Maryland Commercial Collection Agency
In recent years, Maryland has become one of the 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)
Check Laws by Cities in Maryland
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.
