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PEOPLE v. CENT. FED. SAV.

46 N.Y.2d 41 (1978)

The People of the State of New York, Appellant, v. Central Federal Savings and Loan Association of Nassau County et al., Respondents.

Court of Appeals of the State of New York.

Decided December 6, 1978.

Attorney(s) appearing for the Case

Louis J. Lefkowitz, Attorney-General (Shirley Adelson Siegel and Samuel A. Hirshowitz of counsel), for appellant.

Louis Lauer and Sol Neil Corbin for Central Federal Savings and Loan Association of Nassau County, respondent.

Judges JASEN, WACHTLER and FUCHSBERG concur with Judge JONES; Judge GABRIELLI dissents and votes to modify in a separate opinion in which Chief Judge BREITEL and Judge COOKE concur.

JONES, J.

A commitment fee paid by a developer to a lender to reserve funds for future mortgage loans to individual home-owners is not to be considered any part of the interest paid by the mortgagor for purposes of applying the usury statute.

The Attorney-General's complaint alleges that in May, 1973 Central Federal Savings and Loan Association of Nassau County...

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