N.Y. Banking Law § 355: Solicitation of loans

§ 355. Solicitation of loans. 1. Any loan made by a person not

licensed under this article to a resident of this state, in the amount,

not exceeding the maximum amounts prescribed in section three hundred

forty of this article, where solicitation of the loan was made within

this state, and where the interest, discount, consideration or other

charge contracted for or received exceeds that permitted to a licensee

under the laws of this state shall be void, and the lender shall have no

right to collect or receive any principal, interest or charge

whatsoever. No action to enforce a loan made in violation of this

subdivision may be maintained, even though the amount demanded to be

paid in such action does not exceed that permitted to a licensee under

the laws of this state.

2. For purposes of this article, solicitation of a loan shall include

any solicitation, request or inducement to enter into a loan made by

means of or through a direct mailing, television or radio announcement

or advertisement, advertisement in a newspaper, magazine, leaflet or

pamphlet distributed within this state, or visual display within this

state, whether or not such solicitation, request or inducement

constitutes an offer to enter into a contract.