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Connecticut Promissory Note Templates (2)

A Connecticut promissory note template is completed by two parties engaged in leasing activity. The note covers many aspects of the agreement, such as late fees, payment schedules, and more, and ensures the borrower and lender have both agreed to the terms and conditions of the loan.
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Updated August 06, 2024

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Usury Rate

Interest rate may not exceed 12%.

By Type (2)

Secured Promissory Note – Gives the lender security in the transaction by guaranteeing a home, vehicle, or another type of worthy possession in the event of a default.

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Unsecured Promissory Note – It is recommended that this note is used for lenders who have complete trust in the individual they are lending to. This is because the lender has no security in the deal, and risks losing money if the borrower defaults on the balance.

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Usury Statute

No person and no firm or corporation or agent thereof, other than a pawnbroker as provided in section 21-44, shall, as guarantor or otherwise, directly or indirectly, loan money to any person and, directly or indirectly, charge, demand, accept or make any agreement to receive therefor interest at a rate greater than twelve per cent per annum.[1]

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Sources

  1. Conn. Gen. Stat. § 37-4