N.Y. GOB Law § 5-521

§ 5-521. Corporations prohibited from interposing defense of usury. 1.\nNo corporation shall hereafter interpose the defense of usury in any\naction. The term corporation, as used in this section, shall be\nconstrued to include all associations, and joint-stock companies having\nany of the powers and privileges of corporations not possessed by\nindividuals or partnerships.\n 2. The provisions of subdivision one of this section shall not apply\nto a corporation, the principal asset of which shall be the ownership of\na one or two family dwelling, where it appears either that the said\ncorporation was organized and created, or that the controlling interest\ntherein was acquired, within a period of six months prior to the\nexecution, by said corporation of a bond or note evidencing\nindebtedness, and a mortgage creating a lien for said indebtedness on\nthe said one or two family dwelling; provided, that as to any such bond,\nnote or mortgage executed by such a corporation and effective prior to\nApril sixth, nineteen hundred fifty-six, the defense of usury may be\ninterposed only in an action or proceeding instituted for the\ncollection, enforcement or foreclosure of such note, bond or mortgage.\n Any provision of any contract, or any separate written instrument\nexecuted prior to, simultaneously with or within sixty days after the\ndelivery of any moneys to any borrower in connection with such\nindebtedness, whereby the defense of usury is waived or any such\ncorporation is estopped from asserting it, is hereby declared to be\ncontrary to public policy and absolutely void.\n 3. The provisions of subdivision one of this section shall not apply\nto any action in which a corporation interposes a defense of criminal\nusury as described in section 190.40 of the penal law.\n