A Wyoming promissory note allows two (2) parties to enter into an agreement regarding the lending of money from a lender to a borrower. In addition to relaying the terms of the loan, the document acts as a record and legal proof of the loan. The completed document will establish when the borrower must make payments and when the balance of the principal loan plus interest becomes due.
Once both parties have signed the promissory note, it becomes legally binding and enforceable. Lenders may obtain security on loans by requiring the borrower promise some sort of collateral or having the contract co-signed by an individual who will guarantee payment in the event that the borrower defaults payment.
- Interest & Usury Laws: Chapter 14 – Wyoming Consumer Credit Code
- Usury Rate without Contract (§ 40-14-106(e)): 7%
- Usury Rate for Credit Charges on Financing of $70,000 or Less (§ 40-14-212(e)(i)(A)):
- On an unpaid balance of $1,000 or less – 36%/year
- On an unpaid balance of more than $1,000 – 21%/year
- Usury Rate for Credit Charges on Financing Above $70,000 (§ 40-14-212(e)(ii)): No limit