Massachusetts Collection Agency Laws

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