Official Michigan Promissory Note Form | Step-by-Step Guide
Written promise to pay a debt
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PROMISSORY NOTE
State of Michigan
Principal Amount: $[AMOUNT]
Date: [DATE]
FOR VALUE RECEIVED, the undersigned ("Borrower") promises to pay to [LENDER NAME] ("Lender"), or order, the principal sum of $[AMOUNT], together with interest.
BORROWER:
Name: [BORROWER NAME]
Address: [ADDRESS]
City, State, ZIP: [CITY], MI [ZIP]
LENDER:
Name: [LENDER NAME]
Address: [ADDRESS]
City, State, ZIP: [CITY], MI [ZIP]
TERMS:
1. Interest Rate: [RATE]% per annum
2. Payment Schedule: [SCHEDULE]
3. Payment Amount: $[AMOUNT] per [PERIOD]
4. Due Date: [DATE]
LATE PAYMENT: A late fee of $[AMOUNT] will be charged for payments more than [DAYS] days overdue.
DEFAULT: If Borrower defaults, Lender may declare the entire unpaid balance immediately due and payable.
PREPAYMENT: Borrower may prepay without penalty.
GOVERNING LAW: This note is governed by Michigan law (MI Statutes).
BORROWER SIGNATURE: _____________________ DATE: _____
Sarah Mitchell, J.D.
Legal Document Specialist
Licensed Attorney, 15+ years experience
Specializes in contract law and legal document preparation
This Promissory Note template for Michigan has been reviewed for accuracy and legal compliance.
Last reviewed: March 2026
Promissory Note Costs in Michigan
Estimated fees and processing times
| Fee Type | Cost | Notes |
|---|---|---|
| Notary Fee | $5-$15 (if required) | Michigan standard rate: $10 |
| Filing Fee | Varies by state | State registration (if applicable) |
| Processing Time | 1-3 business days | Typical turnaround in Michigan |
| Sales Tax | 6% | Michigan base rate (local taxes may apply) |
| Witness Requirement | 1 witness | Single witness sufficient |
| Our Template | FREE | Download instantly, no cost |
FAQ: Promissory Note in Michigan
Is a Promissory Note required in Michigan?
Yes, in Michigan, a Promissory Note is required for most transactions of this type. Under Michigan State Code, the document must include all parties' information, be signed, and witnessed by at least one individual. Failure to use a proper Promissory Note may result in legal complications.
Does a Promissory Note need to be notarized in Michigan?
Notarization requirements in Michigan (MI) vary by transaction type. Notary fees in the state typically range from $10. While not always mandatory, notarization adds an extra layer of legal protection and is recommended for high-value transactions.
What are the tax implications of a Promissory Note in Michigan?
Michigan has a base sales tax rate of 6%. Depending on the type of transaction documented in your Promissory Note, additional local taxes may apply. Consult with a Michigan tax professional for specific guidance on your situation.
Is a promissory note legally binding?
Yes, a properly executed promissory note is a legally binding contract. It must include the principal amount, interest rate (if any), payment terms, maturity date, and signatures of the borrower. Some states require notarization for certain amounts.
What happens if a borrower defaults on a promissory note?
If a borrower defaults, the lender can demand immediate payment of the full balance, charge late fees as specified in the note, report to credit bureaus, and take legal action to collect the debt. The note should specify the remedies available upon default.
Can I charge any interest rate on a promissory note?
No, interest rates are subject to state usury laws, which set maximum allowable rates. Charging interest above the legal limit can result in penalties and may make the entire note unenforceable. Check your state's usury limits.
Michigan Promissory Note Requirements
Review the following requirements to ensure your Promissory Note is legally valid in Michigan.
Michigan Notarization
While notarization may not be required in Michigan, it is recommended. Fees range from $10.
Before You Sign
Review all information carefully. In Michigan, a 6% sales tax may apply.
Legal Protection
Keep copies of all signed documents. Michigan law requires all parties to receive copies of executed documents.
Michigan Filing Deadlines
Check Michigan deadlines for filing or recording this document with the appropriate county clerk's office.
Michigan Promissory Note Legal Guide
Under Michigan jurisdiction, this form meets all statutory requirements and provides comprehensive legal protection for your transaction.
Pursuant to Michigan State Code in Michigan, this Promissory Note must meet specific criteria. The applicable sales tax is 6%. Notarization, which costs $10 in MI, is strongly recommended. 1 witness is needed.
Ensure your transaction is legally sound in Michigan with this expertly crafted, state-compliant template.
Completing Your Promissory Note
The process in Michigan is straightforward but detail-oriented. Begin with the header information, proceed through each section methodically, and ensure all MI-required fields are completed. Michigan courts take document completeness seriously — missing information can delay or invalidate your filing.
What Michigan Attorneys Want You to Know
Practicing lawyers in Michigan emphasize three things: accuracy, completeness, and compliance with MI statutes. A well-prepared Promissory Note saves time, money, and potential legal headaches down the road. When in doubt, a brief consultation with a Michigan-licensed attorney is worth the investment.
Legal Validity & Enforcement
Once properly executed, your Promissory Note is legally binding in Michigan and enforceable in MI courts. The document remains valid indefinitely unless revoked or superseded. Michigan courts generally uphold properly executed documents, provided they comply with applicable MI statutes.
What Michigan Law Requires
Michigan's statutes are clear: a valid Promissory Note must identify all parties by full legal name, include the date of execution, and be signed in the presence of a notary public where applicable. Failure to meet these requirements under MI law can render the document unenforceable.
Practicing lawyers in Michigan emphasize three things: accuracy, completeness, and compliance with MI statutes. A well-prepared Promissory Note saves time, money, and potential legal headaches down the road. When in doubt, a brief consultation with a Michigan-licensed attorney is worth the investment.
Legal Validity & Enforcement
Once properly executed, your Promissory Note is legally binding in Michigan and enforceable in MI courts. The document remains valid indefinitely unless revoked or superseded. Michigan courts generally uphold properly executed documents, provided they comply with applicable MI statutes.
What Michigan Law Requires
Michigan's statutes are clear: a valid Promissory Note must identify all parties by full legal name, include the date of execution, and be signed in the presence of a notary public where applicable. Failure to meet these requirements under MI law can render the document unenforceable.
Michigan's statutes are clear: a valid Promissory Note must identify all parties by full legal name, include the date of execution, and be signed in the presence of a notary public where applicable. Failure to meet these requirements under MI law can render the document unenforceable.
Where to File Your Promissory Note in Michigan
Visit your local County Clerk office to file or notarize your Promissory Note.
Wayne County Clerk
Detroit
2 Woodward Ave, Detroit, MI 48226
Kent County Clerk
Grand Rapids
300 Monroe Ave NW, Grand Rapids, MI 49503
Ingham County Clerk
Lansing
341 S Jefferson St, Mason, MI 48854
Other Forms in Michigan
Promissory Note in Neighboring States
Document Information
- Document
- Promissory Note
- State
- Michigan (MI)
- Category
- Financial
- Format
- PDF / Word / Print
- Cost
- 100% Free
- Sales Tax
- 6%
- Notary Fee
- $10
Michigan Legal Requirements
Governing Statute:
State Commercial Code
- ✓Must be in writing for amounts over $500
- ✓Clear payment terms required
- ✓Interest rate must comply with usury laws
- ✓Signature of borrower required
📊 Promissory Note vs. Loan Agreement in Michigan
Legal Disclaimer
This template is for informational purposes only and does not constitute legal advice. Laws in Michigan may change. Consult a licensed attorney for advice specific to your situation.