Promissory Note in Maine

A written promise to repay a personal loan, with the amount, interest and payment schedule. States limit how much interest a lender can charge; check your state's rules below before you set the rate.

What Maine law says

Maximum interest rate (usury limit)	For loans made by a financial institution, the maximum legal rate of interest when there is no written agreement setting a different rate is 6% a year. For noncommercial or consumer loans, the legal rate, whether in writing or not, is set by and subject to the limits of Title 9-A (the Maine Consumer Credit Code). This section addresses loans by financial institutions; it does not set a general cap for a one-time loan between private individuals. Source: 9-B M.R.S. §432
Time limit to sue on a written contract	6 years for most civil actions, including suits on written or oral contracts. 20 years only for contracts under seal or promissory notes signed in front of an attesting witness. § 751: https://legislature.maine.gov/statutes/14/title14sec751.html Source: 14 M.R.S. § 752; 14 M.R.S. § 751

Maximum interest rate (usury limit)

For loans made by a financial institution, the maximum legal rate of interest when there is no written agreement setting a different rate is 6% a year. For noncommercial or consumer loans, the legal rate, whether in writing or not, is set by and subject to the limits of Title 9-A (the Maine Consumer Credit Code).

This section addresses loans by financial institutions; it does not set a general cap for a one-time loan between private individuals.

Source: 9-B M.R.S. §432

Time limit to sue on a written contract

6 years for most civil actions, including suits on written or oral contracts. 20 years only for contracts under seal or promissory notes signed in front of an attesting witness.

§ 751: https://legislature.maine.gov/statutes/14/title14sec751.html

Source: 14 M.R.S. § 752; 14 M.R.S. § 751

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PROMISSORY NOTE

Amount: $[principal amount] Date: [date] Place: [city, state]

For value received, [borrower name], of [borrower address] ("Borrower"), promises to pay [lender name], of [lender address] ("Lender"), the sum of $[principal amount], with interest at [rate]% per year.

Payments: [e.g. $[amount] per month starting [date] until paid in full / one payment of the full amount on [due date]].

Late payment: [late fee or 'none']. Prepayment: Borrower may prepay all or part at any time without penalty.

If Borrower misses a payment for [number] days, Lender may [declare the full balance due].

Borrower signature: ____________________ Date: [date]

[Co-signer signature, if any] [Notary acknowledgment, if you choose to use one]

Promissory Note for other states · Maine tenant rights

General legal information, not legal advice. Laws change and local rules can differ; check the linked official source or talk to a lawyer about your situation.