Colorado Promissory Note Templates

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Updated January 24, 2022

A Colorado promissory note template is a document designed to assist two parties in concreting details regarding a loan to help ensure the borrower pays the balance over time in an orderly fashion. Below are two different forms of the Colorado Promissory Note, one designed to give the lender security in the case of a default, and the other without security.

Usury Rate – Legal rate of interest is 8%, general usury limit is 45%, and maximum for consumers is 12%.

LawsColo. Rev. Stat § 5-12-103 and § 5-2-201

Types (2)

Secured Promissory Note – Incorporated in this note is the ability for the lender to recover lost financials in the case of a default on the balance.

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Unsecured Promissory Note – This note should mainly be used with a borrower that the lender trusts completely, as there is no built-in guarantee the lender will be paid.

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Usury Rate

Under Colorado law, the legal interest rate if not otherwise specified is 8% per annum, however parties may agree to a written contract with a higher rate, not to exceed 45% per annum. C.R.S. 5-12-101 and C.R.S. 5-12-103.

(Video) What is a Colorado Promissory Note?

How to Write

Step 1 – Download the form – Enter all required information as follows:

  • Document beginning date ( in dd/m/yy format)
  • Borrower’s name and Mailing address
  • AND
  • Lender’s name and Mailing address
  • AND
  • Principal amount of the note (enter into the line provided)
  • Enter the annual percentage

Step 2 – Payments – Submit the balance of the note including late fees -mm/dd/yyyy format

Installments –

  • Check the box would indicate the method of repayment
  • Submit the note amount
  • If the borrower will pay in installments check the appropriate box
  • Submit the amount of any late fees owed in addition

Step 3 –  Security – Submit the following:

  • If the note will not be secured, check the applicable box
  • Submit the information on any property that would secure the note
  • Review the remainder of the section

Step 4 – Titled Sections – Review the following:

  • Interest due in the Event of Default
  • Allocation of Payments
  • Prepayment
  • Acceleration (and 6A. – Security)
  • Attorney’s Fees and Costs
  • Waiver of Presentments
  • Non-Waiver
  • Severability
  • Integration
  • Conflicting Terms
  • Notice
  • Co-Signer – Check the box that applies  – if there will be a co-signer, provide their name
  • Execution
  • Governing Law

Step 5 – Signatures – A witness must be present:

  • Lender’s signature
  • Date in mm/dd/yyyy format
  • Printed name
  • AND
  • Borrower’s signature
  • Date of signature – mm/dd/yyyy format
  • Printed name
  • AND
  • Co-signer’s signature
  • Date of signature in mm/dd/yyyy format
  • Printed name
  • AND
  • Witness signature
  • Date of signature (mm/dd/yyyy format)
  • Printed name