January 12, 2007, Newsletter Issue #71: Massachusetts Collection Agency Laws

Tip of the Week

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

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
Fee: Determined by commissioner

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