New York Laws
Title 5 - Interest and Usury; Brokerage on Loans
5-525 - Interest Charged by a Registered Broker or Dealer for Carrying Debit Balances.

§ 5-525. Interest charged by a registered broker or dealer for
carrying debit balances. Interest charged by a broker or dealer
registered under the securities exchange act of nineteen hundred
thirty-four, as amended, for carrying a debit balance including a debit
balance arising out of a non-purpose loan, in an account for a customer
shall not be subject to the limitations of this title, including the
limitations contained in subdivision two of section 5-527 of this title,
if such debit balance is payable on demand and secured by securities or
commodities upon which credit can be extended by a broker or dealer, and
if, on the date when the interest is charged or accrued, such interest
is not greater than eight percentage points above the prime rate. For
the purposes of this section, the prime rate shall equal the average
prime rate on short term business loans which is published by the board
of governors of the federal reserve system for the most recent week
which was publicly available from the board of governors of the federal
reserve system on the previous business day.