New York Personal Loan Laws and Regulations in (NY)

(last updated 11/13/2019)
As stated in Section 340 of the Banking Law, “No person or other entity shall engage in the business of making loans in the principle amount of twenty-five thousand dollars or less for any loan to an individual for personal, family, household, or investment purposes and in a principal amount of fifty thousand dollars or less for business and commercial loans, and charge, contract for, or receive a greater rate of interest than the lender would be permitted by law to charge if he were not a licensee hereunder except as authorized by this article and without first obtaining a license from the superintendent.”

For licensing requirements see Article 9 of the Banking Law, sections 340 to 361, Superintendent's Regulations Parts 401, 407 and 300 and Penal Law Section 190.42.
This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in New York, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the New York State Department of Financial Services.
The following classes of lending organizations may be exempt from some, all, or none of the regulations and laws set by the state of New York. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.

New York Personal Loan Lending Regulator (NY)

Regulating Authority
New York State Department of Financial Services
One State Street
New York, NY 10004-1511
(800) 342-3736, (212) 480-6400

Agency for Handling Complaints
Department of Financial Services
Consumer Assistance Unit
One Commerce Plaza
Albany , NY 12257
(800) 342-3736, (212) 480-6400


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