Ohio Promissory Note
Generate a promissory note tailored to Ohio law. Our AI incorporates OH-specific statutory requirements, disclosure obligations, and legal standards into every document.
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Ohio Legal Requirements
Key OH statutes and obligations that apply to your promissory note.
Requirements
- Ohio usury law: 8% default rate; parties can agree to higher rate in writing (ORC § 1343.01)
- Written notes: maximum rate is 25% per year for most transactions
- Licensed financial institutions are exempt from Ohio usury limits
- Statute of limitations: 6 years for written contracts (ORC § 2305.06)
- Real estate secured notes: mortgage must be recorded with county recorder
Restrictions & Limits
- Interest above 25% is criminally usurious in Ohio
- Consumer loans: additional Ohio Consumer Sales Practices Act requirements
- Mortgage loans: Ohio CSPA and federal TILA disclosure requirements
Official Statute References
Primary Ohio statutes governing this document type.
Ohio Promissory Note FAQ
Common questions about promissory notes under Ohio law.
What is Ohio's usury limit for promissory notes?
Ohio allows parties to agree in writing to any interest rate up to 25% per year (ORC § 1343.01). If no rate is specified, the default rate is 8%. Rates above 25% are criminally usurious. Licensed lenders (banks, credit unions, licensed consumer lenders) are generally exempt from these limits.
How long do I have to sue on an Ohio promissory note?
Ohio Revised Code § 2305.06 provides a 6-year statute of limitations on written instruments, including promissory notes. The clock starts running from the date of default. A demand letter does not toll the limitations period.
Does an Ohio promissory note need to be notarized?
No. An Ohio promissory note does not require notarization to be legally enforceable. However, if the note is secured by a mortgage on real property, the mortgage must be acknowledged before a notary and recorded with the County Recorder to perfect the lien.
Can I charge compound interest on an Ohio promissory note?
Yes, if agreed in writing. The note should clearly specify whether interest is simple or compound and the compounding frequency (daily, monthly, annually). Total interest must remain within Ohio's 25% annual cap for non-exempt lenders.
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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.