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