Colorado Promissory Note
Generate a promissory note tailored to Colorado law. Our AI incorporates CO-specific statutory requirements, disclosure obligations, and legal standards into every document.
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Colorado Legal Requirements
Key CO statutes and obligations that apply to your promissory note.
Requirements
- Must include: principal amount, interest rate, payment schedule, maturity date, and default terms
- Governed by CRS § 5-2-201 and Colorado's Uniform Commercial Code
- Legal rate of interest is 8% per year absent written agreement (CRS § 5-12-101)
- Commercial loans may exceed 8% by written agreement — no cap for business-to-business transactions
- Secured notes must reference the security agreement or deed of trust
- Consumer loans are subject to the Colorado Uniform Consumer Credit Code (UCCC)
Restrictions & Limits
- Colorado UCCC limits interest on consumer loans to 36% APR plus an origination fee
- Confession of judgment clauses are void in Colorado for consumer transactions
- Acceleration clauses must provide notice and cure period for consumer notes
Official Statute References
Primary Colorado statutes governing this document type.
Colorado Promissory Note FAQ
Common questions about promissory notes under Colorado law.
What is the legal interest rate in Colorado?
Colorado's default legal interest rate is 8% per year (CRS § 5-12-101) for obligations where no rate is specified. Business-to-business loans may contractually agree to higher rates without an upper cap. Consumer loans are capped at 36% APR under the Colorado UCCC.
What is the statute of limitations on a promissory note in Colorado?
Under CRS § 13-80-103.5, written contract claims — including promissory notes — must be filed within 6 years of the date of default or the final payment date. Partial payments restart the statute. Oral loan agreements have a 3-year limitation period.
Does a Colorado promissory note need to be notarized?
A promissory note does not need to be notarized to be valid. However, a deed of trust securing real property must be notarized and recorded with the county clerk. For unsecured notes, a witness and acknowledgment strengthen enforceability.
What happens if a borrower defaults on a Colorado promissory note?
The lender may send a formal demand letter, then pursue collection through Small Claims Court (up to $7,500), County Court, or District Court. If the note is secured, the lender can initiate non-judicial foreclosure (for real property with a deed of trust) or repossess personal property collateral.
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Promissory Note by State
Laws vary significantly by state. Find the right form for your location.
Disclaimer: LegalLawDocs.com provides self-help legal documents for informational purposes only. The documents and information on this site do not constitute legal advice and are not a substitute for consultation with a licensed attorney. Laws vary by state and change frequently — review your document with a qualified professional before relying on it.