New York Interest Rates Laws
|Legal Maximum Rate of Interest||16% (Gen. Oblig. §5-501(1)); Banking §14-a)|
|Penalty for Usury (Unlawful Interest Rate)||Usurious notes void (Gen. Oblig. (§5-511(1)); borrower may recover any amount in excess over legal rate (Gen. Oblig. §5-513); if bank, savings and loan, or trust company, interest forfeited and recovery of twice interest paid (Gen. Oblig. §5-511(1))|
|Interest Rates on Judgments||9% (Civ. Prac. L. & R. §§5003, 5004)|
|Exceptions||See Gen. Oblig. §§5-501, et seq.; debit balance on customer accounts with a broker or dealer (Gen. Oblig. §5-525)|
Note: State laws are constantly changing -- contact an attorney or conduct your own legal research to verify the state law(s) you are researching.
Research the Law:
- Official State Codes - Links to the official online statutes (laws) in all 50 states and DC.
Related Resources for Interest Rates Laws: