New York A04918 sets interest rate limitations for financing arrangements and consumer credit extensions, redefines criminal usury, and restricts the.

New York A04918 amends the general obligations law and banking law to establish interest rate limitations for financing arrangements and consumer credit extensions. It sets a maximum interest rate of 25% per annum for financing arrangements repayable on demand with an initial principal over $5,000. The bill also redefines criminal usury in the first and second degrees, classifying them as felonies.

New York A04918 sets interest rate limitations for financing arrangements and consumer credit extensions, redefines criminal usury, and restricts the.

New York A04918 amends the general obligations law and banking law to establish interest rate limitations for financing arrangements and consumer credit extensions. It sets a maximum interest rate of 25% per annum for financing arrangements repayable on demand with an initial principal over $5,000. The bill also redefines criminal usury in the first and second degrees, classifying them as felonies.