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Maryland Commercial Collection Agency

In recent years, Maryland has become one of best U.S. states to live in, due to its high statewide median household income, low state unemployment rate, high bachelor’s degree attainment rate, and more. This page is meant to help Maryland residents, tourists, and other people learn the different aspects of the state debt collection laws and economy history.

First, let’s provide some of Maryland’s great economy aspects: of the more than 6 million residents in 2015, statewide spending totaled more than $40 billion. This number was an 8.5% increase from the 2014 spending of $36.9 billion, with per capita spending at $6,700. State funds provided $28.2 billion of the overall state spending, while federal funds accounted for more than $12 billion. The median household income was almost $70,000 in 2013 and the unemployment was at a low of 6.5% in the same year. Regarding state debt (2012), Maryland carried more than $94 billion and per capita debt was at least $16,000. To add to Maryland’s impressive economy history, its credit rating has been a consistent AAA from 2004–2014. (BallotPedia.org)

Maryland’s Fair Debt Collection Act (MFDCA) is similar to the federal Fair Debt Collection Practices Act (FDPA), which prohibits debt collectors from participating in deceptive or abusive collection practices. Separate from the FDPA, Maryland has passed laws that offer additional protection to consumers, such as including creditors as people who can’t harass debtors with bill payments. There also is a Maryland Consumer Debt Collection Act, which covers individuals, estates, and other business/legal companies in the business of debt collection and prevents them from participating in harassing attempts of debt collection. (Nolo.com)

SUMMARY OF MARYLAND COLLECTION LAWS*

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% of 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.

COLLECTION AGENCY BOND & LICENSE
Bond: $5,000 each office – License: Yes – Fee: $150 each office

* These are not comprehensive statutes and therefore PSICollect.com and Prestige Services, Inc. disclaims any liability resulting from reliance by any party upon the legality and accuracy of the contents thereof.

Below is a list of the states in the US that we cover.
We are a nationwide operation and service all states, as well as Canada & Mexico.

Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Washington
West Virginia
Wisconsin
Wyoming
Puerto Rico

We are an international collection agency and service the entire U.S. as well as foreign countries. In addition, we represent clients from any country outside the U.S. Let us know how we can help you today! Contact us here »

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