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An Oregon promissory note is used to determine repayment terms when an individual or business entity lends money to another party. A promissory note may be secured, meaning the borrower puts up property as collateral, or unsecured, meaning no collateral is pledged against the debt. Important information such as the debt amount, interest, late fees, and how payments will be distributed are detailed in this document.
Note that if the promissory note contains prepayment provisions, then specific language as detailed in ORS § 82.160 or ORS § 82.170 must be included in the document.
Types (2)
Secured Promissory Note – This document details repayment terms on a loan where the borrower puts up personal assets as collateral.
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Unsecured Promissory Note – An uncollateralized lending between two (2) parties.
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Laws
- Interest & Usury Laws: Chapter 82: Interest; Repayment Restrictions
- Usury Rate in General (ORS 82.010(1)): 9%, unless otherwise agreed to by the parties.
- Usury Rate on Loans of $50,000 or less (ORS 82.010(3)(a)): 12% or 5% over the 90-day commercial paper discount rate in effect at the Federal Reserve Bank, whichever is greater.
- Usury Rate for Monetary Judgments (ORS 82.010(2)): 9%