N.Y. Penal Law 190.40 – Criminal usury in the second degree
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§ 190.40 Criminal usury in the second 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 E felony | between 1 and 4 years | up to $5,000 |
Terms Used In N.Y. Penal Law 190.40
- Usury: Charging an illegally high interest rate on a loan. Source: OCC
A person is guilty of criminal usury in the second 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 forebearance 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.
Criminal usury in the second degree is a class E felony.