NY Gen Oblig L § 5-501 (2021)
2021 New York Laws GOB - General Obligations Article 5 - Creation, Definition and Enforcement of Contractual Obligations Title 5 - Interest and Usury; Brokerage on Loans 5-501 - Rate of Interest; Usury Forbidden.

§ 5-501. Rate  of  interest; usury forbidden. 1. The rate of interest,   as computed pursuant to this title, upon the loan or forbearance of  any   money,  goods,  or  things in action, except as provided in subdivisions   five and six of this section or as otherwise provided by law,  shall  be   six  per  centum  per  annum  unless  a  different rate is prescribed in   section fourteen-a of the banking law.2. No person or corporation shall,  directly  or  indirectly,  charge,   take  or receive any money, goods or things in action as interest on the   loan or forbearance of any money, goods or things in action  at  a  rate   exceeding  the  rate  above  prescribed.  The  amount  charged, taken or   received as interest shall include any and all amounts paid or  payable,   directly  or  indirectly,  by  any  person, to or for the account of the   lender in consideration for making the loan or forbearance as defined by   the superintendent of financial services pursuant to  subdivision  three   of section fourteen-a of the banking law except such fee as may be fixed   by  the  commissioner  of  taxation and finance as the cost of servicing   loans made by the property and liability insurance security fund.3. If the rate of interest charged, taken or received on any  loan  or   forbearance secured primarily by either (i) an interest in real property   improved  by a one to six family residence occupied by the owner or (ii)   certificates of stock or other evidence of an ownership  interest  in  a   corporation  or  partnership  formed  for the purpose of the cooperative   ownership of real estate taken as security for a loan under  subdivision   five  of  section  one  hundred  three  of  the banking law, subdivision   eight-a of section two hundred thirty-five of such  law  or  subdivision   two-a  of  section  three  hundred  eighty  of such law, exceeds six per   centum per annum,a. in  the  case  of  a  loan  referred  to  by  clause  (i)  of  this   subdivision,  the term of such loan or forbearance may extend five years   beyond the maximum maturity of such loan otherwise  prescribed  by  law,   andb.  notwithstanding  any other provision of law, the unpaid balance of   the loan or forbearance may be prepaid, in whole  or  in  part,  at  any   time.  If prepayment is made on or after one year from the date the loan   or forbearance is made, no penalty may be imposed. If prepayment is made   prior to such time, no penalty may be imposed unless provision  therefor   is  expressly made in the loan contract, provided that no penalty may be   imposed if prohibited by sections six-l and six-m of the banking law. In   all cases, the right of prepayment shall be  stated  in  the  instrument   evidencing   the  loan  or  forbearance,  provided,  however,  that  the   provisions of this subdivision  shall  not  apply  to  the  extent  such   provisions are inconsistent with any federal law or regulation.4. Except as otherwise provided by law, interest shall not be charged,   taken  or  received  on any loan or forbearance at a rate exceeding such   rate of interest as may be authorized by law at the  time  the  loan  or   forbearance  is  made,  whether  or  not the loan or forbearance is made   pursuant to a prior contract or commitment providing for a greater  rate   of  interest,  provided, however, that no change in the rate of interest   prescribed in section fourteen-a of the banking law shall affect (a) the   validity of a loan or forbearance made before the date such rate becomes   effective, or (b) the enforceability of  such  loan  or  forbearance  in   accordance  with  its  terms,  except  that  if  any loan or forbearance   provides for an increase in the rate of interest during the term of such   loan or forbearance, the increased rate shall not exceed  such  rate  of   interest  as  may  have  been authorized by law at the time such loan or   forbearance was made.4-a. Notwithstanding  the  provisions  of  subdivision  four  of  this   section,  a  loan  or  forbearance  repayable  on demand may provide for    changes, reflecting variations in lending rates, from time  to  time  in   the  rate of interest payable on such loan or forbearance up to the rate   of interest authorized by law at the time of such  change  and  in  such   case the rate of interest may be so changed in accordance with the terms   of  the contract or loan commitment relating thereto; provided, however,   that the rate of interest charged, taken or received on such a  loan  or   forbearance  shall  not exceed the rate of interest authorized by law as   it may subsequently be reduced from time to time; and further  provided,   however, that in no event shall such a loan or forbearance by subject to   an  authorized  rate  of  interest less than that applicable at the time   such loan or forbearance was made. The provisions  of  this  subdivision   shall  apply only to a loan or forbearance repayable on demand which has   an initial principal of more than five thousand dollars  and  which  the   borrower  has  the  right  to  repay  at  any  time in whole or in part,   together with accrued interest on the principal so repaid,  without  any   penalty.  With  respect  to  a  loan  or  forbearance  covered  by  this   subdivision, the lender shall disclose to the borrower  in  writing  not   less often than annually the amount of interest accrued or payable as of   the  date  of  such  disclosure  and the manner by which such amount was   computed.5. No law regulating  the  maximum  rate  of  interest  which  may  be   charged,  taken  or  received  shall  apply  to  any loan or forbearance   insured by the federal housing commissioner or for which a commitment to   insure has been made by the federal housing commissioner or to any  loan   or  forbearance  insured  or guaranteed pursuant to the provisions of an   act of congress entitled "Servicemen's Readjustment Act of 1944."6. a. No law regulating the maximum rate  of  interest  which  may  be   charged,  taken or received, except section 190.40 and section 190.42 of   the penal law, shall apply to any loan or forbearance in the  amount  of   two  hundred  fifty  thousand  dollars  or  more, other than a loan or a   forbearance secured primarily by an interest in real  property  improved   by  a  one or two family residence. A loan of two hundred fifty thousand   dollars or more which is to be advanced in installments  pursuant  to  a   written  agreement  by  a lender shall be deemed to be a single loan for   the total amount which the lender has agreed to advance pursuant to such   agreement on the terms and conditions provided therein.b. No law regulating  the  maximum  rate  of  interest  which  may  be   charged,  taken or received, including section 190.40 and section 190.42   of the penal law, shall apply to any loan or forbearance in  the  amount   of  two  million  five  hundred  thousand  dollars  or  more.  Loans  or   forbearances aggregating two million five hundred  thousand  dollars  or   more which are to be made or advanced to any one borrower in one or more   installments  pursuant  to  a  written  agreement by one or more lenders   shall be deemed to be a single loan or forbearance for the total  amount   which  the  lender or lenders have agreed to advance or make pursuant to   such agreement on the terms and conditions provided therein.7. Except as otherwise expressly provided by  law,  in  the  event  of   prepayment  in  full of a loan, any refund of unearned interest to which   the borrower may be entitled may  not  be  computed  by  a  sum  of  the   balances  or  similar  method  but  must  be  determined  according to a   generally accepted actuarial method.