Assignment Of Promissory Note By Lender With Excessive Interest Rates
Description
How to fill out Promissory Note Assignment And Notice Of Assignment?
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FAQ
What is Usury in California? In California, absent an exception which we discuss in depth below, the maximum allowable interest rate for consumer loans is 10% per year.
When you are applying for a loan to purchase a home, the lender may require you to sign a promissory note and a mortgage or a deed of trust. In the event that your loan is sold to another party, these documents will be transferred to the new owner with an assignment and an endorsement.
The borrower will likely argue it should be 8% per annum, which is the legal rate of interest. As a matter of contract law, if the parties did not agree on a lawful interest rate (i.e. 16% or less on a loan of less than $20,000.00) it would stand to reason that the legal interest rate of 8% per annum should apply.
Most formal promissory notes will include interest, but it is not a requirement for a legally valid promissory note. If you do not want to charge your friend or family member interest, then make the loan interest-free or use 0% as your interest rate.
A promissory note could become invalid if: It isn't signed by both parties. The note violates laws. One party tries to change the terms of the agreement without notifying the other party.
