Updated April 11, 2022
An Iowa secured promissory note records a promise to reimburse a lender an original balance with the addition of interest in a predetermined time frame. Both parties will need to agree on the interest rate for the balance. For the state of Iowa, this is mandated by the usury rate for the state, which can be found in Section 535.2(3)(a). When both parties are ready to sign the note to legally put it into effect, it is highly recommended that a witness verify the signatures of the parties to ensure it is a valid and legal note.