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Minnesota Collection Agency



AAB is a commercial Minnesota collection agency. We offer commercial services for Minnesota or MN debt collection recovery. AAB has been serving Clients throughout the US since 1973 and our recovery rate is far beyond the commercial collection industry standard. Consider AAB in your search for a Minnesota collection agency.

Minnesota has extremely tight regulations for personal or consumer loans with an 8% usury cap. Judgment rates change yearly and are based on the secondary market yield” for one year T-bills. Minnesota is the only state that has this provision. There are other exceptions which must be considered when placing a commercial account with a Minnesota collection agency.

Minnesota requires a Minnesota Collection Agency license to collect commercial debt in their state, unless the agency is exempt. Below you will find summary points on Minnesota regulations and Laws to consider that affect a Minnesota collection agency. It is recommended to factor in some of these points and ask questions when placing commercial debt for collection with a Minnesota collection agency.

Minnesota Collection Laws



NOTE: The Minnesota 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.

Minnesota Collection Interest Rates



Minnesota Legal Rate: 6% per annum
Legal Rate: 6% (Maximum permitted by law without an agreement)
Contract Rate: 8% (exceptions exist)
Judgment: Rate changes Yearly ( See here for current rates)
Note: Interest rates differ for under $50,000 and over 50,000
Usury % Cap: 8%

A Minnesota collection agency can only apply interest as stated above.

Minnesota Statute of Limitations



Contract for Sale: 4 Years
Oral Contracts: 6 Years
Written Contracts: 6 Years
Judgment: 10 Years

Bad or NSF Check collection charges in Minnesota


In Minnesota: Service charge, not to exceed $30. Only one service charge for each dishonored check. After 30 DAY notice the amount of the check, 1) The service charge as provided above, plus a civil penalty of up to $100 or the value of the check, whichever is greater. 2) Interest at the rate payable on judgments on the face amount of the check from the date of dishonor. 3) Reasonable attorney fees if the aggregate amount of dishonored checks issued by the issuer to all payees within a six-month period is over $1,250

Minnesota Collection Agency Laws


Minnesota Collection Agency Licensing: YES (General Business License)
Bond: $50,000, plus an additional $5,000 for each $100,000 received by the collection agency from consumers located in Minnesota during the previous calendar year. The total amount of the bond shall not exceed $100,000
Exceptions: 1) the agency is located in another state that regulates and licenses collection agencies, but does not require a Minnesota collection agency to obtain a license to collect debts in their state if the agency’s collection activities are limited in the same manner. 2) The agency’s collection activities are limited to collecting debts not incurred in Minnesota from consumers located in Minnesota. 3) The collection agency’s activities in Minnesota are conducted by means of interstate communications, including telephone, mail, electronic mail, or facsimile transmission.
Trust Account: Required

The Information above on commercial debt collection and Minnesota Collection Agency Laws is provided to assist potential Clients searching for a Minnesota collection agency. We encourage potential Clients to request a free consultation when you consider AAB as your Minnesota collection agency.
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Minnesota Cities

Bloomington, MN
Edina, MN
Minneapolis,MN
Minnetonka, MN