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Massachusetts Promissory Note
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Massachusetts at a glance: Usury Limit: 20% per year (unless filed) · Governing Law: Mass. Gen. Laws Ch. 271 § 49
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Overview
Promissory Notes in Massachusetts
Massachusetts prohibits charging interest rates in excess of 20% per year. Rates above 20% constitute criminal usury unless filed with the Attorney General.
Key Facts
Massachusetts Promissory Note — Quick Reference
| Requirement | Massachusetts Rule |
|---|---|
| Usury Limit | 20% per year (unless filed) |
| Governing Law | Mass. Gen. Laws Ch. 271 § 49 |
Legal Requirements
Massachusetts Legal Requirements
- Interest rate must not exceed 20% per year unless registered.
Governing Laws
Massachusetts Governing Laws
Mass. Gen. Laws Ch. 271 § 49
Criminal Usury
Imposes criminal penalties for interest rates exceeding 20% without filing.
Read the full text of these laws at Cornell Law School's Massachusetts legal resources or your state legislature's official website.
Questions & Answers
Massachusetts Promissory Note — Frequently Asked Questions
What is the usury limit in Massachusetts?
The ceiling is 20% per year unless you register the loan with the Attorney General.