Maine Commercial Collection Agency
Do you live in or around Maine? Do you have a curiosity about its economy and debt collection laws? This page provides a history of Maine’s economy data and a summary of collection laws, including: bad check laws, statute of limitations in years, general garnishment exemptions, legal and post-judgment interest rate amounts, and state spending/debt data.
Maine is one of the few U.S. states that has had a decrease in spending in the past few years. Spending dropped from $8 billion in 2014 to $7.6 billion in 2015 (5.4% decrease), with a per capita spending average of $5,725. State funds were $5.1 billion and federal funds were $2.4 billion of the 2015 amount. Despite the low Maine spending, state and per capita debt (at least for 2012) was significantly higher: state debt was $16.7 billion and per capita debt was more than $12,000. With the high debt-to-spending ration, Maine’s credit rating has improved from an AA- rating in 2005–2006 to AA from 2007–2014. (BallotPedia.org)
Regarding commercial collection laws, Maine has a variety of different laws that differ from surrounding states. For example, the liquidation of a business shall be made by and under the supervision of the superintendent. The superintendent (or “Superintendent of Consumer Credit Protection”) may sell, assign, convey/transfer, or approve the sale only if it is the purpose of debt collection or liquidation (Maine.gov). The superintendent also has the power to choose which is best for the best interests of the suitors of the debt collector. For more information on Maine debt collection laws, view our summary of the information below!
SUMMARY OF 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 judgement only.
COLLECTION AGENCY BOND & LICENSE
Bond: Yes- Per Superintendent – License: Yes – Fee: $400 Yearly
* 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.
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