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BENEFICIAL N.Y. INC. v. STEWART

21142/08.

25 Misc.3d 797 (2009)

884 N.Y.S.2d 643

2009 NY Slip Op 29349

BENEFICIAL NEW YORK, INC., Plaintiff, v. RONALD V. STEWART, Defendant.

Supreme Court, Kings County.

Decided August 25, 2009.

Attorney(s) appearing for the Case

Woods, Oviatt & Gilman, LLP, Rochester (Jaime Michelle Andrews of counsel), for plaintiff.

Mavrides, Moyal & Associates, LLP, Lake Success (Hess Kennedy and Douglas Moyal of counsel), for defendant.

OPINION OF THE COURT

HERBERT KRAMER, J.

Does the imposition of an interest rate of 25% on a small loan invariably and necessarily violate the State's usury provisions?

In November of 2004, defendant borrower contracted with the plaintiff for a revolving line of credit with a maximum credit limit of $5,000 and an agreed upon annual interest rate of 25%. After making some 27 payments on a monthly or bimonthly...

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