Martorano v. Capital Finance Corp.

(dissenting.) The question presented is whether a fee paid by a borrower for insurance on a chattel taken as a partial security for a loan of $300 or less is to be considered a “ further or other charge or amount whatsoever for any examination, service, brokerage, commission, expense, fee, or bonus or other thing or otherwise * * * ” (italics ours), under section 352 of the Banking Law.

Plaintiffs borrowed from defendant, a licensed finance company under the Banking Law, the sum of $300, giving a note in that amount. As security, there was given a chattel mortgage upon an automobile and…