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One way to recover more from your delinquent accounts is to hire a Minnesota Collection Agency. Rapid Recovery, a Collection Agency with offices in Minneapolis, Saint Paul, and Rochester, can locate debtors and collect the money owed to your business, practice or facility. If used early, Rapid Recovery Solution can often recover a meaningful portion of your unpaid accounts.
In addition to increasing your chances of actually getting paid, using Rapid Recovery Solution can save you a lot time and money — two of your most valuable resources. With their custom-designed debt collection systems, computers and software, Rapid Recovery Solution can be more effective in recovering delinquent accounts than you can. Rapid Recovery Solution is most likely to collect on your files if placed in the 60-90 days from the date the money was due.
Rapid Recovery Solution is a National Collection Agency handling Minnesota debtors in these cities: Apple Valley, Blaine, Bloomington, Brooklyn Park, Burnsville, Coon Rapids, Duluth, Eagan, Eden Prairie, Edina, Lakeville, Maple Grove, Maplewood, Minneapolis, Minnetonka, Plymouth, Richfield, Rochester, St. Cloud, St. Paul and other Minnesota cities.
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Minnesota Collection Laws
The following is a summary of the Minnesota Collection Laws. The information here may not be 100% accurate and should not to be construed as legal advise. We make no warranty, express or implied concerning any information contained on this Minnesota Collection Laws page, and we assume no liability for its use.
Minnesota Collection Laws Interest Rate
Legal: 6%
Judgment: 5% (Changes Yearly)
Business or Agricultural Loan: 4.5% over federal discount rate
Minnesota Collection Laws Statute Of Limitations (Years)
Goods Sold & Delivered (UCC): 4
Open account: 6
Written Contract: 6
Transportation Service: 3
Domestic Judgment: 10
Foreign Judgment: 10
Minnesota Collection Laws Bad Check Laws (NSF) (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 is over $1250.
Minnesota Collection Laws General Garnishment Exemptions
Greater of 75% or amount = to 40 x Federal minimum hourly wage
Minnesota Collection Laws Collection Agency Bond & Licensing Rules
Bond: $5,000 to $20,000
License: Yes
Fee:
$1,000 - Initial
$400 - Annual
$10 - Per Collector
Rapid Recovery hopes that this information assists you in finding a Minnesota Collection Agency and researching Minnesota collection laws.
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