New York Promissory Note PDF
New York at a glance: Civil Usury Limit: 16% per year · Criminal Usury Limit: 25% per year · Governing Law: N.Y. Gen. Oblig. Law § 5-501
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Promissory Notes in New York
New York promissory notes are governed by the General Obligations Law and Banking Law. New York has a civil usury cap of 16% per year (N.Y. GOL § 5-501). Charging an interest rate above 16% is civil usury, making the entire loan contract void and unenforceable.
Interest rates exceeding 25% per year constitute criminal usury under New York Penal Law, which is a class E felony.
New York Promissory Note — Quick Reference
| Requirement | New York Rule |
|---|---|
| Civil Usury Limit | 16% per year |
| Criminal Usury Limit | 25% per year |
| Governing Law | N.Y. Gen. Oblig. Law § 5-501 |
| Default Legal Rate | 6% (if not written) |
New York Legal Requirements
- Interest rates must remain below 16% per year for civil loans.
- Notes charging above 16% are completely void; the lender cannot recover principal or interest.
- Late fees must comply with New York state court rules on liquidated damages (must be reasonable).
New York Governing Laws
Read the full text of these laws at Cornell Law School's New York legal resources or your state legislature's official website.