Types (2)
Secured Promissory Note – Allows a borrower to provide a lender with a security interest for their loan.
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Unsecured Promissory Note – Allows a borrower to receive a loan without needing to commit any property as collateral.
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Laws
- Interest & Usury Laws: Title XXXI, Chapter 336
- Usury Rate with a Contract (§ 336:1): No limit
- Usury Rate without a Contract (§ 336:1): 10%
- Usury Rate for Judgements (§ 336:1): 2% above the discount rate of interest on twenty-six (26) week United States Treasury bills.