December 18, 2009, Newsletter Issue #140: Maryland Collection Agency Laws

Tip of the Week

Want to learn more about state by state debt recovery? What about debt recovery in Maryland?Following is some important information on Maryland debt recovery laws including: Maryland Statutes, Maryland Judgments, Maryland Garnishments, Maryland Interest Rates, Maryland Bad Check Laws and Maryland Collection Agency Requirements.

INTEREST RATE
Legal: 6%
Judgment: 10% or contractual

STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
UCC: 4
Specialty: 12 (contract under seal)
Written Contract: 3
Domestic Judgment: 12
Foreign Judgment: 12

BAD CHECK LAWS (CIVIL PENALTY)
After 30 day written notice, amount due, $25 fee, twice check amount up to $1000. (At the discretion of the court.) Applies to COD sales only.

GENERAL GARNISHMENT EXEMPTIONS
Greater of 75% or amount = to $145 x no. of wks. in which wages due were earned; except in Caroline, Worchester, Kent & Queen Anne´s Counties, see federal law. Exemption is up to $3,000 in cash and/or property for non-wage property exemption.

COLLECTION AGENCY BOND & LICENSE
Bond: $5000
License: Yes
Fee: $200 each office

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