Minnesota Debt Collection Laws and Statutes
AccountsReceivable.com handles debt collections throughout the entire state of Minnesota.
Below you will find important information on Minnesota state debt recovery laws including: Minnesota Statutes, Judgments, Garnishments, Interest Rates, and Bad Check Laws.
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.
