Maryland Commercial Credit & Collection Information
INTEREST RATE
-
Legal: 6%
(See MD Statute Commercial Law 12-102)
-
Judgment: 10% or
contractual (See MD Statutes Courts and Judicial Proceedings
11-106, 11-107)
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)
Amt owed plus twice check amount up
to $1000. (At the discretion of the court.) (see
MD Statute 15-802, et al.)
GENERAL GARNISHMENT
EXEMPTIONS
Greater of 75% or 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 for
non-wage property exemption.
COLLECTION AGENCY BOND
& LICENSE
- Bond: $5000 (see
MD Statute 7-304)
- License: Yes
- Fee: $400 each
office every two year
(see
MD Statute 7-301) s
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