STATE: NEW JERSEY

Interest Rate

• Legal: up to 30% – as provided for by contract
• Judgment: Changes yearly. In 2007 – 4% on judgments up to %15,000. On judgments in excess of $15,000, an additional 2% is added to the interest rate.

STATUTE OF LIMITATIONS (IN YEARS)

• Open Account: 6
• Sale of Goods: 4
• Written Contract: 6
• Domestic Judgment: 20
• Foreign Judgment: 20
• Auto Deficiency: 4

BAD CHECK LAWS (CIVIL PENALTY)

Face amount of the check plus 3x the face value of the check, with the civil penalty not to exceed $500.

GENERAL GARNISHMENT EXEMPTIONS

$154.50 week min. 10% of gross earnings $154.50 & over.

STATE: NEW HAMPSHIRE

Interest Rate

• Judgment: 2007 – 6.8% (changes every year on the 1st of January)

STATUTE OF LIMITATIONS (IN YEARS)

• Open Account: 3
• For Goods: 4
• Written Contract: 3
• Domestic Judgment: 20
• Foreign Judgment: 20

BAD CHECK LAWS (CIVIL PENALTY)

Amount due, interest, court costs, reasonable attorney’s fees & $10 per business day (max. $500). If statutory notice is sent. (RSA 544-B)

GENERAL GARNISHMENT EXEMPTIONS

50 x fed. min. hourly wage. All future wage are exempt so that the court cannot issue an onging order.

STATE: NEVADA

Interest Rate

• Contract rate always prevails. If no contract then Nevada statutory rate applies.
• Pre-Judgment: Satutory rate = 2% Over Prime as determined by 3 medium reserve banks in the western states every 6 months.
• Judgment: Same as pre-judgment

STATUTE OF LIMITATIONS (IN YEARS)

• Open Account: 4
• Written Contract: 6
• Lease: 6
• Domestic Judgment: 6
• Foreign Judgment: 6

BAD CHECK LAWS (CIVIL PENALTY)

Amount due, protest fees, three times check amount not more than $500, or less than $100.

GENERAL GARNISHMENT EXEMPTIONS

Wages no more than 25% of Disposable earnings for each week or 50 times federal minimum hourly wage (whichever is less) except for support orders.

STATE: NEBRASKA

Interest Rate

• Legal: 12%
• Judgment: 2% above the bond investment yield of the 28 week U.S. Treasury Bill

STATUTE OF LIMITATIONS (IN YEARS)

• Open Account: 4
• Written Contract: 5
• Domestic Judgment: 5 renewable every 5
• Foreign Judgment: 5 non-renewable

BAD CHECK LAWS (CIVIL PENALTY)

Amount due, costs, protest fees.

GENERAL GARNISHMENT EXEMPTIONS

Greater 75% disposable earnings (85% if head of household), or 30x fed. min. hourly wage.

STATE: MONTANA

Interest Rate

• Legal: 10%
• Judgment: 10%
• A binding written agreement may provide for interest of 15% or 6% above prime

STATUTE OF LIMITATIONS (IN YEARS)

• Tort Claim (Subrogation) Prop & Personal: 3
• Open Account: 5
• Written Contract: 8
• Domestic Judgment: 10
• Justice of Peace Judgment: 10

BAD CHECK LAWS (CIVIL PENALTY)

$100 minimum or 3 times fave value up to $500 plus face value of check and under UCC the value of the check plus $30 service charge per check.

GENERAL GARNISHMENT EXEMPTIONS

See federal law. State law provides for executions.

STATE: MISSOURI

Interest Rate

• Legal: 9%
• Judgment: 9%

STATUTE OF LIMITATIONS (IN YEARS)

• Sale of Goods: 4
• Open Account: 5
• Written Contract: 10
• Sales (UCC) Contract: 4
• Money & Property:
• Domestic Judgment: 10 (revived every 10 years)
• Foreign Judgment: 10 (revived every 10 years)

BAD CHECK LAWS (CIVIL PENALTY)

Three times face amount owed plus attorney’s fees.

GENERAL GARNISHMENT EXEMPTIONS

See federal law; exempt 90% of week’s pay, head of household, single person w/o dependable = 75%.

STATE: MISSISSIPPI

Interest Rate

• Legal: 8%
• Judgment: amount is contract, if no contract amount – court decides.

STATUTE OF LIMITATIONS (IN YEARS)

• Open Account: 3
• Written Contract: 3
• Sales (UCC) Contract: 6
• Domestic Judgment: 7
• Foreign Judgment: 7 (3 if resident)
• Deficiency Suit: 1 year from date of sale

BAD CHECK LAWS (CIVIL PENALTY)

On checks up to and including $25.00, additional damages would be 100% of check amount. On checks from $25.01 to $200.00, additional damages would be 50% of check amount but not less that $25.00. On checks over $200.00, additional damages would be 25% of check amount.

GENERAL GARNISHMENT EXEMPTIONS

See federal law. State Law: 30 days wages after service of process.

STATE: MINNESOTA

Interest Rate

• Legal: 6%
• Judgment: 5% for 2007 changes anually
• Business or Agricultural Loan: 4.5% over federal discount rate

STATUTE OF LIMITATIONS (IN YEARS)

• Goods Sold & Delivered (UCC): 4
• Contract for Sale: 4
• Lease Contract: 4
• Note Payable: 6
• Open Account: 6
• Written Contract: 6
• Transportation Service: 3
• Domestic Judgment: 10
• Foreign Judgment: 10

BAD CHECK LAWS (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 os over $1250.

GENERAL GARNISHMENT EXEMPTIONS

Greater of 75% or amount = to 40 x fed. min. hourly wage.

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.