New York Supreme Court August 25, 2009 (Beneficial New York, Inc. v. Stewart)

OPINION OF THE COURT

Herbert Kramer, J.

*798Does the imposition of an interest rate of 25% on a small loan invariably and necessarily violate the State’s usury provisions?

In November of 2004, defendant borrower contracted with the plaintiff for a revolving line of credit with a maximum credit limit of $5,000 and an agreed upon annual interest rate of 25%.