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Maryland Promissory Note Templates (2)

A Maryland promissory note template is designed to establish the agreed-upon components of a lending arrangement between two parties. The sections included in the document relate to late fees, interest rates, payment schedules, and other relevant aspects of the deal.
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Usury Rate

Legal interest rate is 6%, maximum of 8% if a written contract is established.

By Type (2)

Secured Promissory Note – This version gives the lender security in the case of a default on the loaned balance. Both parties agree on an item or items that will be given to the lender if the borrower cannot reimburse the lender the due amount. Items used as security typically consist of homes, vehicles, or boats.

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Unsecured Promissory Note – This version puts the lender at an increased risk, as no security is present. To prevent the loss of money, the lender should screen the borrower to ensure he or she has worthy credit and/or only lend to family/friends.

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Usury Statute

Except as otherwise provided by law, a person may not charge interest in excess of an effective rate of simple interest of 6 percent per annum on the unpaid principal balance of a loan.

(a)    (1)    Except as provided in subsections (b), (c), (d), (e), and (f) of this section, a lender may charge interest at an effective rate of simple interest not in excess of 8 percent per year on the unpaid principal balance of a loan if there is a written agreement signed by the borrower which sets forth the stated rate of interest charged by the lender …