(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.
Structure New York Laws