Source: https://eforms.org/promissory-note/
Timestamp: 2017-01-22 18:22:32
Document Index: 474007867

Matched Legal Cases: ['§ 44', '§ 4', '§ 5', '§ 2301', '§ 687', '§ 478', '§ 28', '§ 24', '§ 535', '§ 16', '§ 360', '§432', '§ 12', '§ 49', '§ 334', '§ 75', '§ 45', '§ 336', '§ 56', '§ 14', '§ 24', '§ 1343', '§ 266', '§ 82', '§ 201', '§ 6', '§ 37', '§ 54', '§ 54', '§ 47', '§ 303', '§ 15', '§ 9', '§ 41', '§ 6', '§ 47', '§ 40']

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A promissory note is a form that promises to pay an amount between a borrower and a lender. The party that is making the money available to the debtor takes the risk of not getting their money back in return for obtaining more money at the end of the note by receiving the full balance plus interest. An interest rate is the price the borrower must pay to hold the money for a period of time and is compounded annually.
Secured Promissory Note – For the borrowing of money with an asset of value “securing” the amount loaned such as a vehicle or a home. If the borrower does not pay back the amount within the time-frame suggested the lender will have the right to obtain the property of the borrower. Example – When money is loaned by a Pawn Shop. The borrower offers value in the chance the loan is not paid off by the time it is due. The Pawn Shop would then keep the “secured” asset as full-payment.
As an example lets calculate if a borrower requests a thousand dollars ($1,000) at a rate of six percent (6%) interest over four (4) months. Let’s also say that the payments are to be once per month. The total amount for the loan (principal + interest) would be one-thousand and twenty dollars ($1,020).
Principal – $1,000;
Interest Rate – $20 (calculate by multiplying $1,000 * 0.06 = $60, then divide by 3);
Total – $1,020;
Payments – $255 per month.
The interest rate is regulated by the State the note is being originated. This is known as the Usury Rate. There is a maximum rate for every State in order to protect consumers from being charged excessively high rates for borrowing money.
AL – Title 8, Chapter 8
AK – AS 45.45.010
AZ – § 44-1201
AR – § 4-57-104
CA – Article XV
CO – § 5-12-101 thru 5-12-103
CT – Chapter 673
DE – § 2301
FL – § 687.03
GA – Title 7, Chapter 4
HI – § 478-4
ID –§ 28-22-104
IL – 815 ILCS 205/4
IN – § 24-4.5-3-201
IA – § 535.2
KS – § 16-201
KY – § 360.010
LA – RS 9:3500
ME – 9-B §432
MD – § 12-102
MA – § M.G.L.A. 271 § 49
MI – § M.C.L.A. 438.41
MN – § M.S.A. § 334.01
MS – § Miss. Code § 75-17-1
MO – § Mo. St. Title XXVI CH. 408.030
MT – § MT ST 31-1-107
NE – § NE ST § 45-101.03
NV – § NV ST 99.050
NH – § NH ST § 336:1
NJ – § NJ ST 31:1-1
NM – § NM ST § 56-8-3
NY – § McKinney’s Banking Law § 14-a
NC – § NC ST § 24-1.1
ND – § ND ST 47-14-09
OH – § OH ST § 1343.01
OK – § OK ST T. 15 § 266
OR – § OR ST § 82.010
PA – § PA ST 41 P.S. § 201
RI – § RI ST § 6-26-2
SC – § SC ST § 37-3-201
SD – § SD ST § 54-3-4 & SD ST § 54-3-16
TN – § TN ST § 47-14-103
TX – § TX FIN § 303.009
UT – § UT ST § 15-1-1
VT – § 9 V.S.A. § 41a
VA – § VA ST § 6.2-303
WA – § WA ST 19.52.020
WV – § WV ST § 47-6-5
WI – § WI ST 138.05
WY – § WY ST § 40-14-310
Step 1 – Download the document – Begin by submitting the following:
The lender must enter the principal amount of the loan in words and numbers
Submit the interest rate (percentage annually)
Step 2 – Payments – Enter the date (in dd/m/yy format) that the full balance of the loan is due to include interest and late fees (if any)
Installments – Check the agreed form of repayment
If the borrower is making installments, check the box indicating the agreed frequency of repayment
The lender must enter the late fee expected if the payment is not on time
The lender must check the box reflecting the level of security
Should the loan be “secure,” enter the property provided to secure the loan
The borrower must carefully read and understand the remainder of this section
Step 4 – Titled Sections – The borrower must carefully review and understand all of the titled sections as follows:
Co-Signer – Select and check the appropriate box – (If there will be a co-signer, check the box and enter the name of the Co-signer’s name)
Governing Law – Enter the state in which the note shall be governed
Step 5 – Signatures – All signatories must sign in the presence of a witness – Submit: