Acknowledgement of Debt and The Statute of Limitations
State SOL 's
ALABAMA
INTEREST RATE
Legal: 6%
Judgment: 12%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
Written Contract: 6
Domestic Judgment: 20
Foreign Judgment: 20
BAD CHECK LAWS (CIVIL PENALTY)
Greater of $10 or Actual Bank Charges
GENERAL GARNISHMENT EXEMPTIONS
75% of wages are exempt from garnishment
COLLECTION AGENCY BOND & LICENSE
Bond: No
License: Yes
Fee:
$25 - Population under 20,000
$100 - Population over 20,000
Exemption for out-of-state collectors: Business License not required for out-of-state agency.
------------------------------------------------------
ALASKA
INTEREST RATE
Legal: 10.5%
Judgment: 10.5% or contractual
STATUTE OF LIMITATIONS (IN YEARS)
Open Account:3
Sale of Goods: 4
Written Contract: 6
Domestic Judgment: 10
Foreign Judgment: 10
BAD CHECK LAWS (CIVIL PENALTY) Damages in amount equal to $100 or triple the amount of the check whichever is greater. But no more than $1000 over the amount of the check.
GENERAL GARNISHMENT EXEMPTIONS
75% of employee's weekly net income or $402.50 whichever is more.
COLLECTION AGENCY BOND & LICENSE
Bond: $5000 License: Yes
Fee:
$100 - Application
$200 - Agency Biennially
------------------------------------------------
ARIZONA %
INTEREST RATE
Legal: 10%
Judgment: 10% or contractual
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3 (credit card accrual date prior to 7/19/2011)
Credit Card: 6 (accrual date after 7/20/2011)
Written Contract: 6 in Az. - 4 outside Az.
Domestic Judgment: 5-additional 5 upon request (indefinitely)
Foreign Judgment: 4
BAD CHECK LAWS (CIVIL PENALTY)
Twice the amount of check, costs of suit, reasonable attorney fees.
GENERAL GARNISHMENT EXEMPTIONS
See federal law.
COLLECTION AGENCY BOND & LICENSE
Bond: $10,000 minimum (based on gross income)
License: Yes
Fee:
$1500 Application Fee
$600 Annual Fee
$23 per Officers/Managers
----------------------------------------
ARKANSAS
INTEREST RATE
Legal: 6% or 5 points above the Fed. discount rate
Judgment: Contract rate or 10% per annum whichever is greater
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
Written Contract: 5 (partial payment stops the statute from running (This applies to a WRITTEN ACCOUNT ONLY)
Sale of Goods: (UCC-2) - 4
Domestic Judgment: 10 - Renewable
Foreign Judgment: 10
BAD CHECK LAWS (CIVIL PENALTY)
Twice amount of check - prior to double charge - can start out with $15 charge per NSF check after 30 days.
GENERAL GARNISHMENT EXEMPTIONS
$500 head of family; $200 single. Includes personal property except clothing.
COLLECTION AGENCY BOND & LICENSE
Bond: $5000 to $25000
License: Yes
Fee: $125 - $5 each employee
---------------------------------------------------
CALIFORNIA %
INTEREST RATE
Legal: 10%
Judgment: 10% (Unless otherwise contracted)
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: Reduced to writing-4
Open Acct.: No writing-2
Written Contract: 4
Domestic Judgment: 10 (renewable at 10)
Foreign Judgment: 10 (commencing with judgment debtor's commencement of CA. residence.)
BAD CHECK LAWS (CIVIL PENALTY)
Amount due, Treble damages - minimum $100 maximum $1500 per check
GENERAL GARNISHMENT EXEMPTIONS
See federal law. Exemptions for necessaries of life.
COLLECTION AGENCY BOND & LICENSE
No license or bond required.
-----------------------------------------------------
COLORADO
INTEREST RATE
Legal: 8%
Judgment: 8% (or higher if specified in contract or note)
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
Written Contract: 6 (signed promissory note)
Written Contract Goods Services: 3
Domestic Judgment
District Court-20 (renewable every 20)
County Court-6 (renewable every 6)
Foreign Judgment: 6 in CO.
BAD CHECK LAWS (CIVIL PENALTY)
Treble Damages & Reasonable Fees
GENERAL GARNISHMENT EXEMPTIONS
See federal law.
COLLECTION AGENCY BOND & LICENSE
Bond: $12,000 - 20,000
License: Yes
Fee: Determined by collection agency board
Exemption for out-of-state collectors: Out of state collectors are exempt if [1] collecting only by interstate means (phone, fax, mail); [2] have no Colorado client; and [3] are regulated and licensed in the state in which they reside.
