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Massachusetts Commercial Collection Agency

For residents of Massachusetts, statutes of limitations and other debt collection laws are maintained to protect debtors and to ensure the debt collection process is safe and lawful. At Prestige Services, Inc., our goal is to provide a variety of Massachusetts’s collection laws and economy statistics. These statistics include statute of limitations, interest rates, collection agency bond/license data, and state debt, and spending factors.

Spending in Massachusetts increased slightly between 2015 and 2014, from $53.7 billion to $55 billion (state funds of $45.5 billion, federal funds of $9.4 billion). With a population of almost 6.8 million, the median household income has been around $64,000 and per capita spending has averaged $8,000. Massachusetts’s debt (2012) was a staggering $129.5 billion for the state and almost $20,000 for per capita debt. While its numbers have fluctuated for spending and debt, its credit rating has steadily improved since its AA- score in 2004: it moved to AA from 2005–2010 to AA+ from 2012–2014. (BallotPedia.org)

Massachusetts’s commercial debt collection laws have some similar aspects to the federal consumer-driven Fair Debt Collection Practices Act (FDPA). A creditor of Massachusetts can choose three or more locations when deciding to bring suit in a business-to-business transaction (Collections-Law.com). The state also has Forum Selection Clauses, which allow the creditor to take a claim/dispute to court where they are located, instead of traveling to a debtor’s location. As a business owner, it’s important to stay updated on Massachusetts’s commercial laws and data to protect yourself and your business.

SUMMARY OF MASSACHUSETTS COLLECTION LAWS*

INTEREST RATE
Legal: 6% – Judgment 12% – Contract 12%

STATUTE OF LIMITATIONS (IN YEARS)
Open Acct on Contract 6 – Contract 6 – Sales (UCC) Contract 4 – Domestic Judgment 20 (presumed satisfied after 20 years) – Foreign Judgment 20 – Contract Under Seal: 20

BAD CHECK LAWS (CIVIL PENALTY)
Amount due, costs of suit, protest fees Additional damages $100 – $500 can be assessed.

GENERAL GARNISHMENT EXEMPTIONS
$125 a week

COLLECTION AGENCY BOND & LICENSE
Bond: $10,000 -$25,000 – License: Yes – Fee: Determined by commissioner

* 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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