December 29, 2006, Newsletter Issue #69: Minnesota Collection Agency Laws

Tip of the Week

Following is some important information on Minnesota debt recovery laws including: Minnesota Statutes, Minnesota Judgments, Minnesota Garnishments, Minnesota Interest Rates, Minnesota Bad Check Laws and Minnesota Collection Agency Requirements.

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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