-------------------------------------------------------
CONNECTICUT
INTEREST RATE
Legal: 8%
Judgment: 10%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
Written Contract: 6
Oral Contract: 3
Domestic Judgment: 20/25
Small Claims Judgment: 10/15
Foreign Judgment: 20
BAD CHECK LAWS (CIVIL PENALTY)
Personal liability of signatory on corporate claims unless signed in corporate capacity.
GENERAL GARNISHMENT EXEMPTIONS
25% you may garnish disposable earnings each week, or 40 x fed. min. hourly wage, whichever is less.
COLLECTION AGENCY BOND & LICENSE
Bond:$5000
License: Yes
Fee:
$200 Yearly
$50 Investigation
--------------------------------------------------------
DELAWARE
INTEREST RATE
Legal + Judgment -
Federal Reserve Discount Rate Plus 5% Points
STATUTE OF LIMITATIONS (IN YEARS)
Sale of Goods: 4
Open Acct.: 4
Written Contract: 3
Domestic Judgment: No provision
Foreign Judgment: No provision
BAD CHECK LAWS (CIVIL PENALTY)
Amount due, cost of suit, protest fees
GENERAL GARNISHMENT EXEMPTIONS
85% of disposable earnings or disposable earnings minus $150 weekly according to schedule.
COLLECTION AGENCY BOND & LICENSE
Bond: No
License: Merc. License
Fee: $50 Yearly
-------------------------------------------------------
DISTRICT OF COLUMBIA
INTEREST RATE
Legal: 6%
Judgment: 70% of interest rates on taxes to IRS
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
Written Contract: 3
Domestic Judgment: 20
Foreign Judgment: Foreign Statute
BAD CHECK LAWS (CIVIL PENALTY)
Amount Due - Protest Fees
GENERAL GARNISHMENT EXEMPTIONS
See federal law. D.C. Government employees are not attachable.
COLLECTION AGENCY BOND & LICENSE
Bond: No
License: No
Fee: No
-------------------------------------------------------
FLORIDA
INTEREST RATE
Legal: 10%
Judgment: 10% or up to 18% if contractual
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 4
Written Contract: 5
Domestic Judgment: 7 Renewable
Foreign Judgment: 5 if not recorded in-state
BAD CHECK LAWS (CIVIL PENALTY)
After 30 day demand-treble amount in addition to amount owed, bank & court costs & reasonable attorney fees.
GENERAL GARNISHMENT EXEMPTIONS
See federal law except 100% head of household.
Liberal Homestead Exemption - 1st $1,000 of automobile
COLLECTION AGENCY BOND & LICENSE
Bond: Yes - $50,000 (Commercial)
License: Yes
Fee: Yes
$200 - Registration
$50 - Investigation
$200 - Renewal
Exemption for out-of-state collectors:
Registration is required for out-of-state collectors if
[1] soliciting accounts;
[2] if client (creditor, its affiliate or subsidiary) has an office in Florida.
--------------------------------------------------------
GEORGIA
INTEREST RATE
Legal: 7%
Judgment: 12%
Commercial Accounts: 18%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 4 (6 YEAR SOL IN GA. COURT CASE)
Written Contract: 6
Domestic Judgment: 7
Foreign Judgment: 5
BAD CHECK LAWS (CIVIL PENALTY)
After 10 day written demand double damages up to $500 and service charge of $20 or 5%, whichever is greater,
GENERAL GARNISHMENT EXEMPTIONS
See federal law. City, County & State employees may be garnished.
COLLECTION AGENCY BOND & LICENSE
Bond: No
License: No
Fee: No
-------------------------------------------------------
HAWAII
INTEREST RATE
Legal: 10% (no written contract)
Judgment: 10% (no written contract)
STATUTE OF LIMITATIONS (IN YEARS)
Sale of Goods: 6
Open Acct.: 6
Written Contract: 6
Domestic Judgment: 10
Foreign Judgment: 6 for regis./10 after Regis.
BAD CHECK LAWS (CIVIL PENALTY)
Damages equal to $1 00 or triple amount of check, not to exceed $500.
