Michigan Collection Agency Laws
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Michigan Collection Agency Laws
Following is some important information on Michigan debt recovery laws including: Michigan Statutes, Michigan Judgments, Michigan Garnishments, Michigan Interest Rates, Michigan Bad Check Laws and Michigan Collection Agency Requirements.
INTEREST RATE
Legal: 5%
Judgment: 7.162 changes semiannually
Usury limit 25%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 6
Written Contract: 6
Sales (UCC) Contract: 4
Domestic Judgment: 10 renewable
Foreign Judgment: 10
BAD CHECK LAWS (CIVIL PENALTY)
Twice the amount of check-not to exceed $500.
Retail Claims - Notice Requirements.
GENERAL GARNISHMENT EXEMPTIONS See federal law.
COLLECTION AGENCY BOND & LICENSE (RETAIL ONLY)
Bond: $5,000 - $50,000
License: Yes
Fee:
$150 - Investigation
$225 - Initial
$125 - Annually
Exemption for out-of-state collectors: Out-of-state collector are exempt if [1] collecting by interstate means; and [2] have no clients in the state of Michigan.
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