Credit Collection Information by State
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Michigan Commercial Credit & Collection Information
INTEREST RATE
STATUTE OF
LIMITATIONS (IN YEARS)
- Open Acct.: 6
- Written
Contract: 6
- Sales (UCC)
Contract: 4
- Domestic
Judgment: 10 renewable
- Foreign
Judgment: 10
BAD CHECK LAWS
(CIVIL
PENALTY)
- Twice the
amount of check-not to exceed $500, plus costs up to addl. $250.
- Retail Claims
- Notice Requirements.
GENERAL
GARNISHMENT EXEMPTIONS See federal law.
COLLECTION AGENCY
BOND & LICENSE (RETAIL ONLY)
-
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.
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