NEW REGULATION GOVERNING MERCHANT CASH ADVANCE POSITIONS IN THE STATE OF NEW YORK
Thus, expanding the Statutes reach. It is worth noting that under New York Usury laws, the charging of interest in excess of 25% on a loan less than $2,500,000.00 is considered criminal usury. Ostensibly now, non-conventional loans under $2.5MM in New York are subject to both SB 5740 and to New York criminal usury.
https://grantphillipslaw.com/n....ew-york-mca-laws-upd
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