Minnesota Collection Agencies
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One way to recover more from your delinquent accounts is to hire Minnesota collection agencies. Minnesota collection agencies can locate debtors and collect the money owed to your business, practice or facility. If used early, Minnesota collection agencies can often recover a meaningful portion of your unpaid accounts.
In addition to increasing your chances of actually getting paid, using a Minnesota 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 Minnesota collection agency can be more effective in recovering delinquent accounts than you can, after more than 60-90 days have passed.
Although most Minnesota 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 Minnesota collection agency services that charge a low flat fee instead of a higher percentage. Collection coverage in these: Apple Valley, Blaine, Bloomington, Brooklyn Park, Burnsville, Coon Rapids, Duluth, Eagan, Eden Prairie, Edina, Lakeville, Maple Grove, Maplewood, Minneapolis, Minnetonka, Plymouth, Richfield, Rochester, St. Cloud, St. Paul and other Minnesota cities.
Minnesota Collection Laws
The following is a summary of the Minnesota 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 Minnesota Collection Laws page, and we assume no liability for its use.
- Minnesota Collection Laws Interest Rate
Legal: 6%
Judgment: 5% (Changes Yearly)
Business or Agricultural Loan: 4.5% over federal discount rate
- Minnesota Collection Laws Statute Of Limitations (Years)
Goods Sold & Delivered (UCC): 4
Open account: 6
Written Contract: 6
Transportation Service: 3
Domestic Judgment: 10
Foreign Judgment: 10
- Minnesota Collection Laws Bad Check Laws (NSF) (Civil Penalty)
$100 or up to 100% of the value of the check, whichever is greater, plus interest at the rate payable on judgments on the face amount of check, plus reasonable attorney fees if aggregate amount of checks within 6 month period is over $1250. - Minnesota Collection Laws General Garnishment Exemptions
Greater of 75% or amount = to 40 x Federal minimum hourly wage - Minnesota Collection Laws Collection Agency Bond & Licensing Rules
Bond: $5,000 to $20,000
License: Yes
Fee:
$1,000 - Initial
$400 - Annual
$10 - Per Collector
We hope that this information on Minnesota Collection Agencies assists you in finding a Minnesota collection agency and researching Minnesota collection laws.
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