Promissory Note in Michigan

Federal & State Law Editorial TeamLast reviewed: April 2026

Michigan Requirements

5% legal rate if none specified; 7% maximum contract rate (with exceptions)
Criminal usury at 25% per year
Business loans over $100,000 to corporations broadly exempt
Identify maker, payee, principal, rate, payment schedule, default provisions
Statute of limitations: 6 years on written contracts (MCL § 600.5807)

Filing Location

No filing required; secured notes paired with mortgage at register of deeds

Filing Fee

None for the note; mortgage recording $30 flat

Statute Reference

MCL § 438.31 (general usury); § 438.41 (criminal usury); § 440.3104 (negotiable instruments)

How to Complete This Form

1Obtain a blank quitclaim deed form that complies with your state's requirements.
2Enter the full legal name and address of the grantor (the person transferring the property).
3Enter the full legal name and address of the grantee (the person receiving the property).
4Include the complete legal description of the property (obtained from the current deed or county records).
5Sign the deed in the presence of a notary public and any required witnesses.
6File the deed with the county recorder's office along with any required transfer tax forms and fees.
7Keep a copy of the recorded deed for your records.

Download Form Template

Download a template for the Promissory Note customized with Michigan-specific requirements and instructions.

Promissory Note in Other States

California Texas Florida New York Illinois Pennsylvania Ohio Georgia North Carolina Alabama Alaska Arizona Arkansas Colorado Connecticut Delaware Hawaii Idaho Indiana Iowa Kansas Kentucky Louisiana Maine

Other Forms in Michigan

Quitclaim Deed Power of Attorney Last Will and Testament Living Will / Advance Directive LLC Operating Agreement Residential Lease Agreement Eviction Notice Small Claims Court Complaint Divorce Petition Name Change Petition Warranty Deed Bill of Sale Prenuptial Agreement Rental Application Demand Letter Affidavit of Service Non-Disclosure Agreement Non-Compete Agreement Child Support Modification Petition

When to Talk to a Lawyer

Your situation involves complex legal issues or significant financial consequences.
You are unsure whether the form meets your state's specific requirements.

This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.