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Iowa Promissory Note
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Iowa at a glance: Usury Limit: Varies monthly (floating cap) · Governing Law: Iowa Code § 535.2
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Overview
Promissory Notes in Iowa
Iowa sets the legal interest rate at 5% if not written, and a floating rate set monthly by the state superintendent for written agreements.
Key Facts
Iowa Promissory Note — Quick Reference
| Requirement | Iowa Rule |
|---|---|
| Usury Limit | Varies monthly (floating cap) |
| Governing Law | Iowa Code § 535.2 |
Legal Requirements
Iowa Legal Requirements
- Interest rates must comply with the current monthly floating rate cap.
Governing Laws
Iowa Governing Laws
Iowa Code § 535.2
Rate of Interest
Outlines the legal interest rate caps and monthly floating calculations.
Read the full text of these laws at Cornell Law School's Iowa legal resources or your state legislature's official website.
Questions & Answers
Iowa Promissory Note — Frequently Asked Questions
What is the interest cap in Iowa?
The cap floats monthly based on a formula set by the state superintendent.