N.Y. Military Law Section 323-A
Maximum rate of interest

No obligation or liability bearing interest at a rate in excess of six percent per year incurred by a person in active military service in the armed forces of the United States or in active military service of the organized militia of the state before that person’s entry into such service shall, during any part of the period active military service, bear interest at a rate in excess of six percent per year unless, in the opinion of the court, upon application thereto by the obligee, the ability of such person in military service to pay interest upon such obligation or liability at a rate in excess of six percent per year is not materially affected by reason of such service, in which case the court may make such order as in its opinion may be just. As used in this section the term “interest” includes service charges, renewal charges, fees and any other charges (except bona fide insurance) with respect to such obligation or liability.

Source: Section 323-A — Maximum rate of interest, https://www.­nysenate.­gov/legislation/laws/MIL/323-A (updated Sep. 22, 2014; accessed Jun. 21, 2025).

300
Findings and declaration of emergency 301
Definitions 301–A
Notice of benefits to persons in and persons enlisting in the state organized militia 301–B
Extension of benefits to dependents 301–C
Accident prevention course information 302
Stay, et cetera, to persons secondarily liable 303
Representation 304
Proceedings to be stayed unless interest unaffected by military service 305
Relief against fines and penalties, et cetera 306
Actions against persons in service 307
Continuance of stay, et cetera 308
Statutes of limitations and statutes of a similar nature 308–A
Waiver of professional continuing education requirements 308–B
Extension of license, certificate or registration 309
Evictions 310
Liability for rent accruing after induction 311
Installment purchases 311–A
Termination of motor vehicle lease contracts 311–B
Cancellation without penalty of certain additional rental contracts 311–C
Termination without penalty of certain service contracts 312
Mortgages 313
Settlement of cases involving stayed proceeding in foreclosure or repossession of personal property 313–A
Exercise of rights under this article not to affect certain future financial transactions 314
Taxes 315
Taxes 316
Policies of insurance 316–A
Protection of assignor of life insurance policy 316–B
Professional liability protection for certain persons ordered to active duty in armed forces 317
Reemployment in private industry 318
Policy of the state 319
Evasive transfers of interest 321
Certificates of service 322
Interlocutory orders 323
Further relief 323–A
Maximum rate of interest 323–B
Filing fees waiver 324
Separability 325
Inconsistent provisions in other acts 326
Article thirteen of military law, added by laws of nineteen hundred forty-one, chapter six hundred eighty-six 327
Duration of the emergency 328
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Verified:
Jun. 21, 2025

Last modified:
Sep. 22, 2014

§ 323-A. Maximum rate of interest's source at nysenate​.gov

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