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New Mexico Promissory Note Templates (2)

A New Mexico promissory note template is a document that outlines the important aspects of a money-lending transaction between two individuals. Sections of the document cover the interest rate for the loan, the payment schedule, and other important parts of the arrangement.
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Usury Rate

15% maximum in the absence of a written contract.

By Type (2)

Secured Promissory Note – Because this agreement is ‘secured’, it includes a section that requires the borrower to set aside a physical item (such as a home, vehicle, or boat) that is given to the lender in the case of default to help cover the remaining unpaid balance.

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Unsecured Promissory Note – This version does not include a section on security creating an additional financial risk for the lender. To help lessen this risk, it is highly recommended that the lender only enter into a deal with family/friends and those with an exceptional credit score.

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Usury Statute

The rate of interest, in the absence of a written contract fixing a different rate, shall be not more than fifteen percent annually in the following cases:

A. on money due by contract;

B. on money received to the use of another and retained without the owner’s consent expressed or implied; and

C. on money due upon the settlement of matured accounts from the day the balance is ascertained.