N.Y. Banking Law § 340

§ 340. Doing business without license prohibited. No person or other\nentity shall engage in the business of making loans in the principal\namount of twenty-five thousand dollars or less for any loan to an\nindividual for personal, family, household, or investment purposes and\nin a principal amount of fifty thousand dollars or less for business and\ncommercial loans, and charge, contract for, or receive a greater rate of\ninterest than the lender would be permitted by law to charge if he were\nnot a licensee hereunder except as authorized by this article and\nwithout first obtaining a license from the superintendent.\n For the purposes of this section, a person or entity shall be\nconsidered as engaging in the business of making loans in New York, and\nsubject to the licensing and other requirements of this article, if it\nsolicits loans in the amounts prescribed by this section within this\nstate and, in connection with such solicitation, makes loans to\nindividuals then resident in this state, except that no person or entity\nshall be considered as engaging in the business of making loans in this\nstate on the basis of isolated, incidental or occasional transactions\nwhich otherwise meet the requirements of this section.\n Nothing in this article shall apply to licensed collateral loan\nbrokers.\n