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Florida Secured Promissory Note

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Not a blank template — your details are filled in, formatted to Florida law, and ready to sign.

Draft a legally compliant Secured 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 Secured Promissory Note as a professional PDF.

Florida law governs promissory notes with specific usury limits and enforcement rules that shields 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 4 specific elements in a valid promissory note.

Florida Promissory Note Requirements

Max Interest Rate 18%
Rate Details 18% for loans under $500,000; 25% for larger
Usury Penalty Criminal felony if over 25%; double interest civil penalty
Statute of Limitations 5 years
Notarization Recommended
Witnesses Recommended (2)
Governing Agency Florida Circuit Courts
Required Elements Written agreement signed by borrower; Detailed collateral description; Interest rate disclosure; Lien filing if applicable

What to Include in a Florida Secured Promissory Note

Every Secured Promissory Note in Florida should include the following important provisions: the full legal names and addresses of both the lender and obligor, 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. 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.

Florida requires the following elements in a valid promissory note: written agreement signed by borrower, detailed collateral description, interest rate disclosure, lien filing if applicable. Two witnesses recommended per Florida custom.

How to Complete a Florida Secured Promissory Note

To complete a Secured 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 Secured Promissory Note as a PDF.

Frequently Asked Questions

Is a promissory note legally binding in Florida?
Yes. A properly executed promissory note is a legally enforceable contract in Florida. 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 Florida, it is recommended to add an extra layer of authenticity. Lenders have 5 years to pursue legal action to collect on a defaulted note.
What is the maximum interest rate for a promissory note in Florida?
Florida imposes a usury limit of 18% for loans under $500,000; 25% for larger. Charging interest above the legal limit is considered usury and can result in penalties — in Florida, the consequence is: criminal felony if over 25%; double interest civil penalty.
Do I need a notary for a promissory note in Florida?
Notarization is not required for a promissory note to be legally valid in Florida. However, notarizing the document is strongly recommended — it deters forgery claims, simplifies enforcement in court, and makes the note self-authenticating as evidence. Having 2 witnesses is also recommended.
What happens if the borrower defaults on a promissory note in Florida?
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 Florida court. Because this is a secured note, the lender may also seize and sell the collateral to recover the outstanding amount. Lenders have 5 years from the date of default to file a lawsuit under Florida's statute of limitations for written contracts.
What must be included in a Florida Secured Promissory Note?
A valid Secured Promissory Note in Florida 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 Florida in your generated document, formatted to meet state standards.

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