Types (2)
Secured Promissory Note – Allows the lender to receive collateral as a guarantee of compensation.
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Unsecured Promissory Note – A loan in which the lender doesn’t receive any security from the borrower.
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Laws
- Interest & Usury Laws: Chapter 54-3 – Interest and Usury
- Usury Rate with Contract (§ 54-3-4): No limit
- Usury Rate without Contract (§ 54-3-4, § 54-3-16(3)): 12%
- Usury Rate for Judgments and Statutory Liens (§ 54-3-5.1, § 54-3-16(2)): 10%
- Usury Rate for Support Debts or Judgments (§ 25-7A-14, § 54-3-16(4)): 1% or less
- Usury Rate for Inverse Condemnation Actions (§ 54-3-5.1, § 54-3-16(1)): 4.5%
- Usury Rate for Past Due Money (§ 54-3-5, § 54-3-16(6)): 15%
- Usury Rate for Past Due Money on Bills, Statements, and Invoices (§ 54-3-5): 18%