ยง 380-e. Effect of usury. The knowingly taking, receiving, reserving,
or charging by a savings and loan association of interest, as computed
pursuant to this article, at a rate greater than such rate of interest
as may be authorized by law shall be held and adjudged a forfeiture of
the entire interest which the note or other evidence of debt carries
with it, or which has been agreed to be paid thereon. If such greater
rate of interest has been paid, the person paying the same or his legal
representatives may recover from the savings and loan association twice
the entire amount of the interest thus paid. Nothing in this section
shall be deemed to affect the powers of any savings and loan association
with respect to loans or investments it is authorized to make.
Structure New York Laws
Article 10 - Savings and Loan Associations
375 - Incorporation; Organization Certificate.
377 - When Corporate Existence Begins.
378 - Power to Issue Shares; Dues Thereon.
378-C - Excelsior Linked Deposit Program.
378-D - Preservation of Books and Records.
378-E - Water Pollution Control Linked Deposit Program.
379 - Power to Invest in Securities.
380-A - Power to Purchase Mortgage, Loan or Investment.
380-B - Power to Purchase Mortgages From Mortgage Holders.
380-C - Power to Participate in Certain Loans and Mortgage Investments.
380-F - Power to Make Advances of Federal Funds.
380-G - Power to Engage in Line of Credit Financing of Residential Real Estate.
380-I - Personal Loan Departments.
380-J - Authorization to Acquire and Lease Personal Property.
380-K - Investment in Promissory Notes.
380-L - Excelsior Linked Deposit Program.
380-M - Water Pollution Control Linked Deposit Program.
381 - Power to Take and Hold Real Estate; Restrictions.
382-B - Power to Issue Certain Obligations.
383-A - Rental of Safe Deposit Boxes.
384 - Entries in Books; Restrictions; Amortization of Securities.
386 - Profits; How and When to Be Computed.
387 - Credits to Surplus Account and Undivided Profits; Dividends to Shareholders.
388 - Fines and Penalties for Failure to Make Payments on Instalment Shares.
389 - Matured Shares; Conversion Into Shares of Another Class Upon Notice.
390 - Withdrawal of Unpledged Shares; Provisions for Dividends.
392 - Retirement of Shares; Suspension; Transfer.
393 - Repayment of Mortgage Loans; Application of Pledged Shares.
394 - Joint Shares; Shares of Minors; Shares in Trust.
395 - Alternative Provisions Relative to Payment of Interest to Shareholders.
396 - Change of Location; Change of Designation of Principal Office; Maintenance of Branch Office.
396-A - Electronic Facilities.
396-B - Acceptance of United States Currency.
397 - Number, Qualifications and Disqualifications of Directors; Oath; Quorum; Meeting of Directors.
398 - Filling of Vacancies in Board of Directors; Change in Number of Directors.
398-A - Forfeiture of Office of Director.
398-B - Duties of Directors and Officers.
398-C - Executive Committee and Other Committees.
399 - Restrictions on Directors and Officers.
401 - Official Communications to Be Submitted to Directors and Noted in Minutes.
403 - Examination by Directors.
404 - Reports to the Superintendent; Penalty for Failure to Make.
404-A - Photographic Reproduction of Records.
405 - Annual Report to Shareholders; Delivery and Publication.
412 - Conversion of Federal Savings Institutions to State Charter.