Usury Notice

This review list is being supplied to you in order to inform you about the document in question and to assist you in preparing it for submission. Because usury rates are determined by state law, the actual rates may differ. In the event that you have signed such an obligation, whether in the form of a Note or a payment agreement underpinning another purchase, such as a piece of furniture or equipment, this Notice is the first step toward obtaining relief. The majority of parties to high-interest loans are highly aware of usury concerns and will typically withdraw promptly if they are wrong. If this is not the case, usury lenders or sellers who utilize usury rates to fund such transactions will be treated extremely adversely by the courts.

 

1. Make several copies of the document. Send a letter and a fax to the lender. Keep a copy of this document for your own records.

Usury Notice
_________________________
_________________________
_________________________

Notice of usurious interest rate and intention to seek relief

Dear _________________________:

This is to advise you that pursuant to the laws of _______________________, the promissory note which was executed on __________________________, in the original principal amount of $______(____________________ & ______/100 dollars) violates the usury laws and that legal action will be taken to avoid the usury and to obtain the following relief:
_____________________________________________________________________
Dated: _________________________________________
________________________________
_________________________ By Executor of Promissory or Other Note of Obligation
Usury Notice
Review List

This review list is provided to inform you about this document in question and assist you in its preparation. Usury rates are dictated by state law so the actual rates vary. If you have signed such an obligation, whether as a Note or payment agreement underlying another purchase, such as a piece of furniture or equipment, this Notice is your first step in getting relief. Most parties involved in high interest loans are acutely aware of usury issues and will, if wrong, generally back off immediately. If not, the courts look very unfavorably upon usury lenders or sellers who use usury rates to finance those sales.

1. Make multiple copies. Mail and fax to the lender. Keep a copy for your own records.

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