STATE: MICHIGAN

Interest Rate

• Legal: 5% (7% if in writing)
• Usury Limit: 25%
• Judgment: 1% over the US Treasury nore (it changes Jan. 1 & July 1) unless there is a contract in which event the rate of interest is governed by the contract.

STATUTE OF LIMITATIONS (IN YEARS)

• Open Account: 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, no to exceed $500. Retail Claims – Notice Requirements.

GENERAL GARNISHMENT EXEMPTIONS

See federal law.

STATE: MASSACHUSETTS

Interest Rate

• Legal: 12%
• Judgment: 12%
• Contract: 12%

STATUTE OF LIMITATIONS (IN YEARS)

• Open Account on Contract: 6
• Contract: 6
• Sales (UCC) Contract: 4
• Specialty: Contract Under Seal: 20
• Domestic Judgment: 20 (presumed satisfied after 20 years)
• Foreign Judgment: 20

BAD CHECK LAWS (CIVIL PENALTY)

Amount due, costs of suit, protest fees. Additional damages $100 – $500 can be assesed.

GENERAL GARNISHMENT EXEMPTIONS

$125 week.

STATE: MARYLAND

Interest Rate

• Legal: 6%
• Judgment: 10% or contractual

STATUTE OF LIMITATIONS (IN YEARS)

• Open Account: 3
• Written Contract: 3
• UCC: 4
• Specialty: 12 (contract under seal)
• Domestic Judgment: 12
• Foreign Judgment: 12

BAD CHECK LAWS (CIVIL PENALTY)

After 30 day written notice, amount due, $25 fee, twice check amount up to $1000. (At the discretion of the court.) Applies to COD sales only.

GENERAL GARNISHMENT EXEMPTIONS

1) The greater of (a) 75% of the disposable wages due; OR (b) 30 times the federal minimum hourly wages under the Fair Labor Standards Act in effect at the time the wages are due; AND 2) any medical insurance payment deducted from an employee’s wages by the employer. Other federal exemptions may be available. Disposable wages means the part of wages that remain after deduction of any amount required to be withheld by law.

STATE: MAINE

Interest Rate

• Legal: T-Bill rate + 3%
• Judgment: T-Bill Rate + 6% (4.36% for 2006) (4.99% for 2007)

STATUTE OF LIMITATIONS (IN YEARS)

• Open Account: 6
• Sale of Goods: 4
• Written Contract: 6 + 20 (with attestment)
• Domestic Judgment: 20
• Foreign Judgment: 20

BAD CHECK LAWS (CIVIL PENALTY)

Amount due, court costs, service costs & collection costs.

GENERAL GARNISHMENT EXEMPTIONS

You may garnish 25% of disposable income or the amount by which a debtor’s income exceeds the minimum wage, whichever is less; after judgment only.

STATE: LOUISIANA

Interest Rate

• Legal: 9.5% from 01/01/02007
• Judgment: 9.5% from 01/01/02007

STATUTE OF LIMITATIONS (IN YEARS)

• Open Account: 3
• Written Contract: 10
• Promisoory notes: 5
• Domestic Judgment: 10
• Foreign Judgment: 10

BAD CHECK LAWS (CIVIL PENALTY)

After 30 day written demand (certified or registered), twice check amount, plus attorney fees & court costs.

GENERAL GARNISHMENT EXEMPTIONS

75% disposable earnings per work week, but not less than 30 x fed. min. hourly wage.

STATE: KENTUCKY

Interest Rate

• Legal: 8%
• Judgment: 12%

STATUTE OF LIMITATIONS (IN YEARS)

• Open Account: 5
• Written Contract: 15
• Oral Contract: 5
• Domestic Judgment: 15
• Foreign Judgment: 15
• Sale of Goods: 4
• Promissory Notes: 6

BAD CHECK LAWS (CIVIL PENALTY)

N/A

GENERAL GARNISHMENT EXEMPTIONS

75% of disposable income or 30 x fed. min. hourly wage, whichever is greater.

STATE: KANSAS

Interest Rate

• Legal: 10%
• Judgment: 6.25%
• Limited Actions: 12%

STATUTE OF LIMITATIONS (IN YEARS)

• Open Account: 3
• Sale of Goods: 4
• Written Contract: 5
• Domestic Judgment: 5 renewable
• Foreign Judgment: 5 renewable

BAD CHECK LAWS (CIVIL PENALTY)

Three times check amount not exceeding the check amount by $500 or $100, whichever is greater plus attorney fees.

GENERAL GARNISHMENT EXEMPTIONS

See federal law. Plus other personal property, benefit exemptions, and homestead.

STATE: IOWA

Interest Rate

• Legal & Judgment: legal floating rate per T-Bill

STATUTE OF LIMITATIONS (IN YEARS)

• Open Account: 5
• Written Contract: 10
• Domestic Judgment: 10 – can be renewed in th 9th year
• Foreign Judgment: 10 – can be renwed in the 9th year

BAD CHECK LAWS (CIVIL PENALTY)

537.2501G allows 5% of check or $20.00, whichever is greater. 625.22 allows for reasonable attorney fees.

GENERAL GARNISHMENT EXEMPTIONS

See federal law.

STATE: INDIANA

Interest Rate

• Legal: 8%
• Judgment: 8%

STATUTE OF LIMITATIONS (IN YEARS)

• Open Account: 6
• Written Contract (for payment of money before 9/1/1982): 10
• Written Contract (for payment of money after 8/31/1982): 6
• Written Contract (for other than payment of money before 9/1/1982): 20
• Written Contract (for other than payment of money after 8/31/1982): 10
• Written Contract for sale of goods: 4
• Domestic Judgment: 10 on real estate (renewable for additional 10); 20 against the person
• Foreign Judgment: 10

BAD CHECK LAWS (CIVIL PENALTY)

Triple check amount up to $500 over check amount, + attorney fees & interest up to 18% per annum or triple check amount + attorney fees and interest at 8% per annum.

GENERAL GARNISHMENT EXEMPTIONS

75% of disposable earnings for work week or the amount of 30 x fed. min. hourly wage, whichever is greater.

STATE: ILLINOIS

Interest Rate

• Legal: 5%
• Judgment: 9%

STATUTE OF LIMITATIONS (IN YEARS)

• Sales (UCC): 4
• Construction Cases: 4
• Open Account: 5
• Written Contract: 10
• Domestic Judgment: 20
• Foreign Judgment: Same as foregin jurisdiction

BAD CHECK LAWS (CIVIL PENALTY)

Triple check amount up to $500, attorney fees & court costs.

GENERAL GARNISHMENT EXEMPTIONS

15% of gross wages or disposable earings for workweek up to 45 x fed. min. hourly wage, whichever is greater.