North Dakota Commercial Credit & Collection Information

INTEREST RATE

• Legal: 6%
• Judgment: 12%

STATUTE OF LIMITATIONS (IN YEARS)

• Open Acct. for services: 6
• Sale of Goods: 4
• Written Contract: 6
• Domestic Judgment: 10 renewable
• Foreign Judgment: 10 renewable

BAD CHECK LAWS (CIVIL PENALTY)
Amount due, collection fees of $25, and $200 or 3x check whichever is less.

GENERAL GARNISHMENT EXEMPTIONS
Greater of 75% or amount each wk. = to 40 x fed. min. hourly wage. Plus $20.00 each household dependent.

COLLECTION AGENCY BOND & LICENSE

• Bond: $20,000
• License: Yes
• Fee: $300 annually, plus $50 annually per addl. branch
• Exemption for out-of-state collectors: Out-of-state collectors may be exempt if [1] collecting only; [2] their office is located in a state that has a reciprocal law; and [3] the state has "enacted similar legislation".

Hampton Associates, Inc.- Your commercial collection agency solution