Below you will find important information on Michigan state debt recovery laws including: Michigan Statutes, Judgments, Garnishments, Interest Rates, and Bad Check Laws.
STATE: MICHIGAN
Interest Rate
- Legal: 5% (7% if in writing)
- Usury Limit: 25%
- Judgment: 1% over the US Treasury nore (it changes Jan. 1 & July 1) unless there is a contract in which event the rate of interest is governed by the contract.
STATUTE OF LIMITATIONS (IN YEARS)
- Open Account: 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, no to exceed $500. Retail Claims – Notice Requirements.
GENERAL GARNISHMENT EXEMPTIONS
See federal law.