Minnesota Collection Laws
Many states impose responsibilities, liabilities and penalties upon companies for activities of Minnesota debt collectors engaged by them in the collection of debts. You need to know the Minnesota collection laws and state debt collections law.
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You can be held accountable for what your Minnesota collection attorney does or
doesn't do. You must know the Minnesota 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 Minnesota collections laws listed below
and make sure your Minnesota 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: Minnesota Statute of Limitations, Minnesota Judgments, Minnesota Garnishments,
Minnesota Interest Rates, Minnesota Bad Check Laws and Minnesota Collection Agency
Requirements.
Minnesota Statute Chapter 332, Section 37 (332.37)
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
Fee:
$1,000 - Initial
$400 - Annual
$10 - Per Collector.
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