N.Y. Banking Law Section 577
Interpretation of article

This article does not affect:

(1)

the inclusion of amounts for insurance in retail instalment contracts or obligations in accordance with the motor vehicle retail instalment sales act or the retail instalment sales act;

(2)

the inclusion of amounts for insurance in retail lease agreements in accordance with the motor vehicle retail leasing act; or

(3)

the making of loans for the purpose of financing insurance premiums:

(a)

By any person at a rate of interest not greater than the rate prescribed by the superintendent of financial services pursuant to § 14-A (Rate of interest)section fourteen-a of this chapter, or, if no rate has been so prescribed, six per centum per annum; or

(b)

By a lending institution in accordance with the applicable provisions of other laws authorizing and regulating the making of loans by the lending institution.

Source: Section 577 — Interpretation of article, https://www.­nysenate.­gov/legislation/laws/BNK/577 (updated Sep. 22, 2014; accessed Feb. 15, 2025).

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Accessed:
Feb. 15, 2025

Last modified:
Sep. 22, 2014

§ 577’s source at nysenate​.gov

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