N.Y. Personal Property Law § 46-f: Limit on interest and other charges

§ 46-f. Limit on interest and other charges. Except as provided in

article nine of the banking law, no person shall directly or indirectly

receive or accept, whether by discount or otherwise, for the use and

sale of his personal credit or for making or continuing any advance or

loan of money (1) in anticipation of earnings assigned outright, or (2)

on the security of an assignment of any earnings assigned as security, a

greater sum than at the rate of eighteen per centum per annum on the

amount of such loan or advance, either as a bonus, interest or

otherwise, or under the guise of a charge for investigating the status

of a person applying for such loan or advance, or drawing of papers or

other service in connection with such loan or advance, except such

charges as are now permitted by section 5-531 of the general obligations

law. Any assignment, whether outright or as security, which is made

wholly or partly in consideration of or as security for a loan or

advance which violates this section, shall be void, and invalid for any

purpose whatsoever. Every person, firm, corporation, director, agent,

officer or member thereof who shall violate any provision of this

section, directly or indirectly, or assent to such violation shall be

guilty of a misdemeanor.