§412:9-303  Effect of excessive interest.  If
a greater rate of interest than that permitted under this article is contracted
for in any loan under this article, the loan shall not, by reason thereof, be
void.  But, if in any action on the loan, proof is made that a greater rate of
interest than that permitted by law has been directly or indirectly contracted
for, the financial services loan company shall only recover the amount actually
received by the borrower in cash, credit or the equivalent thereof plus the
charges, if any, which were properly charged to the borrower and which have not
been deducted from the principal amount of the contract or otherwise paid by
the borrower.  The borrower shall only recover costs.  If interest has been
paid, judgment shall be for the recoverable amount less the amount of interest
paid.  Sections 478-5 and 478-6 shall not apply to loans made under this
article by financial services loan companies. [L 1993, c 350, pt of §1]