B2B Debt Collection Laws in Rockville MD
Located in the southeastern region of Maryland is Rockville, a city within 17 miles of Washington D.C. Rockville is the fourth largest city in Maryland and the county seat of Montgomery County. As of 2020, the city’s resident census was slightly more than 67,000.
Commercial Debt Collection Laws
In Rockville, businesses have to adhere to a variety of commercial debt collection laws. The legal interest rate for businesses is 6 percent, with a 10 percent interest rate for judgments or contracts. With regards to collection agency bonds and licenses, there is a $5,000 bond established for each agency office.
The statute of limitations in Rockville includes:
- Open Accounts: 3 years
- UCC: 4 years
- Specialty Accounts: 12 years (contract under seal)
- Written Contracts: 3 years
- Domestic Judgments: 12 years
- Foreign Judgments: 12 years
For more details on debt collection laws and commercial collection information in the state, visit the Maryland Commercial Debt Laws page.
History of Rockville
The Rockville city limits is one of the oldest inhabited areas in the United States, with semi-nomadic Native Americans living in the area as early at 8000 BC. Over the next millennium, the area was inhabited by the Senecas, Susquehannocks, and other agricultural communities, who were drawn to the area’s native sunflowers, marsh elder, and other flora.
By 1700, European colonists had pressured the original inhabitants to move away. In the 19th century, the region was officially incorporated into the United States as Rockville.
Rising Economy
In the 20th century, a railroad was opened to connect Rockville to Washington, D.C., which was operated for four decades and used for transport by the automobile industry. After an incline in residents, the city added a shopping center, hundreds of new homes, businesses, and restaurants.
The largest employers as of 2023 are:
- Montgomery County: 5,165 employees
- Montgomery County Public Schools: 2,500
- U.S. Nuclear Regulatory Commission: 2,391
- Montgomery College: 2,000
- Westat: 1,750
- Northwestern Mutual Life Insurance: 623
- Lockheed Martin Information Systems: 565
- City of Rockville: 501
- Choice Hotels: 500
- Quest Diagnostics: 500
Contact Prestige Services, Inc.
For the last 5 consecutive years, Prestige Services, Inc. has been ranked by Business.com and BusinessNewsDaily.com as the best Business-to-Business (B2B) Commercial Collection Agency! As one of the most highly-respected collection agencies, Prestige Services, Inc., is committed to providing comprehensive collection services to its clients.
Explore our Services page for details on what we offer, such as our professional skip-tracing, in-house attorney services, and more!
B2B Collection Laws In Other Related Cities
