§ 353. Limitation on licensee's charges on certain loans. No licensee
shall directly or indirectly charge, contract for, or receive any
interest, discount, or consideration upon the loan, use, or forbearance
of money, goods, or things in action, or upon the loan, use, or sale of
credit, of the amount or value of more than the maximum amounts
prescribed in section three hundred forty of this article greater than
the rate permitted by section 5-501 of the general obligations law. The
foregoing prohibition shall also apply to any licensee which permits any
person, as borrower or as endorser, guarantor, or surety for any
borrower or otherwise, to owe directly or contingently or both to the
licensee at any time more than the maximum amounts prescribed in section
three hundred forty of this article.