Pennsylvania Promissory Note
Generate a promissory note tailored to Pennsylvania law. Our AI incorporates PA-specific statutory requirements, disclosure obligations, and legal standards into every document.
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Pennsylvania Legal Requirements
Key PA statutes and obligations that apply to your promissory note.
Requirements
- Pennsylvania Loan Interest and Protection Law (41 P.S. §§ 101 et seq.)
- Maximum lawful interest rate: 6% for consumer loans if no other rate agreed
- Licensed lenders can charge higher rates under the Consumer Discount Company Act
- Statute of limitations: 4 years for written contracts (42 Pa. C.S. § 5525)
- Real estate secured notes: mortgage must be recorded with county recorder
Restrictions & Limits
- Consumer loans above 6% require a licensed lender in Pennsylvania
- Usurious contracts: excess interest forfeited; criminal usury at 25%+ is a misdemeanor
- PA Home Loan Protection Act: additional requirements for residential mortgage loans
Official Statute References
Primary Pennsylvania statutes governing this document type.
Pennsylvania Promissory Note FAQ
Common questions about promissory notes under Pennsylvania law.
What is Pennsylvania's interest rate limit for promissory notes?
The Pennsylvania Loan Interest and Protection Law sets the default maximum at 6% for loans between natural persons. However, parties can agree to higher rates in writing. Licensed lenders under the Consumer Discount Company Act can charge significantly higher rates. Commercial loans between businesses generally have more flexibility.
How long do I have to sue on a Pennsylvania promissory note?
Pennsylvania's statute of limitations for written contracts is 4 years (42 Pa. C.S. § 5525). The clock starts from the date of default. A demand letter does not toll the limitations period — file suit before the deadline if the debtor is not paying.
Does a Pennsylvania promissory note need to be notarized?
No. A promissory note does not require notarization to be enforceable in Pennsylvania. However, if the note is secured by a mortgage on real estate, the mortgage must be acknowledged before a notary and recorded with the County Recorder of Deeds.
What are the consequences of charging usurious interest in Pennsylvania?
Under the Loan Interest and Protection Law, a lender charging more than the lawful rate forfeits the right to collect any interest. If charged usury with 'corrupt intent,' the penalty is forfeiture of 3× the interest contracted for. Criminal usury (25%+ with corrupt intent) is a misdemeanor.
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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.