We Protect Your Corporate Heartbeat®
 

1-866­-448-3936
America's Commercial Collection Agency
HOME
ABOUT
SERVICES
INDUSTRIES
PAY A BILL
PROSPECTIVE CLIENTS
3 Reasons for Slow Payers
Accounts Receivable Turnover
Aging Accounts Receivable
Collecting Commercial Debt
Collection Consultants
Commercial Collection Company
Commercial Debt Recovery
Contingency Debt Collection
Credit Industry Groups
Debt Recovery
Early Warning Signs
Professional Debt Collection
Small Business Debt Collection
Testimonials
Third Party Debt Collection
Types of Commercial Debtors
US Collection Agencies
Accounts Receivable Training
AR Outsourcing
Bad Debt
Business Collection Agency
Commercial AR
Commercial Debt
Consumer Debt
Credit Collection
Credit Risk Management
Credit Seminars
Debt Collection
International Debt Collection
Nationwide Debt Collection
Online Collection Services
Small Business
Accounts Receivable Consulting
Advertising and Media
B2B Debt Collection
Business Debt
Commercial Credit
Construction
Consumer Debt Collection
Credit Card
Equipment Rental
Foreign Debt
Industrial Supplies
Insurance
Law Firms
Oil and Gas
Trucking-Transportation
10 Day Final Demand
AAB Free Rate Quote
Accounrts Receivable as an Asset
Accounts Receivable Analysis
Agreement Downloader
AR Assignment
Canada Collections
Collection Agency FAQs
Credit Resources
Debt Collection Services
Free Consultation
Glossary
National Debt Collection
Overseas Negotiations
Private Collection Agency
Request a Quote
Risk Mitigation
What is a Collection Agency?
WEST
MID WEST
SOUTH WEST
NORTH EAST
SOUTH EAST
Alaska
California
Colorado
Hawaii
Idaho
Montana
Nevada
Oregon
Utah
Washington
Wyoming
Illinois
Indiana
Iowa
Kansas
Michigan
Minnesota
Missouri
Nebraska
North Dakota
Ohio
South Dakota
Wisconsin
Arizona
New Mexico
Oklahoma
Texas
Connecticut
Delaware
Maine
Maryland
Massachusetts
New Hampshire
New Jersey
New York
Pennsylvania
Rhode Island
Vermont
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
West Virginia

Maryland Collection Agency



AAB is a preferred commercial Maryland Collection Agency. Our commercial collection agency collects Maryland or MD debt. AAB also provides related B2B or commercial services to supplement credit department efficiency and reduce the risk and costs of debt collection. AAB is a full service Maryland collection agency.

Maryland has a complex system for determining interest rate ceilings. Maryland is considered to have one of the most complicated laws governing usury and usurious interest rates in the United States. Companies doing business in Maryland should seek legal advice on the proper applicable interest rates on contract or agreements or retain a Maryland collection agency.

Below there are several points on Maryland Collection Agency regulations and Laws that affect a Maryland collection agency. It is recommended to factor in these points when placing commercial debt for collection with a Maryland collection agency.

Maryland Collection Laws



NOTE: The Maryland collection information below is summary in nature and subject to change. While we make every effort to insure accuracy, the information below should not be considered legal advice or to be one hundred percent accurate. No warranty is expressed or implied and AAB assumes no liability for its use.

Maryland Collection Interest Rates



Maryland Legal Rate: 6% per annum (without an agreement)
Written Agreement: 8%
Unsecured Loan: 18% (unsecured or collateral which is other than a savings account)
Exceptions: Numerous
Judgment: 10%
Usury % Cap: 24% (Convoluted)

A Maryland Collection Agency can only charge interest at the rates above.

Maryland Statute of Limitations



Contracts: 3 Years
Sealed Instruments: 12 Years
Judgment: 12 Years

Bad or NSF Check collection charges in Maryland


Maryland requires 10 Day and 30 Day notices. After 40 Days the debtor is liable for the amount owing, collection fee up to $35 and up to 2 times the amount of the check, but cannot exceed $1000

Maryland Collection Agency Laws


Maryland Collection Agency Licensing: *YES**
Bond: $5,000
* Collection agencies that are exempt from the Maryland Collection Agency Licensing Act may be required to complete the Commissioner of Financial Regulation Business Registration Form
** The Maryland Collection Agency Licensing Board announced collection agencies servicing Maryland mortgage loans must obtain a license under the Maryland Mortgage Lender Law (MMLL). The advisory notice by the Maryland Collection Agency Licensing Board states collection agencies are not exempt from the requirement to obtain the license. Due to this requirement, even businesses already licensed in Maryland as a collection agency may be required to obtain an additional license under the MMLL in order to collect on delinquent mortgage loans.

Information above on commercial debt collection and Maryland Collection Agency Laws is intended to help potential Clients researching for a Maryland collection agency. We encourage potential Clients to request a free consultation on our services when considering a new Maryland Collection Agency.