Maine Collection Laws
Many states impose responsibilities, liabilities and penalties upon companies for activities of Maine debt collectors engaged by them in the collection of debts. You need to know the Maine collection laws and state debt collections law.
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You can be held accountable for what your Maine collection attorney does or
doesn't do. You must know the Maine collection laws, and the information here
can reduce your liability by giving you the state debt collections law
information for making informed decisions. Please study the Maine collections laws listed below
and make sure your Maine collection lawyer abides by them to the letter.
Debt collections law vary, and knowing the right collection
law for your state and your debtor's state is essential. Here you can read up
on: Maine Statute of Limitations, Maine Judgments, Maine Garnishments,
Maine Interest Rates, Maine Bad Check Laws and Maine Collection Agency
Requirements.
Maine Revised Statute, Title 32, Chapter 109-A
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
nonresident creditors and are not soliciting.
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a FREE Maine Collection Attorney quote now.