GENERAL GARNISHMENT EXEMPTIONS 95% of 1st $100, 90% of 2nd $100, 80% net wages in excess of $200 per mo. or federal limits whichever is greater
COLLECTION AGENCY BOND & LICENSE
Bond: $25,000/$15,000 each branch
License: Registration with 'DCCA' required for consumer, not commercial, collections
Fee:
$ 25 - Application
$ 80 - Registration
$ 50 - Compliance
$155 for 2 years
-------------------------------------------------------
IDAHO %
INTEREST RATE
Legal: 12%
Judgment: 10.875% plus the base rate
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 4
Oral Contract: 4
Written Contract: 5
Domestic Judgment: 5 renewable
Foreign Judgment: 6 renewable
BAD CHECK LAWS (CIVIL PENALTY)
Triple amount of check up to $500 over the check amount
GENERAL GARNISHMENT EXEMPTIONS
See federal law.
COLLECTION AGENCY BOND & LICENSE
Bond: $5,000 initial
License: Yes
Fee: $100 -permit fee $50 - renewal
Exemption for out-of-state collectors: Out-of-state collectors may qualify for a special license if [1] only collecting for client; and [2] are licensed and bonded by any state
---------------------------------------------------------
ILLINOIS
INTEREST RATE
Legal: 5%
Judgment: 9%
STATUTE OF LIMITATIONS (IN YEARS)
Sales (UCC): 4
Open Acct.: 5
Written Contract: 10
Domestic Judgment: 20
Foreign Judgment: Same as foreign jurisdiction
BAD CHECK LAWS (CIVIL PENALTY) Triple check amount up to $500, attorney fees & court costs.
GENERAL GARNISHMENT EXEMPTIONS
15% of gross wages or disposable earnings for workweek up to 45 x fed. min. hourly wage, whichever is greater.
COLLECTION AGENCY BOND & LICENSE
Bond: $25,000
License: Yes
Fee:
$750 - Original
$750 - Renewal
Exemption for out-of-state collectors:
Out-of-state collectors MAY be exempt if
[1] not soliciting accounts in Illinois;
[2] their state of residence has laws which provide similar reciprocity (allow out-of-state agencies to collect only); and
[3] the state in which the non-Illinois agency resides extends the same privileges to out-of-state agencies.
................................................................
INDIANA
INTEREST RATE
Legal: 8%
Judgment: 8%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 6
Written Contract for payment of money: 6
Written Contract (other than payment of money): 10
Written Contract for sale of goods: 4
Domestic Judgment:
10 on real estate
20 against the person
Foreign Judgment: 10
BAD CHECK LAWS (CIVIL PENALTY)
Triple check amount up to $500 over check amount, + attorney fees & interest up to 18% per annum or triple check amount + attorney fees and interest at 8% per annum.
GENERAL WAGE GARNISHMENT EXEMPTIONS 75% of disposable earnings for work week or the amount of 30 x fed. min. hourly wage, whichever is greater.
COLLECTION AGENCY BOND & LICENSE
Bond: $5000 each office
License: Yes
Fee:
$100 plus $5 per annum, each unlicenced employee
$30 branch office
$80 - Renewal
Exemption for out-of-state collectors:
Out-of-state collectors are exempt from licensing if
[1] collecting for a non-resident creditor; and
[2] collection activities limited to interstate communications (phone, fax, mail).
................................................................
IOWA
INTEREST RATE
Legal: 5%
Judgment: 10%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 5
Written Contract: 10
Domestic Judgment: 10-can be renewed in the 9th year
Foreign Judgment: 10-can be renewed in the 9th year
BAD CHECK LAWS (CIVIL PENALTY)
Triple check up to $500 over check amount
GENERAL GARNISHMENT EXEMPTIONS
See federal law.
COLLECTION AGENCY BOND & LICENSE
Bond: No
License: No
Fee: No
................................................................
KANSAS
INTEREST RATE
Legal: 10%
Judgment: 12%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
Written Contract: 6
Action On Forfeiture: 5
Domestic Judgment: 5 renewable
Foreign Judgment: 5 renewable
BAD CHECK LAWS (CIVIL PENALTY)
Three times check amount not exceeding the check amount by $500 or $100 whichever is greater plus attorney fees
GENERAL GARNISHMENT EXEMPTIONS See Federal Law
Plus other personal property, benefit exemptions, and homestead
COLLECTION AGENCY BOND & LICENSE
Bond: No
License: No
Fee: No
................................................................
KENTUCKY
INTEREST RATE
Legal: 8%
Judgment: 12%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 5
Written Contract: 15
Oral Contract: 5
Domestic Judgment: 15
Foreign Judgment: 15
BAD CHECK LAWS (CIVIL PENALTY)
N/A
GENERAL GARNISHMENT EXEMPTIONS
75% of disposable income or 30 times the federal minimum hourly wage (whichever is greater)
COLLECTION AGENCY BOND & LICENSE
Bond: No
License: No
Fee: No
...............................................................
