§ 14-A — Rate of interest; superintendent of financial services to adopt regulations

§ 14-a. Rate of interest; superintendent of financial services to\nadopt regulations. 1. The maximum rate of interest provided for in\nsection 5-501 of the general obligations law shall be sixteen per centum\nper annum.\n 2. The rate of interest as so prescribed under this section shall\ninclude as interest any and all amounts paid or payable, directly or\nindirectly, by any person, to or for the account of the lender in\nconsideration for the making of a loan or forbearance as defined by the\nsuperintendent pursuant to subdivision three of this section.\n 3. The superintendent shall have the power to adopt such regulations\nas the superintendent shall deem necessary or proper to implement the\nprovisions of this section. The superintendent shall make available to\nthe public copies of all regulations adopted pursuant to this section.\n 4. Such regulations as shall have been adopted pursuant to the\nprovisions of this chapter and in effect immediately prior to the\neffective date of this section, shall continue in effect until such time\nas new regulations shall have been adopted by the superintendent and\nshall become effective.\n 5. Whenever reference is made in this chapter or in any other law,\ncontract or document to the rate of interest prescribed or to be\nprescribed by the superintendent pursuant to this section or any former\nsection fourteen-a of this chapter, such reference shall be deemed a\nreference to the rate of interest prescribed in subdivision one of this\nsection.\n 6. Notwithstanding the provisions of subdivision five of this section,\nthe rate of interest charged, taken or received on any loan or\nforbearance, which would have otherwise been subject to the provisions\nof former section fourteen-a of this chapter, made or entered into\nbetween the effective date of this section and the first day of\nFebruary, nineteen hundred eighty-one pursuant to a commitment which was\nmade or entered into prior to the effective date of United States Public\nLaw 96-161 and which provides for interest at the prevailing rate at the\ntime of closing shall not exceed the rate of eleven and one-quarter per\ncentum per annum.\n 7. Nothing contained in this section nor in any other provision of\nthis act whereunder this section is added to the banking law shall be\ndeemed to prohibit the charging of interest at the rates provided or\npermitted by United States Public Laws 96-161, 96-221 and 96-399, where\napplicable.\n