Florida Promissory Note Template

The Florida promissory note template is used when individuals enter a loan agreement, with one party, typically called the “borrower” in documents, promising to repay a sum of money to the other.

The parties outline the terms, such as the amount of money lent and the consequences of not repaying the debt. A simple promissory note allows you to have an enforceable legal agreement to ensure that the money will be returned within a promised time frame in full. The lent amount is usually called the “principal” amount. The date when the payment is due is called the “maturity” date.

Florida Promissory Note Form

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Having a promissory note template is beneficial for both parties, but especially for the lender. It is a binding agreement that will make the requirement to pay the money back to you unavoidable for the borrower.

The following information, among other details of the agreement, should be included in a promissory note in Florida:

  • Confirmation of the promise to pay
  • Details about the interest and the payments
  • Consequences of failing to pay
  • Possibilities of prepayment
  • Borrower’s waivers
  • Giving of notices
  • Responsibilities of the parties.

The Florida promissory note template can be used by individuals and organizations and in a variety of loan-related situations. Certain regulations apply to the creation of such forms in Florida under the Florida Statutes. A promissory note does not normally need to be notarized.

Florida Usury Laws

According to the information included in Chapter 687 of the Florida Statutes, it is unlawful to charge any interest of more than 18% a year. If the loan is over $500,000, the rules change though. In such cases, the limit becomes higher (25%).

If you have decided what the conditions of your loan agreement will be, you can now proceed to fill out your Florida promissory note template. Use our form-building software to achieve the best results. Follow the steps outlined in the next section.

Florida Promissory Note Form Details

Document Name Florida Promissory Note Form
Other Name FL Promissory Note
Max. Rate 18% – general usury limit;
25% – if loan is over $500,000
Relevant Laws Florida Statutes, Section 687.03
Avg. Time to Fill Out 10 minutes
# of Fillable Fields 28
Available Formats Adobe PDF
Template Preview
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Popular Local Promissory Note Forms

A promissory note (often referred to as loan agreement) is a basic financial form used by many businesses and individuals in all states as a funding resource and an alternative to banks. Learn more about the most common states requested by our users with regards to promissory note templates.

Filling Out the Florida Promissory Note

1. Insert the Date of the Signing of the Promissory Note

The first thing you will need to include is the date of the agreement.
Signing date specification section of Florida promissory note

2. Specify the Loan Amount

Fill out this box very carefully and make sure that both parties have agreed to the exact amount that you are specifying in the form.
Loan amount specification part of Florida promissory note form

3. Confirm the Promise to Pay

Here, the borrower agrees to pay the principal amount to the lender (the person or organization) holding the note.
Promise to pay confirmation part of a promissory note for Florida

4. Specify the Interest Rate

The form includes the annual interest per year. The interest rate can change from how it is specified in the template if the borrower is late with the payment.
Interest rate indication part of a Florida document of promissory note

5. State the Maturity Date

This is the date by which the payment should be made in full.
Maturity date indication of a Florida promissory note

6. Discuss the Prepayment Option

There is usually an option to do a “full prepayment,” meaning that the borrower can pay the money before the maturity date.
Prepayment option discussion part of Florida promissory note template

7. Specify the Consequences of Not Repaying the Loan as Required

This is a crucial part of the promissory note. Here, the borrower agrees to what the consequences will be if they do not repay the loan as stated earlier in the form.
Part for consequences of not repaying of Florida document of promissory note

8. Indicate if the Note Is Protected by Other Documents

It can be a mortgage, for example.
Protection indication part of promissory note form for Florida

9. Include Borrower’s Waivers

The borrower can waive some of their rights if needed and agreed upon by the parties.
Borrower's details including part of promissory note template for Florida

10. State How the Notices Should Be Given

Here, the borrower specifies how they want to receive notices.
Part for stating how notices are given of Florida promissory note

11. Specify the Responsibilities of Persons Signing the Promissory Note

It can be that more than one person will be obligated to pay by the form if they sign it.
Responsibilities section of a promissory note document for Florida

12. Check That You Have Completed All Blank Spaces

Do not sign the form if there are any blank spaces left.

13. Sign the Note

The borrower must sign the note for it to become valid.
Signing part of Florida promissory note document

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Published: Jun 3, 2022