LOUISIANA %
INTEREST RATE
Legal: 9.75%
Judgment: 9.75%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
Written Contract: 10
Promissory Notes: 5
Domestic Judgment: 10
Foreign Judgment: 10
BAD CHECK LAWS (CIVIL PENALTY)
After 30 day written demand (certified or registered), twice check amount. Attorney fees & court costs
GENERAL GARNISHMENT EXEMPTIONS
75% disposable earnings per work week, but not less than 30 x fed. min. hourly wage.
COLLECTION AGENCY BOND & LICENSE
Bond: Yes - $10,000
License: Yes
Fee:
$200 Initial
$200 Investigation
$200 Renewal
$100 Branch
$100 Branch Renewal
.................................................................
MAINE
INTEREST RATE
Legal: 8%
Post Judgment: 15% annual (less than $30,000) T-Bill rate over $30,000
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 6
Written Contract: 6 + 20 (with attestment) Domestic Judgment: 20
Foreign Judgment: 20
BAD CHECK LAWS (CIVIL PENALTY)
Amount due, court costs, service costs & collection costs
GENERAL GARNISHMENT EXEMPTIONS
You may garnish 25% of disposable income or 40 times the federal minimum wages per week (whichever is less) After judgement only.
COLLECTION AGENCY BOND & LICENSE
Bond: $25,000 to $50,000
License: Yes
Fee: $400 Yearly
Exemption for out-of-state collectors:
Contact state authority. Licensing authority is allowing some exemptions to out-of-state agencies that collect for non-resident creditors and are not soliciting.
-----------------------------------------------------
MARYLAND
INTEREST RATE
Legal: 6%
Judgment: 10% or contractual
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
UCC: 4
Specialty: 12 (contract under seal)
Written Contract: 3
Domestic Judgment: 12
Foreign Judgment: 12
BAD CHECK LAWS (CIVIL PENALTY)
After 30 day written notice, amount due,
$25 fee, twice check amount up to $1000. (At the discretion of the court.) Applies to COD sales only.
GENERAL GARNISHMENT EXEMPTIONS
Greater of 75% or amount = to $145 x no. of wks. in which wages due were earned; except in Caroline, Worchester, Kent & Queen Anne's Counties, see federal law. Exemption is up to $3,000 in cash and/or property for non-wage property exemption.
COLLECTION AGENCY BOND & LICENSE
Bond: $5000
License: Yes
Fee: $200 each office
-------------------------------------------------------
MASSACHUSETTS
INTEREST RATE
Legal: 6%
Judgment: 12%
Contract: 12%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct. other than Sales: 6
Contract: 6
Sales (UCC) Contract: 4
Domestic Judgment: 20 (presumed satisfied after 20 years)
Foreign Judgment: 20
Contracts Under Seal: 20
BAD CHECK LAWS (CIVIL PENALTY)
Amount due, costs of suit, protest fees Additional damages $100 - $500 can be assessed.
GENERAL GARNISHMENT EXEMPTIONS $125 week
COLLECTION AGENCY BOND & LICENSE
Bond: $10,000 - $25,000
License: Yes
Fee: Determined by commissioner
------------------------------------------------------
MICHIGAN
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.
--------------------------------------------------------
MINNESOTA
INTEREST RATE
Legal: 6%
Judgment: 5% (Changes Yearly)
Business or Agricultural Loan: 4.5% over federal discount rate
STATUTE OF LIMITATIONS (IN YEARS)
Goods Sold & Delivered (UCC): 4
Open Acct.: 6
Written Contract: 6
Transportation Service: 3
Domestic Judgment: 10
Foreign Judgment: 10
BAD CHECK LAWS (CIVIL PENALTY)
$100 or up to 100% of the value of the check, whichever is greater, plus interest at the rate payable on judgments on the face amount of check, plus reasonable attorney fees if aggregate amount of checks within 6 month period is over $1250.
GENERAL GARNISHMENT EXEMPTIONS
Greater of 75% or amount = to 40 x fed. min. hourly wage
COLLECTION AGENCY BOND & LICENSE
Bond: $5,000 to $20,000
License: Yes
Fee: $1,000 - Initial $400 - Annual $10 - Per Collector
---------------------------------------------------------
MISSISSIPPI
INTEREST RATE
Legal: 8%
Judgment: amount in contract if no contract amount court decides
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
Written Contract: 3
UCC: 4
Domestic Judgment: 7
Foreign Judgment: 7 (3 if resident)
BAD CHECK LAWS (CIVIL PENALTY)
On checks up to and including $25.00, additional damages would be 100% of check amount. On checks from $25.01 to $200.00, additional damages would be 50% of check amount but not less than $25.00. On checks over $200.00 additional damages would be 25% of check amount.
