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Maryland Promissory Note Templates

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The Maryland promissory note templates are designed to serve as the platform for transactions involving the loaning of money from one party to another. The note requires the borrower of a monetary balance to reimburse the lender in the deal the original balance plus interest by a final due date.

Types

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.

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.

Usury Rate

The Maryland statutes state as follows: “(a)(1) 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. (2) If a loan made under paragraph (1) of this subsection is secured by the pledge of collateral which is a certificate of deposit held by the borrower, the lender may charge interest at a rate not to exceed 2 percent in excess of the rate of interest payable on the certificate of deposit. (3) If a loan made under paragraph (1) of this subsection is secured by the pledge of collateral which is other than a savings account or if such loan is unsecured, the lender may charge a rate of interest not in excess of 18 percent. However, on a loan made on or after July 1, 1982, a lender may charge an effective rate of simple interest not in excess of 24 percent per year on the unpaid principal balance, provided that: (i) If the loan is a renewal or refinancing of a loan made prior to July 1, 1982, the lender complies with § 12-116 of this subtitle; (ii) If the loan includes a provision for a rate of interest which may be adjusted by the lender during the term of the loan, the lender complies with § 12-118 of this subtitle; (iii) Upon the borrower’s default, if the loan is secured by personal property, the lender complies with § 12-115 of this subtitle concerning repossession and redemption of the goods securing the loan; (iv) If the loan is for the purchase of consumer goods, the loan contract complies with § 12-117 of this subtitle; and (v) The loan does not include a balloon payment, unless payment in full is due on demand or in one year or less. MD Code, Commercial Law, § 12-103

How to Write

Step 1 – Download the Maryland note form – Proceed by providing:

  • Document start date- in dd/m/yy format
  • The Borrower’s name and mailing address
  • AND
  • Lender’s name and mailing address
  • AND
  • The sum of the principal portion note
  • The unpaid amount of the annual percentage rate

Step 2 – Payments – Submit:

  • The full balance of the note due upon the due date. As well, the lender must enter the amount of all accrued interest and late fees

Installments –

Payment method (check the box that best reflects the agreement between the parties) – Enter:

  • The total amount to be paid in full upon the stated due date
  • The total amount of the principal of the note
  • Select payment frequency (select and check the preferred box)
  • Enter an amount required for late fees

Step 3 –  Security-

  • Select “Unsecured” or “Secured” and check the box
  • If the requirement is that the note be“secured,” submit the description of the property that will 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 any)
  • Execution
  • Governing Law – (As related to the laws in the state of Maryland)

Step 5 – Signatures – Submit in the presence of a witness– Enter:

  • The Lender’s signature
  • The date of signature – in mm/dd/yyyy format
  • Print name
  • AND
  • The Borrower’s signature
  • The date of signature – in mm/dd/yyyy format
  • Print name
  • AND
  • Co-signer’s signature (if a co-signer is required for the note)
  • Date signature in dd/mm/yyyy format
  • Printed name
  • AND
  • The Witness’ signature
  • Date of witness’ signature – enter in mm/dd/yyyy format
  • Printed name
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