Maine Commercial Credit & Collection Information
INTEREST RATE
STATUTE OF LIMITATIONS
(IN YEARS)
- Open Acct.: 6
- Written Contract: 6
+ 20 (with attestment) Domestic Judgment: 20
- Foreign Judgment: 20
BAD CHECK LAWS (CIVIL
PENALTY)
Amount due, court costs, service costs & collection costs,
plus 12% per annum
GENERAL GARNISHMENT
EXEMPTIONS
You may garnish 25% of disposable income or 40 times the federal minimum
wages per week (whichever is less) After judgment only.
COLLECTION AGENCY BOND
& LICENSE
-
Bond:
Determined by Administrator
- License: Yes
-
Fee: $400 biennially, $200 per branch
- Exemption for
out-of-state collectors: Contact state authority. Licensing authority
is allowing some exemptions to out-of-state agencies that collect for
nonresident creditors and are not soliciting.
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