Minnesota Debt Relief
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 laws
They 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