State rules / Prepayment Penalty Rules
New York prepayment penalty rules
Prepayment penalties are permitted only during the first year after loan origination, and only if expressly provided in the loan contract and not prohibited by Banking Law §§6-l or 6-m. After one year, no prepayment penalty may be imposed. The right to prepay must be stated in the loan instrument.
Prepayment Penalty Rules in other states
- New Hampshire prepayment penalty rules
- New Jersey prepayment penalty rules
- New Mexico prepayment penalty rules
- Ohio prepayment penalty rules
- Oklahoma prepayment penalty rules
- Oregon prepayment penalty rules
- Compare all 44 states
Researched and verified against primary sources by AI, with the controlling citation above. Not human-reviewed and not legal advice — confirm against the cited source before relying on it. Last updated July 6, 2026.