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Legal limit on late fees. New case determination.Jun 25, 2017

4% per month, i.e., 48% per year would be unenforceable.  In view of the public policy underlying Penal Law § 190.40, which makes an interest charge of more than 25% per year a criminal offense, these late fees are unenforceable (see Sandra's Jewel Box v. 401 Hotel, 273 A.D.2d 1, 3 [1st Dept 2000];  see also Clean Air Options, LLC v Humanscale Corp., 142 AD3d 923 [1st Dept 2016] ).

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Re: Unenforceable late fee. The name of the case - DM Jun 25, 2017

Cleo Realty Associates, L.P., Plaintiff–Appellant, v. Mike Papagiannakis

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