Minnesota Collection Agency Laws

Minnesota Collection Agency Laws that regulate debt collection.

The Creditors Guide To Minnesota Collection Laws

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

INTEREST RATE

• Legal: 6%
• Judgment: 5% (Changes Yearly)
• Business or Agricultural Loan: 4.5% 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)
$100 or up to 100% of the value of the check, whichever is greater, plusinterest at the rate payable on judgments on the face amount of check, plusreasonable attorney fees if aggregate amount of checks within 6 month period isover $1250.

GENERAL GARNISHMENT EXEMPTIONS
Greater of 75% or amount = to 40 x fed. min. hourly wage

COLLECTION AGENCY BOND & LICENSE

• Bond: $5,000 to $20,000
• License: Yes
• Fee:
  • $1,000 - Initial
  • $400 - Annual
  • $10 - Per Collector

Recommended Minnesota Collection Agency Listings:

MinnesotaCollection 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 Minnesota collection laws changes.

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