment, unless such earnings exceed the\nsum of eighty-five dollars per week.\n

§ 48-c. Assignment of future earnings by person unemployed; effect of\nloss of employment. If the assignor is not employed at the time he makes\nan assignment of future earnings, but is thereafter employed, his future\nearnings shall nevertheless become collectible by the assign…

§ 48-d. Payroll deductions not included. Payroll deductions may be\nmade by the employer notwithstanding any restriction in this article,\nand shall be deductible in addition to the payments under any wage\nassignment permitted by this article; provided however that in any case\…

§ 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 sect…

§ 49-a. Statement to be filed by lenders upon assignment. 1. Every\nperson, firm or corporation engaged in or seeking to engage in the\nbusiness of lending money upon security of an assignment of, or of\npurchasing upon discount future or accrued earnings, shall file with the\nc…

§ 500. Definitions. For the purposes of this article:\n 1. "Advertisement" means a commercial message in any medium that\ndirectly or indirectly promotes or assists a rental-purchase agreement.\n 2. "Cash price" means the price of the merchandise described in the\nrental-purchas…

§ 501. Form. 1. A rental-purchase agreement must be written in plain\nEnglish and in any other language used by the merchant in an\nadvertisement related to the rental-purchase agreement. Numerical\namounts must be stated in figures.\n 2. Disclosures required by this section mus…

§ 502. Availability. Every rental purchase agreement shall indicate\nthat a consumer at his or her request shall be permitted to review a\ncompleted rental-purchase agreement for up to forty-eight hours prior to\nsigning. A copy of the fully completed rental-purchase agreement a…

§ 503. Total cost. 1. A merchant shall maintain records that establish\nthe merchant's cost for each item of merchandise that is the subject of\nthe rental-purchase agreement. A copy of each rental-purchase agreement\nand of the records required by this subdivision shall be main…

§ 504. Early purchase option. 1. The consumer has the right to acquire\nownership of the merchandise at any time by tendering to the merchant\nall past due payments and fees and an amount equal to the cash price\nstated in the rental-purchase agreement multiplied by a fraction t…

§ 504-a. Interruption or reduction of income in certain instances. 1.\nIf any consumer who has signed a rental-purchase agreement experiences\nan interruption or reduction of twenty-five percent or more of income\ndue to involuntary job loss, involuntary reduced employment, illn…

§ 504-b. Maintenance of merchandise. 1. The merchant shall maintain\nthe property subject to the rental-purchase agreement in good working\norder while the agreement is in effect without charging any fee to the\nconsumer in addition to the regularly scheduled rental payments set…

§ 505. Advertisement. 1. An advertisement for a rental-purchase\nagreement that refers to or states the amount of a payment or the right\nto acquire ownership of any one particular item under the agreement\nshall clearly and conspicuously state:\n (a) that the transaction advert…

§ 506. Exempted transactions. This article does not apply to:\n 1. Agreements for the rental of merchandise in which the person who\nrents the merchandise has no legal right to become the owner of the\nproperty at the end of the rental period;\n 2. A lease of a safe deposit box;…

§ 507. Enforcement. 1. A consumer who has suffered a loss due to a\nviolation of this article by a merchant is entitled to recover from the\nmerchant actual damages, reasonable attorney's fees and court costs.\n 2. Whenever a court finds that a consumer has been injured because …

§ 508. Administration by the attorney general. The attorney general\nmay make rules and regulations necessary for the administration of this\narticle; provided, however, that such rules and regulations shall not\nattempt to regulate or characterize rental-purchase agreements as …

§ 550. Laws repealed. Of the laws enumerated in the schedule hereto\nannexed, that portion specified in the last column is hereby repealed.\n

§ 551. When to take effect. This chapter shall take effect\nimmediately.\n