Yes they are subject to NYS usury laws with certain exceptions. For example, if the lender is a federally chartered bank they would be subject to federal usury limits. In NY the usury rate is 16.99% for individuals and 24.99% for corporations. Anything over 25% is criminal usury. If the loan were made to a business the higher rate would be allowed. Check your loan documents to see where the lender is chartered, who the loan is made to (individual or a business) and whether it states that the laws of another state govern. If you still feel the rate is illegally high contact the attorney general and/or the NYS banking department.
This e-mail may contain confidential or privileged information. If you are
not the intended recipient, please notify the sender immediately by return
e-mail and delete this e-mail and all copies and attachments. If you are not
the intended recipient, or the employee or agent responsible for delivering
the message to the intended recipient, you are hereby notified that any
dissemination, distribution or copying of this communication is strictly
IRS Circular 230 Notice: Unless specifically stated otherwise, any tax
advice contained in this communication (including any attachments) is not
intended or written to be used, and cannot be used, for the purpose of (i)
avoiding penalties under the Internal Revenue Code or (ii) promoting,
marketing or recommending to another party any transaction or matter
Unless specifically stated otherwise, this communication shall not be deemed
to be legal or tax advice, and no attorney-client relationship shall be
deemed to have been created.