Business & Corporate
New York Licensed Lender Annual Fee Authority to Sunset. Or Will It?
The New York Licensed Lender Act (the "Act"), which is nestled within the Empire State's Banking Laws, requires the licensure of nonbank lenders that extend consumer-purpose credit in amounts of $25,000 or less (or for business or commercial purposes in amounts of $50,000 or less) at a rate in excess of New York's civil usury limit. Like several other state lending laws in New York, the Act is a "no other charge" law, meaning that only those fees expressly authorized by the Act are permitted.