Consumer Protection Law
Consumer Protection Law Questions? Ask a Lawyer Now.
Bruce unfortunately, I am not an accountant and also cannot be your attorney, so I cannot calculate the interest due on any loan or give you specific advise on how to fill out your form. But I want to make sure you understand that personal loans between individuals who are not in the business of making loans, is not limited to 8%. The usury laws don't apply to that situation, and the level of interest depends on the amount loaned. Also, an IOU would not normally be considered a "promissory note." Please read the attachments I provided for the specific details.
I am sorry for misstating what I sent. I mean the links I provided, which are within the text of the response.