Statute Of Limitations by State

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MAINE

INTEREST RATE

Legal: 8%

Post Judgment: 15% annual (less than $30,000) T-Bill rate over $30,000

STATUTE OF LIMITATIONS (IN YEARS)

Open Acct.: 6

Written Contract: 6 + 20 (with attestment) Domestic Judgment: 20

Foreign Judgment: 20

BAD CHECK LAWS (CIVIL PENALTY)
Amount due, court costs, service costs & collection costs

GENERAL GARNISHMENT EXEMPTIONS
You may garnish 25% of disposable income or 40 times the federal minimum wages per week (whichever is less) After judgment only.

COLLECTION AGENCY BOND & LICENSE

Bond: $25,000 to $50,000

License: Yes

Fee: $400 Yearly

Exemption for out-of-state collectors: Contact state authority. Licensing authority is allowing some exemptions to out-of-state agencies that collect for non-resident creditors and are not soliciting.

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MARYLAND

INTEREST RATE

Legal: 6%

Judgment: 10% or contractual

STATUTE OF LIMITATIONS (IN YEARS)

Open Acct.: 3

UCC: 4

Specialty: 12 (contract under seal)

Written Contract: 3

Domestic Judgment: 12

Foreign Judgment: 12

BAD CHECK LAWS (CIVIL PENALTY)
After 30 day written notice, amount due, $25 fee, twice check amount up to $1000. (At the discretion of the court.) Applies to COD sales only.

GENERAL GARNISHMENT EXEMPTIONS
Greater of 75% or amount = to $145 x no. of wks. in which wages due were earned; except in Caroline, Worchester, Kent & Queen Anne's Counties, see federal law. Exemption is up to $3,000 in cash and/or property for non-wage property exemption.

COLLECTION AGENCY BOND & LICENSE

Bond: $5000

License: Yes

Fee: $200 each office

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MASSACHUSETTS

INTEREST RATE

Legal: 6%

Judgment: 12%

Contract: 12%

STATUTE OF LIMITATIONS (IN YEARS)

Open Acct. on Contract: 6

Contract: 6

Sales (UCC) Contract: 4

Domestic Judgment: 20 (presumed satisfied after 20 years)

Foreign Judgment: 20

Contracts Under Seal: 20

BAD CHECK LAWS (CIVIL PENALTY)

Amount due, costs of suit, protest fees

Additional damages $100 - $500 can be assessed.

GENERAL GARNISHMENT EXEMPTIONS $125 week

COLLECTION AGENCY BOND & LICENSE

Bond: $10,000 - $25,000

License: Yes

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MICHIGAN

INTEREST RATE

Legal: 5%

Judgment: 7.162 changes semi-annually

Usury limit 25%

STATUTE OF LIMITATIONS (IN YEARS)

Open Acct.: 6

Written Contract: 6

Sales (UCC) Contract: 4

Domestic Judgment: 10 renewable

Foreign Judgment: 10

BAD CHECK LAWS (CIVIL PENALTY)

Twice the amount of check-not to exceed $500.

Retail Claims - Notice Requirements.

GENERAL GARNISHMENT EXEMPTIONS See federal law.

COLLECTION AGENCY BOND & LICENSE (RETAIL ONLY)

Bond: $5,000 - $50,000

License: Yes


Exemption for out-of-state collectors: Out-of-state collector are exempt if [1] collecting by interstate means; and [2] have no clients in the state of Michigan.

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MINNESOTA

INTEREST RATE

Legal: 6%

Judgment: 5% (Changes Yearly)

Business or Agricultural Loan: 4.5% over federal discount rate

STATUTE OF LIMITATIONS (IN YEARS)

Goods Sold & Delivered (UCC): 4

Open Acct.: 6

Written Contract: 6

Transportation Service: 3

Domestic Judgment: 10

Foreign Judgment: 10

BAD CHECK LAWS (CIVIL PENALTY)
$100 or up to 100% of the value of the check, whichever is greater, plus interest at the rate payable on judgments on the face amount of check, plus reasonable attorney fees if aggregate amount of checks within 6 month period is over $1250.

