Minnesota Collection Laws

INTEREST RATE

• Legal: 6%
• Judgment: 5% (Changes Yearly)
• Business or Agricultural Loan: 4.5% over federal discount rate

STATUTE OF LIMITATIONS (IN YEARS)

• Goods Sold & Delivered (UCC): 4
• Open Acct.: 6
• Written Contract: 6
• Transportation Service: 3
• Domestic Judgment: 10
• Foreign Judgment: 10

BAD CHECK LAWS (CIVIL PENALTY)
$100 or up to 100% of the value of the check, whichever is greater, plus interest at the rate payable on judgments on the face amount of check, plus reasonable attorney fees if aggregate amount of checks within 6 month period is over $1250.

GENERAL GARNISHMENT EXEMPTIONS
Greater of 75% or amount = to 40 x fed. min. hourly wage

COLLECTION AGENCY BOND & LICENSE

• Bond: $5,000 to $20,000
• License: Yes
• Fee:
  • $1,000 - Initial
  • $400 - Annual
  • $10 - Per Collector

   

   

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.