Successfully collecting on your delinquent accounts is easiest when you work with a collection agency that’s familiar with the ins and outs of Minnesota collection law. A Minnesota collection agency can dramatically improve your chances of a successful debt recovery.
Time is of the essence when it comes to Minnesota collections. For the best chances of a successful recovery, it’s important to contact a qualified debt collection agency at the first sign of trouble.
Granted, professional debt collection may seem expensive, but when you consider the value of the time you’ll spend pursuing an unpaid account yourself, working with a collection agency usually makes financial sense for Minnesota businesses. Whether you’re based in Minneapolis, Saint Paul, Rochester, Duluth, Bloomington, Plymouth, Brooklyn Park, Eagan, Eden Prarie, or Coon Rapids, getting started — and started soon — with a Minnesota debt collection agency is a smart business move.
Minnesota Collection Laws Interest Rate
|Business or Agricultural:||4.5%|
Minnesota Collection Laws Statute Of Limitations
|Open Account:||6 years|
|Written Contract:||6 years|
|Sales (UCC):||4 years|
|Domestic Judgment:||10 years|
|Foreign Judgment:||10 years|
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|
|Fee:||$1,000 Initial, $400 Annually|
If you’re looking for a collection agency that knows Minnesota, contact Summit AR today for fast, friendly, and effective results.
Disclaimer: While we strive to keep our state resource data accurate and up-to-date, the information contained on this page is provided without any warranty (expressed or implied), and should not be considered legal advice. We assume no liability for its use.
For collection law related questions, we always recommend speaking with our attorney and friend John Rossman http://www.lawmoss.com/john-rossman/
Convert more aged receivables into bottom-line revenue.
Our experienced collections specialists provide the best of both worlds: collection rates up to double the industry average, but with a delicate touch to protect your company’s relationships and good name. Schedule a free no-obligation consultation and learn how Summit A•R can put your balance sheets back in the black.