GENERAL GARNISHMENT EXEMPTIONS
Greater of 75% or amount = to 40 x fed. min. hourly wage

COLLECTION AGENCY BOND & LICENSE

Bond: $5,000 to $20,000

License: Yes

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MISSISSIPPI

INTEREST RATE

Legal: 8%

Judgment: amount in contract if no contract amount court decides

STATUTE OF LIMITATIONS (IN YEARS)

Open Acct.: 3

Written Contract: 3

UCC: 6

Domestic Judgment: 7

Foreign Judgment: 7 (3 if resident)

BAD CHECK LAWS (CIVIL PENALTY)
On checks up to and including $25.00, additional damages would be 100% of check amount. On checks from $25.01 to $200.00, additional damages would be 50% of check amount but not less than $25.00. On checks over $200.00 additional damages would be 25% of check amount.

GENERAL GARNISHMENT EXEMPTIONS
See federal law.

COLLECTION AGENCY BOND & LICENSE

Bond: No

License: City-Business

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MISSOURI

INTEREST RATE

Legal: 9%

Judgment: 9%

STATUTE OF LIMITATIONS (IN YEARS)

Sale of Goods: 4

Open Acct.: 5

Written Contract: 10

Money & Property:

Domestic Judgment: 10 (Revived every 3 years)

Foreign Judgment: 10 (Revived every 3 years)

BAD CHECK LAWS (CIVIL PENALTY)
Three times face amount owed or $100 whichever is greater not to exceed $500 (exclusive of attorney fees)

GENERAL GARNISHMENT EXEMPTIONS
See federal law; exempt 90% of week's net pay, head of household, single person w/o depend. = 75%

COLLECTION AGENCY BOND & LICENSE

Bond: No

License: No

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MONTANA

INTEREST RATE

Legal: 10%

Judgment: 10%

A binding written agreement may provide for interest of 15% or 6% above prime

STATUTE OF LIMITATIONS (IN YEARS)

Open Acct.: 5

Written Contract: 8

Domestic Judgment: 6 (over $5000) Renewable

Foreign Judgment: 6 Renewable

BAD CHECK LAWS (CIVIL PENALTY)
$100 minimum or 3 times face value up to $500

GENERAL GARNISHMENT EXEMPTIONS
See federal law.

COLLECTION AGENCY BOND & LICENSE

Bond: No

License: No

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NEBRASKA

INTEREST RATE

Legal: 12% per written instrument or contract rate

Judgment: 1% above bond equivalent yield as published by U.S. Treasury

STATUTE OF LIMITATIONS (IN YEARS)

Open Acct.: 4

Written Contract: 5

Domestic Judgment: 5 renewable every 5

Foreign Judgment: 5 non-renewable

BAD CHECK LAWS (CIVIL PENALTY)
Amount due, costs, protest fees

GENERAL GARNISHMENT EXEMPTIONS
Greater of 75% disposable earnings (85% if head of household), or 30 x fed. minimum hourly wage.

COLLECTION AGENCY BOND & LICENSE

Bond: Based on Lic. Solic. Less Than 5 = 5,000, 5-15=$10,000, 16-Up=$15,000

License: Yes


Exemption for out-of-state collectors: Out-of-state collectors are exempt if [1] communicating by interstate means (phone, fax, mail); and [2] are "regulated" by the laws of another state.

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NEVADA

INTEREST RATE

Legal: 2% Over Prime

Judgment: 2% Over Prime

STATUTE OF LIMITATIONS (IN YEARS)

Open Acct.: 4

Written Contract: 6

Lease: 4

Domestic Judgment: 6

Foreign Judgment: 6

BAD CHECK LAWS (CIVIL PENALTY)
Amount due, protest fees three times check amount not more than $500, or less than $100

GENERAL GARNISHMENT EXEMPTIONS
Garnish only. 25% of Disposable earnings for each week or 30 times federal minimum hourly wage (whichever is less)

COLLECTION AGENCY BOND & LICENSE

Bond: $25,000 to $50,000

License: Yes

Exemption for out-of-state collectors: Out-of-state collectors are exempt if [1] collecting by interstate means (phone, fax, mail); and [2] collecting for an out-of-state client.