Promissory Note Interest Rates

Summary

Having two different interest rates on a promissory note can lead to legal issues if the terms are ambiguous. The Truth in Lending Act requires clear disclosure of terms. If the interest rates are not clearly defined, it may be beneficial to have a lawyer review the document to ensure clarity and compliance.

Full Conversation

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It's important that the terms of your promissory note are clear. If the two interest rates are causing confusion, it might be worth consulting a lawyer to review the document for clarity and to ensure compliance with the Truth in Lending Act. Have you noticed any specific terms related to when each rate applies?
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It sounds like there might be some ambiguity in your promissory note. Since you're dealing with different interest rates without clear terms, it would be wise to have a lawyer review the document. They can provide guidance on the legality and compliance with the Truth in Lending Act. If you need help finding a local lawyer, let me know!