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Build a legally valid Demand Promissory Note for Florida that contains all required terms under Florida promissory note law. Fill in your loan details and download your completed, ready-to-sign Demand Promissory Note as a professional PDF.
Florida law governs promissory notes with specific usury limits and enforcement rules that defends both creditor and borrowing party. The usury limit in Florida is 18% for loans under $500,000; 25% for larger. Lenders have 5 years to file suit to collect on a promissory note in Florida. Florida law requires 3 specific elements in a valid promissory note.
Florida Promissory Note Requirements
Max Interest Rate18%
Rate Details18% for loans under $500,000; 25% for larger
Usury PenaltyCriminal felony if over 25%; double interest civil penalty
Statute of Limitations5 years
NotarizationRecommended
WitnessesRecommended (2)
Governing AgencyFlorida Circuit Courts
Required Elements Written agreement signed by borrower; Demand notice period; Interest rate disclosure
What to Include in a Florida Demand Promissory Note
Every Demand Promissory Note in Florida should include the following essential 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 18% for loans under $500,000; 25% for larger under Florida law), the repayment schedule and due dates, any late payment penalties, the consequences of default, and the governing law clause. A demand note should clearly state that repayment is due upon the lender's written demand, with any minimum notice period the parties have agreed to before demand is made.
Florida requires the following elements in a valid promissory note: written agreement signed by borrower, demand notice period, interest rate disclosure. Two witnesses recommended per Florida custom.
How to Complete a Florida Demand Promissory Note
To complete a Demand Promissory Note in Florida, 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 18% for loans under $500,000; 25% for larger in Florida), the repayment terms, and any collateral details if applicable.
Our platform walks you through each section with a guided form tailored to Florida requirements. Once you have filled in all details, you can preview the document, choose from five professional document styles, and download your completed Demand Promissory Note as a PDF.
Frequently Asked Questions
What is the maximum interest rate for a promissory note in Florida?
Florida caps interest at 18% for loans under $500,000; 25% for larger. Charging above the legal limit is usury - in Florida, the penalty is: criminal felony if over 25%; double interest civil penalty. Always confirm the current rate with an attorney, as usury laws can change.
Do I need a notary for a promissory note in Florida?
Notarization is not required in Florida for a promissory note to be legally valid. Notarizing it anyway is strongly recommended - it deters forgery claims, simplifies court enforcement, and makes the note self-authenticating as evidence. Having 2 witnesses is also recommended.
What happens if a borrower defaults on a promissory note in Florida?
Upon default, the lender may demand immediate repayment of the full outstanding balance, charge any default interest rate specified in the note, and file suit in Florida court. Lenders have 5 years from the date of default to file a lawsuit under Florida's statute of limitations for written contracts.
How much notice must a lender give before demanding repayment in Florida?
A demand promissory note is due whenever the lender demands repayment - there is no fixed maturity date. The amount of notice required depends on what is written in the note itself; if no notice period is specified, repayment may be demanded immediately. Many demand notes include a minimum notice period (e.g., 30 days) as a courtesy term. In Florida, lenders have 5 years from when demand was first due to file suit.
What is the difference between a demand note and an installment note?
A demand promissory note has no fixed repayment schedule - the lender can call the loan at any time. An installment note has a set schedule of regular payments over a defined period. Demand notes are common for informal loans between family or friends, while installment notes are more common for larger, structured loans. Demand notes give lenders more flexibility but give borrowers less certainty.
What must be included in a Florida Demand Promissory Note?
A valid Demand Promissory Note in Florida must include: Written agreement signed by borrower; Demand notice period; Interest rate disclosure. Our platform automatically includes all required elements formatted to Florida standards.
What is Florida's maximum interest rate for a private promissory note?
Florida Statute §687.02 sets the usury limit at 18% per year for loans under $500,000 and 25% per year for loans of $500,000 or more. Charging above the 18% limit is civil usury (forfeiture of excess interest). Charging above 25% is criminal usury - a third-degree felony. Florida's 5-year statute of limitations applies to written promissory notes. Seller-financed mortgages and certain business loans have different rate rules.
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