I got this info from http://www.olddebts.com. The part that I am trying to understand is Bond: $5,000 - $50,000 License: Yes Fee: $150 - Investigation $225 - Initial $125 - Annually Exemption for out-of-state collectors: Out-of-state collector are exempt if [1] collecting by interstate means; and [2] have no clients in the state of Michigan (WHAT DOES THE PART ABOUT COLLECTING BY INTERSTATE MEAN. IN WORDS THAT A BLOND COULD UNDERSTAND...LOL!) INTEREST RATE Legal: 5% Judgment: 7.162 changes semi-annually Usury limit 25% STATUTE OF LIMITATIONS (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 Exemption for out-of-state collectors: Out-of-state collector are exempt if [1] collecting by interstate means; and [2] have no clients in the state of Michigan.
okay I am a little rusty from biz law. So correct me as I confuse easily on intra and inter. I think what the passage means is that a CA who is not actively doing business (having a phyical presence) in Mich. is exempt from taxes. What this really means that a CA can hire another CA from Mich to do the collecting in Mich., the out of state CA is exempt. So the CA in Mich is liable. Best regards, Mirage
