N.Y. Laws » CHAPTER General Business / ARTICLE Collateral Loan Brokers
New York Consolidated Laws

N.Y. General Business Law § 46 (2026)

Rate of interest

✓ text as retrieved May 2026 (this copy records no edition or section history)
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§ 46. Rate of interest. Notwithstanding any general or special
statutes, local laws and ordinances to the contrary, no collateral loan
broker shall ask, demand or receive any greater rate of interest than
four per centum per month, or any fraction of a month, and a notice
containing a list of such rates of interest as herein provided and in
accordance with the act of congress entitled "Truth in Lending Act" and
the regulations thereunder, as such act and regulations may from time to
time be amended shall be conspicuously displayed within the premises of
such collateral loan broker. A minimum interest charge of twenty-five
cents per month may be made on any loan.
  No collateral loan broker shall receive or be entitled to any interest
or charges as provided by this article on any loan for any period of
time exceeding fifteen months from the date of the making of such loan,
provided however that where a loan is extended at the direct request of
the pledgor, the collateral loan broker may receive and be entitled to
any interest or charges provided by this article on such loan for any
period of time not to exceed fifteen months from the date of such
extension.
Notes of Decisions
Cited in 2 cases (1 in the last 5 years), 2020–2023 · leading case: Frost v. Collateral Partners, LLC, 219 A.D.3d 587 (N.Y. App. Div. 2d Dep't 2023).
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Frost v. Collateral Partners, LLC, 219 A.D.3d 587 (N.Y. App. Div. 2d Dep't 2023). “71% was insufficient to establish, prima facie, that the actual monthly interest rate did not exceed the maximum permissible interest rate of 4% per month (see General Business Law § 46). In light of our determination, we need not reach the parties' remaining contentions.”
Koblence v. Modern Pawn Brokers, Inc., 182 A.D.3d 496 (N.Y. App. Div. 1st Dep't 2020). “General Business Law § 46 does not confer a private right of action, as the statute carries its own legal enforcement mechanisms ( see Uhr v East Greenbush Cent.”
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