Successfully collecting on your delinquent accounts is easiest when you work with a collection agency that’s familiar with the ins and outs of Maine collection law. A Maine collection agency can dramatically improve your chances of a successful debt recovery.
Time is of the essence when it comes to Maine collections. For the best chances of a successful recovery, it’s important to contact a qualified debt collection agency at the first sign of trouble.
Maine Collection Laws Interest Rate
| Legal: | 8% |
| Judgment: | 15% if under $30,000, else T-Bill rate |
Maine Collection Laws Statute Of Limitations
| Open Account: | 6 years |
| Written Contract: | 6 years |
| Domestic Judgment: | 20 years |
| Foreign Judgment: | 20 years |
Maine Collection Laws Bad Check Laws (NSF) (Civil Penalty)
| Amount due, court costs, service costs & collection costs |
Maine Collection Laws General Garnishment Exemptions
| You may garnish 25% of disposable income or 40 times the federal minimum wages per week (whichever is less) After judgment only. |
Maine Collection Laws Collection Agency Bond & Licensing Rules
| Bond: | $25,000 to $50,000 |
| License: | Yes |
| Fee: | $400 yearly |
| Exemption for out-of-state collectors: Contact state authority. Licensing authority is allowing some exemptions to out-of-state agencies that collect for nonresident creditors and are not soliciting. |
Disclaimer: While we strive to keep our state resource data accurate and up-to-date, the information contained on this page is provided without any warranty (expressed or implied), and should not be considered legal advice. We assume no liability for its use.
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