What is the maximum interest rate paid on a promissory note?
MultiRegion, United States of America
The following excerpt is from S. Inyo Healthcare Dist. v. Optum Bank, Inc. (In re S. Inyo Healthcare Dist.), 612 B.R. 750 (Bankr. E.D. Cal. 2020):
Section 32130.2(c) limits the maximum annual interest rate paid on a promissory note; the interest rate "shall at no time exceed the amount authorized under Section 53531 of the Government Code." Section 53531 limits the interest rate to 12% per annum. Burks v. Monterey Regional Water Pollution Control Agency , 156 Cal.App.3d 1013, 1016, 203 Cal.Rptr. 368 (1984) (describing the rate in 53531 as a "ceiling").
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