2013 New York Consolidated Laws
LLC - Limited Liability Company Law
Article 11 - (1101 - 1104) MISCELLANEOUS
1104 - Limited liability companies prohibited from interposing defense of usury.

 
    §  1104.  Limited  liability  companies  prohibited  from  interposing
  defense of usury. (a) No domestic or foreign limited  liability  company
  shall hereafter interpose the defense of usury in any action.
    (b)  The provisions of subdivision (a) of this section shall not apply
  to a domestic or foreign limited liability company, the principal  asset
  of  which  is  the  ownership  of a one or two family dwelling, where it
  appears either that such limited liability company was formed,  or  that
  the  controlling  interest  therein was acquired, within a period of six
  months prior to the execution by such limited  liability  company  of  a
  bond or note evidencing indebtedness, and a mortgage creating a lien for
  such indebtedness on such one or two family dwelling.
    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 limited
  liability company estopped from asserting it, is hereby declared  to  be
  contrary to public policy and absolutely void.
    (c)  The provisions of subdivision (a) of this section shall not apply
  to any action in which a limited liability company interposes a  defense
  of criminal usury as described in section 190.40 of the penal law.