Daniel E. Freitas, Appellants v. Geddes Savings and Loan Association, Respondent

Summary

The New York Court of Appeals affirmed the Appellate Division's judgment, holding that Geddes Savings and Loan Association was not civilly liable for usury because the $290 fee was a permissible service charge under Banking Board regulation 4.3 and there was no showing of the requisite intent to charge unlawful interest. The Court emphasized that failure to itemize the fee does not automatically render it interest and that usury liability requires clear and convincing proof of intent.