General Obligations Law § 5-524 · Title 5. Interest and Usury; Brokerage On Loans
Taking security upon certain property for usurious loans
Text — Law content up to date as of July 24, 2026, as published by the New York State Senate (Open Legislation)
§ 5-524. Taking security upon certain property for usurious loans. A person who takes security, upon any household furniture, sewing machines, plate or silverware in actual use, tools or implements of trade, wearing apparel or jewelry, for a loan or forbearance of money, or for the use or sale of his personal credit, conditioned upon the payment of a greater rate than the rate prescribed by the superintendent of financial services pursuant to section fourteen-a of the banking law, or, if no rate has been so prescribed, six per centum per annum, or who as security for such loan, use or sale of personal credit as aforesaid, makes a pretended purchase of such property from any person, upon the like condition, and permits the pledgor to retain the possession thereof is guilty of a misdemeanor.
Source of truth
- Edition
- Law content up to date as of July 24, 2026, as published by the New York State Senate (Open Legislation)
- Official file
- https://legislation.nysenate.gov/pdf/laws/GOB5-524
- Text hash
- sha256 f9d7cf4bd3789e3612a4ef70ed37e494428ee194f11931b91a0b9d69baab399f
- Composed by
- gen_ny_statutes.py 2026-11-10: the Senate's Open Legislation law tree (GET /api/3/laws/<ID>?full=true) read in document order; the Senate's PDF of the whole law (GET /pdf/laws/<ID>?full=true), read with PDFium, prints the same words in the same order
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