N.Y. BNK Law § 380-E
This is the official text of N.Y. BNK Law § 380-E, part of New York’s BNK Law — part of the compiled statutory law of New York, published by the state as "BNK Law." Browse the sections below, each linked to its official government source.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
Effect of usury
Official statutory text
§ 380-e. Effect of usury. The knowingly taking, receiving, reserving,\nor charging by a savings and loan association of interest, as computed\npursuant to this article, at a rate greater than such rate of interest\nas may be authorized by law shall be held and adjudged a forfeiture of\nthe entire interest which the note or other evidence of debt carries\nwith it, or which has been agreed to be paid thereon. If such greater\nrate of interest has been paid, the person paying the same or his legal\nrepresentatives may recover from the savings and loan association twice\nthe entire amount of the interest thus paid. Nothing in this section\nshall be deemed to affect the powers of any savings and loan association\nwith respect to loans or investments it is authorized to make.\n
Status: in_force · Read it on the official government site
Need a lawyer in New York?
Find a New York lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.