2006 New York Code - 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.