N.Y. Limited Liability Company Law § 1104: Limited liability companies prohibited from interposing defense of usury

§ 1104. Limited liability companies prohibited from interposing

defense of usury. (a) No domestic or foreign limited liability company

shall hereafter interpose the defense of usury in any action.

(b) The provisions of subdivision (a) of this section shall not apply

to a domestic or foreign limited liability company, the principal asset

of which is the ownership of a one or two family dwelling, where it

appears either that such limited liability company was formed, or that

the controlling interest therein was acquired, within a period of six

months prior to the execution by such limited liability company of a

bond or note evidencing indebtedness, and a mortgage creating a lien for

such indebtedness on such one or two family dwelling.

Any provision of any contract, or any separate written instrument

executed prior to, simultaneously with or within sixty days after the

delivery of any moneys to any borrower in connection with such

indebtedness, whereby the defense of usury is waived or any such limited

liability company estopped from asserting it, is hereby declared to be

contrary to public policy and absolutely void.

(c) The provisions of subdivision (a) of this section shall not apply

to any action in which a limited liability company interposes a defense

of criminal usury as described in section 190.40 of the penal law.