Types (2)
Secured Promissory Note – Requires the borrower to put up assets as collateral.
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Unsecured Promissory Note – Doesn’t require the borrower to provide valuable belongings as collateral.
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Laws
- Interest & Usury Laws: Title 8, Chapter 8
- Usury Rate With a Contract (§ 8-8-1): 8%
- Usury Rate Without a Contract (§ 8-8-1): 6%
- Usury Rate for Loans Secured by Savings Account (§ 8-8-1.2): 2% in excess of the interest rate (rate of return) applied to the account.
- Usury Rate for Loans ($2,000+) (§ 8-8-5): No maximum
- Usury Rate for Judgments (§ 8-8-10): 7.5% or rate agreed by contract.
- Usury Rate for Board of Education Loans ($100,000+) (§ 8-8-4): 15%