Maine Collection Laws

INTEREST RATE

• Legal: 8%
• Post Judgment: 15% annual (less than $30,000) T-Bill rate over $30,000

STATUTE OF LIMITATIONS (IN YEARS)

• Open Acct.: 6
• Written Contract: 6 + 20 (with attestment) Domestic Judgment: 20
• Foreign Judgment: 20

BAD CHECK LAWS (CIVIL PENALTY)
Amount due, court costs, service costs & collection costs

GENERAL GARNISHMENT EXEMPTIONS
You may garnish 25% of disposable income or 40 times the federal minimum wages per week (whichever is less) After judgment only.

COLLECTION AGENCY BOND & LICENSE

• Bond: $25,000 to $50,000
• License: Yes
• Fee: $400 Yearly
• Exemption for out-of-state collectors: Contact state authority. Licensing authority is allowing some exemptions to out-of-state agencies that collect for nonresident creditors and are not soliciting.

This site has taken this information from the website listed in this state. We will not be held liable for any errors or for not updating. Updates are done every 3 months.