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Replies to post #40211 on Hangover Joe's Holding Corp. (fka HJOE)
I-Glow
03/03/16 1:52 PM
#40213 RE: james885 #40211
New York usury laws do not apply to defaulted obligations. Any penalty interest rates or late fees assessed against a borrower do not constitute usury. This is because where interest has already fallen due, it becomes a debt that, like any other debt, may either be paid in cash or treated as a new loan to the debtor under an agreement that it shall bear interest.