N.Y. Penal Law 190.42 – Criminal usury in the first degree
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§ 190.42 Criminal usury in the first degree.
Attorney's Note
Under the New York Laws, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Class C felony | between 1 and 15 years | up to $15,000 |
Terms Used In N.Y. Penal Law 190.42
- Forbearance: A means of handling a delinquent loan. A
- Usury: Charging an illegally high interest rate on a loan. Source: OCC
A person is guilty of criminal usury in the first degree when, not being authorized or permitted by law to do so, he knowingly charges, takes or receives any money or other property as interest on the loan or forbearance of any money or other property, at a rate exceeding twenty-five per centum per annum or the equivalent rate for a longer or shorter period and either the actor had previously been convicted of the crime of criminal usury or of the attempt to commit such crime, or the actor's conduct was part of a scheme or business of making or collecting usurious loans.
Criminal usury in the first degree is a class C felony.