General Obligations Law 5-515 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 5-513 Recovery of excess up TITLE 5 Interest and Usury; Brokerage On Loans next SECTION 5-517 Transfer of cause of action for usury Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 5-515 Borrower bringing an action need not offer to repay General Obligations (GOB) CHAPTER 24-A, ARTICLE 5, TITLE 5 § 5-515. Borrower bringing an action need not offer to repay. Whenever any borrower of money, goods or things in action, shall begin an action for the recovery of the money, goods or things in action taken in violation of the foregoing provisions of this title, it shall not be necessary for him to pay or offer to pay any interest or principal on the sum or thing loaned; nor shall any court require or compel the payment or deposit of the principal sum or interest, or any portion thereof, as a condition of granting relief to the borrower in any case of usurious loans forbidden by the foregoing provisions of this title.