Rhode Island Promissory Note
Generate a promissory note tailored to Rhode Island law. Our AI incorporates RI-specific statutory requirements, disclosure obligations, and legal standards into every document.
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Rhode Island Legal Requirements
Key RI statutes and obligations that apply to your promissory note.
Requirements
- Governed by Rhode Island UCC Article 3 (RIGL §§6A-3-101 et seq.); must be a written, signed, unconditional promise to pay a definite sum
- Consumer usury: Rhode Island's general usury cap is 21% per year for consumer loans (RIGL §6-26-2); commercial loans may set any rate if agreed in writing
- Security interests in personal property perfected by UCC-1 Financing Statement filed with the Rhode Island Secretary of State
Restrictions & Limits
- Consumer loans above 21% APR are usurious unless the borrower is a business and the parties contract otherwise in writing
- Real property mortgages must be recorded in the city or town land evidence records where the property is located
- Confession of judgment clauses are disfavored and may not be enforceable in Rhode Island courts for consumer transactions
Official Statute References
Primary Rhode Island statutes governing this document type.
Rhode Island Promissory Note FAQ
Common questions about promissory notes under Rhode Island law.
What is Rhode Island's interest rate cap on loans?
Rhode Island's general consumer usury cap is 21% per year (RIGL §6-26-2). For commercial loans between businesses, there is no statutory cap if the rate is agreed to in writing. Consumer lenders must also comply with federal Truth in Lending Act (TILA) disclosure requirements.
What is the statute of limitations on a promissory note in Rhode Island?
Rhode Island's statute of limitations for written contracts, including promissory notes, is 10 years (RIGL §9-1-13). The clock begins running from the date of default. Rhode Island's 10-year period is longer than most states, giving creditors additional time to collect on unpaid notes.
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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.