Michigan Collection Agency Laws

Michigan Collection Agency Laws that regulate debt collection.

The Creditors Guide To Michigan Collection Laws

Following is a some important information on MichiganCollection Laws including: Michigan Statutes, Michigan Judgments, Michigan Garnishments, Michigan Interest Rates, Michigan Bad Check Laws and Michigan Collection Agency Requirements. Please be sure that you check the Michigan State website for the latest updates to the Michigan Collection Agency Laws.

INTEREST RATE

• Legal: 5%
• Judgment: 7.162 changes semiannually
• 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. Please be sure that you check the Michigan State website for the latest updates to the Michigan Collection Laws.

GENERAL GARNISHMENT EXEMPTIONS See federal law.

COLLECTION AGENCY BOND & LICENSE (RETAIL ONLY)

• Bond: $5,000 - $50,000
• License: Yes
• Fee:
  • $150 - Investigation
  • $225 - Initial
  • $125 - Annually
• Exemption for out-of-state collectors: Out-of-state collector are exempt if [1] collecting by interstate means; and [2] have no clients in the state of Michigan.

Recommended Michigan Collection Agency Listings:

MichiganCollection Agency
Debt-Collection-Laws.com offers you a directory of the top ranked debt collection agencies in the United States by state.

Please note this website site not intended to give legal advice and may not be complete or up to date with the most current Michigan collection laws changes.

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