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Michigan Promissory Note Templates

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The Michigan promissory note templates are forms used to help ensure a lender of a monetary balance is reimbursed the amount plus interest in a timely and orderly fashion. To motivate the borrower for making payments, both parties will agree on details regarding late fees, default interest rates, acceleration time frames, and items for security.

Types

Secured Promissory Note – Is incorporated with security, which means the lender is guaranteed an item such as a home, vehicle, boat, etc. if the borrower cannot reimburse the loaned amount.

Unsecured Promissory Note – Does not include security, meaning the lender is at risk for losing the balance of the note. If the borrower were to go into default on the balance, the lender would only be able to take the borrower to small claims court. To prevent this situation, the lender should only enter into an agreement with family, a friend, or an individual with great credit.

Usury Rate

Under Michigan law, the criminal usury rate for lending money if over 25% per year. M.C.L.A. 438.41

How to Write

Step 1 – Download the Michigan note form – Provide the following information:

  • Enter the document’s start date in mm/dd/yyyy format
  • Borrower’s name and – mailing address
  • AND
  • Submit the Lender’s name and mailing address
  • AND
  • The full sum of the note’s principal
  • Submit the unpaid sum of the annual percentage rate

Step 2 – Payments – Provide:

  • The full balance of the note payable in full by the due date
  • Provide the amount of the late fees and all accrued interest

Installments –

Check the box next to the preferred method of payment – Enter:

  • The total amount that payable in full by the due date
  • The total of the principal of the note
  • Payment frequency (check the preferred box)
  • Enter an amount required for late payment fees

Step 3 – Security-

  • Select “Unsecured” or “Secured” and check the box
  • If the document required that the note would be“secured,” provide the description of whatever property that would be secured

Step 4 – Titled Sections and Subsections –

  • Interest due in the Event of Default
  • Allocation of Payments
  • Prepayment
  • Acceleration (and 6A.)
  • Attorney’s Fees and Costs
  • Waiver of Presentments
  • Non-Waiver
  • Severability
  • Integration
  • Conflicting Terms
  • Notice
  • Co-Signer – Co-signer’s name (if one is required)
  • Execution
  • Governing Law – (governed by the laws of the state of Michigan)

Step 5 – Signatures – Signatories must provide signatures before a witness –

  • Submit the Lender’s signature
  • Date of signature – in mm/dd/yyyy format
  • Print the name
  • AND
  • Enter the Borrower’s signature
  • Date of signature – in mm/dd/yyyy format
  • Print the borrower’s name
  • AND
  • Provide the Co-signer’s signature (if a co-signer is required)
  • Date signature in dd/mm/yyyy format
  • Printed the co-signer’s name
  • AND
  • Enter the Witness’ signature (after witnessing all other signatures)
  • Date of witness’ signature in mm/dd/yyyy format
  • Printed the witness’ name

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