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

Ny Consolidated Laws, Banking Law – BNK § 108. Interest levels; 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 drawn in advance, reckoning the times which is why the note, bill or proof of financial obligation has got to run. […]