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New York Penal Law § 190.55: Making a False Statement of Credit Terms

New York Penal Law § 190.55 is a criminal statute that deals with making a false statement of credit terms. This offense is often associated with fraudulent lending practices or deceptive marketing tactics used by lenders to attract borrowers. Under this law, a person is guilty of making a false statement of credit terms when they make a false statement, representation, or promise about the terms or conditions of a loan or extension of credit. The statement must be made with the intent to deceive or defraud another person. For example, a lender might tell a borrower that the interest rate on their loan is 5%, when in fact, it is actually 10%. This type of false statement would be considered a violation of this law.

It's important to note that the statute only applies to false statements about the terms of a loan or extension of credit. False statements about other matters, such as a borrower's income or employment status, would not be covered under this law.


People v. Ford, 140 A.D.3d 1597 (4th Dep't 2016). In this case, the defendant, a used car dealer, was charged with making a false statement of credit terms under New York Penal Law § 190.55. The defendant had allegedly sold a car to a customer and had falsely represented the terms of the financing agreement, including the interest rate and the amount of the monthly payments. The defendant argued that he had made a mistake and had not intended to defraud the customer, but the court rejected this argument and upheld the defendant's conviction.

Related Offenses
  1. Criminal usury in the second degree: New York Penal Law section 190.40
  2. Criminal usury in the first degree: New York Penal Law section 190.42
  3. Possession of usurious loan records: New York Penal Law section 190.45

Making a false statement of credit terms is considered a class A misdemeanor in New York. A class A misdemeanor is a less serious offense than a felony, but it still carries significant penalties, including up to one year in jail and/or a fine of up to $1,000. In addition to criminal penalties, a person convicted of this offense may also face civil penalties, such as being required to pay restitution to any victims of their fraudulent lending practices.

New York Penal Law § 190.55: Making a False Statement of Credit Terms

A person is guilty of making a false statement of credit terms when he knowingly and willfully violates the provisions of chapter two of the act of congress entitled "Truth in Lending Act" and the regulations thereunder, as such act and regulations may from time to time be amended, by understating or failing to state the interest rate required to be disclosed, or by failing to make or by making a false or inaccurate or incomplete statement of other credit terms in violation of such act. Making a false statement of credit terms is a class A misdemeanor.

Contact Stephen Bilkis & Associates

If you are charged with New York Penal Law § 190.55: Making a False Statement of Credit Terms, it is important to take the charge seriously and seek legal representation as soon as possible. Even though this crime is a misdemeanor and not a felony, it is still a crime. A conviction may mean that you face jail time and a fine, it will mean that you have a criminal record. A skilled New York criminal lawyer can assess the unique circumstances of your case and create a robust defense strategy to safeguard your rights and interests. They can also negotiate with the prosecutor to potentially get the charges dropped. Contact Stephen Bilkis & Associates at 800.696.9529 to schedule a free, no obligation consultation regarding your case. We represent clients in the following locations: Manhattan, Nassau County, Queens, Bronx, Brooklyn, Long Island, Staten Island, Suffolk County, and Westchester County.

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