|
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 |