Types (2)
Secured Promissory Note – This is a debt repayment agreement where the debtor’s assets secure the loan.
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Unsecured Promissory Note – A financial document entailing repayment terms where a borrower is not obligated to pledge collateral.
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Laws
- Interest & Usury Laws: Chapter 2 – Banking & Title 5 – Interest and Usury; Brokerage On Loans
- Usury Rate in General (Banking §14-A): 16%
- Usury Rate for Registered Broker/Dealer Debit Balances (§ 5-525): Prime rate on short-term business loans + 8% if the debit balance is payable on demand and secured.
- Usury Rate for Monetary Judgments (§ 5004): 9%