2006 New York Code - Corporations Prohibited From Interposing Defense Of Usury.

 
    § 5-521. Corporations prohibited from interposing defense of usury. 1.
  No  corporation  shall  hereafter  interpose the defense of usury in any
  action. The  term  corporation,  as  used  in  this  section,  shall  be
  construed  to include all associations, and joint-stock companies having
  any of the powers  and  privileges  of  corporations  not  possessed  by
  individuals or partnerships.
    2.  The  provisions of subdivision one of this section shall not apply
  to a corporation, the principal asset of which shall be the ownership of
  a one or two family dwelling, where it  appears  either  that  the  said
  corporation  was organized and created, or that the controlling interest
  therein was acquired, within  a  period  of  six  months  prior  to  the
  execution,   by   said   corporation   of  a  bond  or  note  evidencing
  indebtedness, and a mortgage creating a lien for  said  indebtedness  on
  the said one or two family dwelling; provided, that as to any such bond,
  note  or  mortgage executed by such a corporation and effective prior to
  April sixth, nineteen hundred fifty-six, the defense  of  usury  may  be
  interposed   only   in  an  action  or  proceeding  instituted  for  the
  collection, enforcement or foreclosure of such note, bond or mortgage.
    Any provision of any contract,  or  any  separate  written  instrument
  executed  prior  to,  simultaneously with or within sixty days after the
  delivery  of  any  moneys  to  any  borrower  in  connection  with  such
  indebtedness,  whereby  the  defense  of  usury  is  waived  or any such
  corporation is estopped from asserting it,  is  hereby  declared  to  be
  contrary to public policy and absolutely void.
    3.  The  provisions of subdivision one of this section shall not apply
  to any action in which a corporation interposes a  defense  of  criminal
  usury as described in section 190.40 of the penal law.