N.Y. Pers. Prop. Law § 446

§ 446. Restriction on assignment of obligation. 1. A seller shall not\nnegotiate, transfer, sell or assign any note or other evidence of\nindebtedness to a finance company or other third party prior to midnight\nof the fifth business day following the day the seller sent written\nnotice to the buyer informing the buyer of his right to cancel.\n 2. The assignee of any note or evidence of indebtedness shall be\nsubject to all claims and defenses of the buyer against the seller\narising from the sale notwithstanding any agreement to the contrary, but\nthe assignee's liability under this subdivision shall not exceed the\namount owing to the assignee at the time the claim or defense is\nasserted against the assignee. Rights of the buyer under this section\ncan be asserted affirmatively against a claim by the assignee.\n