A.S.A.P. Funding Corp. v. Fariello

Order unanimously reversed on the law without costs and motion denied. Memorandum: Summary judgment was improperly granted. There is a question of fact whether this loan, although in corporate form, was made to an individual (see, Schneider v Phelps, 41 NY2d 238, 241-242; Jenkins v Moyse, 254 NY 319, 324; Kaye v Keret, 89 AD2d 885, 886; Shapiro v Weissman, 7 AD2d 752, 753). Moreover, even if this were a loan to a corporation, there is a question of fact whether this transaction violated the criminal usury statute (Penal Law § 190.40). In addition to the interest rate of 24% called for in the…