Posted on
November 5, 2009
at
3:57 am
Would you guys discuss the Minnesota debt relief laws? I know that they're local but that's it...what does it say? Thanks in advance!
Posted on
November 5, 2009
at
3:59 am
Minnesota debt relief lawsThey follow the FDCPA but what's local to them is the ff:Maximum Interest Rate a Collection Agency Can Charge in Minnesota: 6% Minnesota Wage Protection: 75% of disposable weekly earnings (after tax income) or 40 times federal hourly minimum wage, whichever is greater
Posted on
November 5, 2009
at
4:02 am
Oh good, thank you! How about the statute of limitations? And how about if for example, I was living in California for a time, took out a loan there, but now I'm back here in Minnesota..which statute is going to be followed? California or Minnesota?
Posted on
November 5, 2009
at
4:04 am
California, where you took out the loan.Minnesota statute of limitations:Oral Agreements: 6 years Written Contracts: 6 years Promissory Notes: 6 years Open Accounts (credit cards): 6 years
Posted on
April 7, 2010
at
5:42 am
Debt relief in Minnesota is not restricted..but regulated. "Most debt management companies are required to be licensed by the Minnesota Department of Commerce. Therefore, before you hire a debt management company," You can read more about it here
http://www.ag.state.mn.us/consumer/ylr/debtassistancescams.asp
