Michigan Commercial Collection Agency
In Michigan and other U.S. states, officials are elected to manage the state’s finances, including annual revenues and other expenditures. Depending on its population’s performance, the Michigan budget can be complex and contain many different levels. If Michigan’s revenue and spending aren’t kept in stride with expenditures, officials might have to borrow money, raise taxes, and/or cut services in order to avoid high state debt and improve the credit rating. This page is dedicated to present Arizona’s budget data and debt collection laws.
According to BallotPedia.org, total government spending in Michigan increased 8.4% to $53.9 billion in 2015, from $49.3 billion in 2014, with per capita spending at almost $5,500. Michigan’s spending in 2015 included $31.2 billion in state funds and $22.6 billion in federal funds. State debt in 2012 had a growth to $142.6 billion and a per capita debt of $14,400. Since 2004, Michigan’s credit rating has slowly dropped its score: from an AA+ score in 2004, it fell to AA from 2005–2006, then to AA- from 2007–2014. (BallotPedia.org)
There are many factors of Michigan’s economy and budget performance. To maintain a strong economy, Michigan has implemented several tax and collection laws; such as legal/judgment interest rates, statute of limitations, bad check laws, and collection agency bond and licenses. Michigan has also instituted its own rules similar to the federal Fair Debt Collection Practices Act. The state has a licensing statute that requires the debt collector to be licensed to collect in Michigan and prohibits misleading or deceptive communications, misrepresentations, simulated legal processes, unlawful threats, and other harassing tactics to debtors (ProtectingConsumerRights.com). For more information on Michigan laws, see our summary below.
Check Laws by Cities in Michigan
SUMMARY OF MICHIGAN COLLECTION LAWS*
Legal: 5% – Judgment 6.953 changes semi-annually – Usury limit 25%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct: 6 – Written Contract 6 – Sales (UCC) Contract 4 – Domestic Judgment 10 renewable – Foreign Judgment 10
BAD CHECK LAWS (CIVIL PENALTY)
Twice the amount of check – not to exceed $500. Retail Claims – Notice Requirements.
GENERAL GARNISHMENT EXEMPTIONS
See federal law.
COLLECTION AGENCY BOND & LICENSE
Bond: $5,000 – $50,000 – License: Yes – Fee: $150 – Investigation $225 – Initial $125- Annually
* 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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