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Maryland Promissory Notes

Create a legally compliant Maryland promissory note that complies with state usury limits and includes all required provisions. Choose the note type that fits your lending situation, fill out the guided form, and download your professional PDF for $7.99.

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Secured Promissory Note

For loans backed by collateral such as a vehicle, property, or equipment. The lender can seize the collateral if the borrower defaults.

Complies with Maryland usury limits (max 24%). Includes collateral description and default remedies.

Create Secured Promissory Note

Unsecured Promissory Note

For loans based solely on the borrower's promise to pay, with no collateral pledged. Common for personal and family loans.

Maryland statute of limitations: 6 years. Max interest rate: 24%.

Create Unsecured Promissory Note

Installment Promissory Note

For loans repaid in fixed periodic payments over a set term. Includes a detailed payment schedule with amounts and due dates.

Includes amortization-ready payment terms compliant with Maryland usury law (24% max rate).

Create Installment Promissory Note

Demand Promissory Note

Payable in full when the lender demands repayment. No fixed schedule or maturity date. Common for informal arrangements.

Payable on demand under Maryland law. Includes usury savings clause and default provisions.

Create Demand Promissory Note

Maryland Usury Law and Note Requirements

Max Interest Rate 24%
Rate Description 8% by simple written agreement; up to 24% for unsecured loans and most loans not secured by residential real estate, subject to Com. Law 12-103 conditions. 6% legal rate absent a written contract.
Default Rate 6%
Penalty for Exceeding Usury Limit Three times the excess collected or $500, whichever is greater (Md. Com. Law 12-114)
Statute of Limitations 6 years
Notarization Required Not required (recommended)
Witness Required Not required
Governing Agency Maryland Circuit Courts

Verified against official Maryland usury statutes and Maryland Circuit Courts guidance. Last reviewed May 2026. How we verify our legal data.

Maryland usury law is governed by Maryland Circuit Courts. The maximum allowable interest rate is 24% (8% by simple written agreement; up to 24% for unsecured loans and most loans not secured by residential real estate, subject to Com. Law 12-103 conditions. 6% legal rate absent a written contract.). Penalties for exceeding the usury limit include: Three times the excess collected or $500, whichever is greater (Md. Com. Law 12-114). The statute of limitations for enforcing a promissory note in Maryland is 6 years. Notarization is not required but recommended. Our documents are designed to comply with Maryland law and include all required provisions.

Frequently Asked Questions

What is the maximum interest rate for a promissory note in Maryland?

Maryland caps the maximum interest rate at 24% (8% by simple written agreement; up to 24% for unsecured loans and most loans not secured by residential real estate, subject to Com. Law 12-103 conditions. 6% legal rate absent a written contract.). Exceeding this limit may result in penalties: Three times the excess collected or $500, whichever is greater (Md. Com. Law 12-114). If no rate is specified, the default legal rate is 6%. Our documents include a usury savings clause for additional protection.

Does a promissory note need to be notarized in Maryland?

Notarization is not legally required in Maryland, but it is strongly recommended. A notarized note is easier to enforce in court and helps verify the identities of all parties. While not required, having 1 witness is recommended.

How much does a Maryland promissory note cost?

Each promissory note costs $7.99. Choose your note type, fill in your details through our guided form, and download your completed, Maryland-compliant PDF instantly. Re-download available for 5 days.

What is Maryland's usury limit for private loans?

Maryland caps interest at 6% per year as a default for written contracts (Md. Code, Com. Law §12-102), but parties may agree in writing to higher rates. For most commercial loans, Maryland allows the contracted rate without a strict upper limit, subject to a reasonableness standard. Consumer loans are regulated under the Maryland Consumer Loan Law and typically capped at 24 - 33% APR. For a negotiable promissory note, Maryland applies the Uniform Commercial Code six-year period (Md. Com. Law 3-118), longer than its general three-year contract period.

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