Maryland Collection Agency Laws
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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
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