Minnesota Commercial Collection Agency
Are you a resident or corporate employee in Minnesota? If so we hope you will find the following state statistics and summary of collection laws very informative in your Minnesota endeavors. Minnesota is home to several different laws include state corporate laws, deceptive trade practices, consumer laws, and other debt collection rules. This page is meant to provide you with a Minnesota economic/budget history, legal and judgment interest rates, civil penalty amounts, statute of limitations, general garnishment exemptions, and different collection agency bond and license data. Minnesota’s economic statistics are important in learning how their collection and related laws are maintained and modified over the years, from their spending history to their debt and credit ratings. With more than 5.4 billion people living in Minnesota, per capita spending was $6,414 in 2015 and per capita debt was almost $16,000 in 2012. Compared to the median household income almost $60,000 in 2013, Minnesota’s resident population has contributed to state spending of more than $35.2 billion and a state debt of at least $80 billion. Through the years, Minnesota has maintained a great credit rating, with an AA+ rating from 2012–2014 and AAA rating from 2004–2011). (BallotPedia.org) According to Fair-Debt-Collection.com, Minnesota’s Fair Debt Collection Practices Act (MFDCPA) is very similar to the federal Fair Debt Collection Practices Act. Some differences between the two include different required licensing rules, investigation methods into faulty debt collectors, and exemptions from licensure. Regarding licensure exemptions, some out-of-state collection agencies aren’t required to complete Minnesota collector registrations if they’ve already obtained a certificate of exemption under subdivision 2 (Fair-Debt-Collection.com). For more information about Minnesota’s debt collection laws, please see the summary below. Check Laws by Cities in MinnesotaSUMMARY OF MINNESOTA COLLECTION LAWS*
INTEREST RATE Legal: 6% – Judgment 5% (Changes Yearly) Business or Agricultural Loan: 4½% over federal discount rate STATUTE OF LIMITATIONS (IN YEARS) Goods Sold & Delivered (UCC): 4 – Open Acct: 6 – Written Contract 6 – Transportation Service: 3 – Domestic Judgment 10 – Foreign Judgment 10 BAD CHECK LAWS (CIVIL PENALTY) Amount due, $100 penalty, judgment interest rate, reasonable attorneys fees (if check over $1250), $15 service charge. GENERAL GARNISHMENT EXEMPTIONS Greater of 75% or amount to 40 x fed. mm. hourly wage. COLLECTION AGENCY BOND & LICENSE Bond: $20,000 – License: Yes – Fee: $1,000 – Initial $400 – Annual $10 – Per Collector * 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.
