MICHIGAN INTEREST RATE - Legal: 5% - Judgment 6.953 changes semi-annually - Usuary limit 25% STATUTE OF LIMITATION (IN YEARS) - Open Acct: 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 - not to exceed $500. Retail Claims - Notice Requirements. GENERAL GARNISHMENT EXEMPTIONS - See federal law. COLLECTION AGENCY BOND & LICENSE (RETAIL ONLY) - Bond: $5,000 - $50,000 - License: Yes - Fee: $150 - Investigation $225 - Initial $125- Annually