Michigan Collection Agencies
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One way to recover more from your delinquent accounts is to hire Michigan collection agencies. Michigan collection agencies can locate debtors and collect the money owed to your business, practice or facility. If used early, Michigan collection agencies can often recover a meaningful portion of your unpaid accounts.
In addition to increasing your chances of actually getting paid, using a Michigan collection agency can save you a lot time and money � two of your most valuable resources. With their custom-designed debt collection systems, computers and software, a Michigan collection agency can be more effective in recovering delinquent accounts than you can, after more than 60-90 days have passed.
Although most Michigan collection agencies can charge between 30 to 50 percent of what they recover, you still end up with more than you probably could have collected on your own. There are also Michigan collection agency services that charge a low flat fee instead of a higher percentage. Collection coverage in these: Ann Arbor, Canton, Clinton, Dearborn, Detroit, Flint, Grand Rapids, Kalamazoo, Lansing, Livonia, Pontiac, Rochester Hills, Shelby, Southfield, Sterling Heights, Taylor, Troy, Warren, West Bloomfield, Westland and other Michigan cities.
Michigan Collection Laws
The following is a summary of the Michigan Collection Laws. The information here may not be 100% accurate and should not to be construed as legal advise. We make no warranty, express or implied concerning any information contained on this Michigan Collection Laws page, and we assume no liability for its use.
- Michigan Collection Laws Interest Rate
Legal: 5%
Judgment: 7.162 changes semiannually
Usury limit 25% - Michigan Collection Laws Statute Of Limitations (Years)
Open account: 6
Written Contract: 6
Sales (UCC) Contract: 4
Domestic Judgment: 10 renewable
Foreign Judgment: 10
- Michigan Collection Laws Bad Check Laws (NSF) (Civil Penalty)
Twice the amount of check-not to exceed $500.
Retail Claims - Notice Requirements.
- Michigan Collection Laws General Garnishment Exemptions
See federal law - Michigan Collection Laws Collection Agency Bond & Licensing Rules
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.
We hope that this information on Michigan Collection Agencies assists you in finding a Michigan collection agency and researching Michigan collection laws.
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