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Types (2)
Secured Promissory Note – Relays the terms of a loan that is secured by collateral pledged by the borrower.
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Unsecured Promissory Note – A promissory note that isn’t backed by the borrower’s collateral.
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Laws
- Interest & Usury Laws: Chapter 19.52 – Interest-Usury
- Usury Rate with Contract (§ 19.52.020(1)): 12% or 4% over the federal 26-week treasury bill rate, whichever is greater.
- Usury Rate without Contract (§ 19.52.010(1)): 12%
- Usury Rate for Loan Setup Charges (§ 19.52.020(2)(b)): 4% ($15 maximum)
- Usury Rate for Judgments with Contracts (§ 4.56.110(1)): The interest rate will be the same as agreed in the contract.
- Usury Rate for Child Support Judgments (§ 4.56.110(2)): 12%
- Usury Rate for Tortious Conduct of a Public Agency Judgments (§ 4.56.110(3)(a)): 2% over the federal 26-week treasury bill rate
- Usury Rate for Tortious Conduct of an Individual/Entity Judgments (§ 4.56.110(3)(b)): 2% over the federal prime rate
- Usury Rate for Unpaid Student Debt Judgments (§ 4.56.110(4)): 2% over the federal prime rate
- Usury Rate for Unpaid Consumer Debt Judgments (§ 4.56.110): 9%
- Usury Rate for Medical Debt Prejudgments (§ 19.52.010(2), § 19.52.020(4)): 9%