Ny Consolidated Laws, Banking Law – BNK § 108. Interest rates; installment responsibilities; unsecured loan divisions

Ny Consolidated Laws, Banking Law – BNK § 108. Interest rates; installment responsibilities; unsecured loan divisions

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1. No bank or trust company shall take, receive, reserve or charge on any loan or discount made, or upon any note, bill of exchange or other evidence of debt, negotiable or otherwise, interest, as computed pursuant to this subdivision, at a rate greater than the rate prescribed by the superintendent of financial services pursuant to section fourteen-a of this chapter, or, if no rate has been so prescribed, six per centum per annum, or two dollars if the interest so computed is less than that amount except as otherwise provided in this section. Such interest could be consumed advance, reckoning the full days which is why the note, bill or proof financial obligation needs to run. The bank or trust company shall refund to the obligor or his legal representative, as the case may be, the unearned interest previously deducted and the unused portion of any premiums charged for insuring the obligor under a group credit insurance policy, such refund to be calculated in accordance with the method described in paragraph (e) of subdivision four of this section if interest is so taken in advance and the maturity of the debt is accelerated and judgment is obtained, or the debt is otherwise paid prior to its normal date of maturity. An acceptable cost with a bank or trust business when it comes to number of a real bill of change, note or other proof financial obligation payable at a spot except that the area where purchased, discounted or sold, besides the interest, shall never be considered interest for the intended purpose of any legislation managing the most interest rate which might be charged, taken or gotten.

Such a thing found in this subdivision to your contrary notwithstanding, the charging of great interest or discount on financing or discount made outside this state at a level permitted by the guidelines associated with jurisdiction where such loan is made, or the purchase with a bank or trust business of a component interest or even the whole fascination with any loan or discount heretofore or hereafter produced by a bank or trust business or just about any other banking organization, shall never be a breach of the part.

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