New York State debt collection litigation is often impacted by the Usury Laws. Usury is the maximum amount of interest that can be charged on personal loans.
When transacting business with individuals, consumers, Usury Laws apply. You need to be aware of the Usury Laws. Usury Laws vary from State to State and are very strict. New York’s Usury Law provides that if a loan is less than $250,000.00 the interest rate cannot exceed 16%. Please call 212-686-0100 or email jnager@ffgnesqs.com for further information.
