N.Y. Banking Law Section 353
Limitation on licensee’s charges on certain loans

No licensee shall directly or indirectly charge, contract for, or receive any interest, discount, or consideration upon the loan, use, or forbearance of money, goods, or things in action, or upon the loan, use, or sale of credit, of the amount or value of more than the maximum amounts prescribed in § 340 (Doing business without license prohibited)section three hundred forty of this article greater than the rate permitted by General Obligations Law § 5-501 (Rate of interest)section 5-501 of the general obligations law. The foregoing prohibition shall also apply to any licensee which permits any person, as borrower or as endorser, guarantor, or surety for any borrower or otherwise, to owe directly or contingently or both to the licensee at any time more than the maximum amounts prescribed in § 340 (Doing business without license prohibited)section three hundred forty of this article.

Source: Section 353 — Limitation on licensee's charges on certain loans, https://www.­nysenate.­gov/legislation/laws/BNK/353 (updated Sep. 22, 2014; accessed Apr. 20, 2024).

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Accessed:
Apr. 20, 2024

Last modified:
Sep. 22, 2014

§ 353’s source at nysenate​.gov

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