New York Interest Rates Laws
More Information on Interest Rate 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.
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