Maryland Collection Agency Laws

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