N.Y. Real Property Tax Law § 962: Limitations

§ 962. Limitations. 1. Municipal corporations may accept such payments

from a corporation extending loans for such purpose, if the loan

corporation has a paid-up capital of at least one million dollars and

charges not more than four per centum interest on unpaid balances on

moneys loaned, nor more than two per centum of the amount of the loan as

a service charge in connection therewith; provided, however, that in the

event of a default in the payment of such a loan, the loan corporation

may charge six per centum interest per annum on all sums in default. The

loan corporation shall, within three days after receiving the same,

deposit the conditional tax receipt with a banking institution, trust

company, state bank, national bank, or federal reserve bank of the

district in which the municipal corporation is located.

2. A corporation or banking institution qualifying under the

provisions of section ten hundred fifty-four of this chapter and

possessing all of the qualifications required under this section may

also engage in the business of lending money to taxpayers and accepting

conditional tax receipts as provided in this title.