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