Swistak v. Personal Finance Co.

In this action, plaintiffs, borrowers from defendant, a licensed lender under the provisions of article 9 of the Banking Law, seek cancellation of their promissory note and chattel mortgage securing same, plus a refund of their payments of principal and interest, claiming that defendant’s interest charges have been excessive and illegal. The facts in the case are conceded.

Section 352 of the Banking Law fixes the chargeable interest rates at “ not exceeding three per centum per month on any part of the unpaid principal balance of the loan not in excess of one hundred and fifty dollars and two…