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Colorado Secured Promissory Note

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Prepare a legally proper Secured Promissory Note for Colorado that incorporates all required terms under Colorado promissory note law. Fill in your loan details and download your completed, ready-to-sign Secured Promissory Note as a professional PDF.

Colorado law governs promissory notes with specific usury limits and enforcement rules that protects both creditor and borrowing party. The usury limit in Colorado is 45% maximum for consumer loans. Lenders have 6 years to file suit to collect on a promissory note in Colorado. Colorado law requires 4 specific elements in a valid promissory note.

Colorado Promissory Note Requirements

Max Interest Rate 45%
Rate Details 45% maximum for consumer loans
Usury Penalty Excess interest voided
Statute of Limitations 6 years
Notarization Recommended
Witnesses Recommended (1)
Governing Agency Colorado District Courts
Required Elements Written agreement signed by borrower; Detailed collateral description; Interest rate disclosure; Lien filing if applicable

What to Include in a Colorado Secured Promissory Note

Every Secured Promissory Note in Colorado should include the following critical provisions: the full legal names and addresses of both the note holder and borrower, the principal loan amount, the interest rate (which must not exceed 45% maximum for consumer loans under Colorado law), the repayment schedule and due dates, any late payment penalties, the consequences of default, and the governing law clause. Because this is a secured promissory note, you must also describe the collateral in detail, including how it will be valued and the lender's right to seize it upon default.

Colorado requires the following elements in a valid promissory note: written agreement signed by borrower, detailed collateral description, interest rate disclosure, lien filing if applicable.

How to Complete a Colorado Secured Promissory Note

To complete a Secured Promissory Note in Colorado, start by gathering the necessary information: the full legal names and addresses of both parties, the loan amount, the agreed-upon interest rate (must be at or below 45% maximum for consumer loans in Colorado), the repayment terms, and any collateral details if applicable.

Our platform walks you through each section with a guided form tailored to Colorado requirements. Once you have filled in all details, you can preview the document, choose from five professional document styles, and download your completed Secured Promissory Note as a PDF.

Frequently Asked Questions

Is a promissory note legally binding in Colorado?
Yes. A properly executed promissory note is a legally enforceable contract in Colorado. To be binding, it must identify both parties, state the loan amount and repayment terms, and be signed by the borrower. While notarization is not required in Colorado, it is recommended to add an extra layer of authenticity. Lenders have 6 years to pursue legal action to collect on a defaulted note.
What is the maximum interest rate for a promissory note in Colorado?
Colorado imposes a usury limit of 45% maximum for consumer loans. Charging interest above the legal limit is considered usury and can result in penalties — in Colorado, the consequence is: excess interest voided.
Do I need a notary for a promissory note in Colorado?
Notarization is not required for a promissory note to be legally valid in Colorado. However, notarizing the document is strongly recommended — it deters forgery claims, simplifies enforcement in court, and makes the note self-authenticating as evidence. Having 1 witness is also recommended.
What happens if the borrower defaults on a promissory note in Colorado?
If the borrower defaults, the lender may demand immediate repayment of the full outstanding balance, charge any default interest rate specified in the note, and pursue legal action in Colorado court. Because this is a secured note, the lender may also seize and sell the collateral to recover the outstanding amount. Lenders have 6 years from the date of default to file a lawsuit under Colorado's statute of limitations for written contracts.
What must be included in a Colorado Secured Promissory Note?
A valid Secured Promissory Note in Colorado must include: Written agreement signed by borrower; Detailed collateral description; Interest rate disclosure; Lien filing if applicable. Our platform automatically includes all required elements for Colorado in your generated document, formatted to meet state standards.

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