2006 New York Code - Interest Charged By A Registered Broker Or Dealer For Carrying Debit Balances.

 
    § 5-525. Interest  charged  by  a  registered  broker  or  dealer  for
  carrying  debit  balances.  Interest  charged  by  a  broker  or  dealer
  registered  under  the  securities  exchange  act  of  nineteen  hundred
  thirty-four, as amended, for carrying a debit balance including a  debit
  balance  arising out of a non-purpose loan, in an account for a customer
  shall not be subject to the limitations of  this  title,  including  the
  limitations contained in subdivision two of section 5-527 of this title,
  if  such debit balance is payable on demand and secured by securities or
  commodities upon which credit can be extended by a broker or dealer, and
  if, on the date when the interest is charged or accrued,  such  interest
  is  not  greater  than eight percentage points above the prime rate. For
  the purposes of this section, the prime rate  shall  equal  the  average
  prime  rate on short term business loans which is published by the board
  of governors of the federal reserve system  for  the  most  recent  week
  which  was publicly available from the board of governors of the federal
  reserve system on the previous business day.