GENERAL GARNISHMENT EXEMPTIONS See federal law.
COLLECTION AGENCY BOND & LICENSE Bond: No License: City-Business Fee: $15-$50
------------------------------------------------------
MISSOURI
INTEREST RATE
Legal: 9%
Judgment: 9%
STATUTE OF LIMITATIONS (IN YEARS)
Sale of Goods: 4
Open Acct.: 5
Written Contract: 10
Domestic Judgment: 10 (Revived every 3 years)
Foreign Judgment: 10 (Revived every 3 years)
BAD CHECK LAWS (CIVIL PENALTY)
Three times face amount owed or $100 whichever is greater not to exceed $500 (exclusive of attorney fees)
GENERAL GARNISHMENT EXEMPTIONS
See federal law; exempt 90% of week's net pay, head of household, single person w/o depend. = 75%
COLLECTION AGENCY BOND & LICENSE Bond: No License: No Fee: No
------------------------------------------------------
MONTANA-------------------------------------------------------
NEBRASKA
INTEREST RATE
Legal: 12% per written instrument or contract rate
Judgment: 1% above bond equivalent yield as published by U.S. Treasury
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 4
Written Contract: 5
Domestic Judgment: 5 renewable every 5
Foreign Judgment: 5 non-renewable
BAD CHECK LAWS (CIVIL PENALTY)
Amount due, costs, protest fees
GENERAL GARNISHMENT EXEMPTIONS
Greater of 75% disposable earnings (85% if head of household), or 30 x fed. minimum hourly wage.
COLLECTION AGENCY BOND & LICENSE
Bond: Based on Lic. Solic. Less Than 5 = 5,000, 5-15=$10,000, 16-Up=$15,000
License: Yes
Fee: (not to exceed)
$250 - Investigation $200 - Original $100 - Renewal $50 - Investigation Branch Office $35 - Original Branch Office
Exemption for out-of-state collectors:
Out-of-state collectors are exempt IF
[1] communicating by interstate means (phone, fax, mail); and
[2] are "regulated" by the laws of another state.
--------------------------------------------------
NEVADA %
INTEREST RATE
Legal: 2% Over Prime
Judgment: 2% Over Prime
STATUTE OF LIMITATIONS (IN YEARS)
Open Account: 4
Open Acct-For Goods: 4
Written Contract: 6
Lease: 4
Domestic Judgment: 6
Foreign Judgment: 6
BAD CHECK LAWS (CIVIL PENALTY)
Amount due, protest fees three times check amount not more than $500, or less than $100
GENERAL GARNISHMENT EXEMPTIONS
Garnish only. 25% of Disposable earnings for each week or 30 times federal minimum hourly wage (whichever is less)
COLLECTION AGENCY BOND & LICENSE
Bond: $25,000 to $50,000
License: Yes
Fee: $250 - App. Survey $300 - Original $200 - Renewal
Exemption for out-of-state collectors:
Out-of-state collectors are exempt IF
[1] collecting by interstate means (phone, fax, mail); and
[2] collecting for an out-of-state client.
-----------------------------------------------------
NEW HAMPSHIRE
INTEREST RATE
Judgment: 7.6%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
For Goods: 4
Written Contract: 3
Written Contract/Negotiable Instrument:6
For Goods: 4
Domestic Judgment: 20
Foreign Judgment: 20
BAD CHECK LAWS (CIVIL PENALTY)
Amount due, interest, court costs, reasonable costs of collection & $10 per day (max. $50)
GENERAL GARNISHMENT EXEMPTIONS
50 x fed. min. hourly wage - All future wages are exempt so that the court cannot issue an ongoing order.
COLLECTION AGENCY BOND & LICENSE
Bond: No License: No Fee: No
-------------------------------------------------------
NEW JERSEY
INTEREST RATE
Legal: 6%
Judgment: No Statutory Provision
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
Sale of Goods: 4
Written Contract: 6
Domestic Judgment: 20
Foreign Judgment: 20
BAD CHECK LAWS (CIVIL PENALTY) N/A
GENERAL GARNISHMENT EXEMPTIONS
$142.50 wk. min. 10% of gross earnings $142.50 & Over
COLLECTION AGENCY BOND & LICENSE
Bond: $5000 Surety License: No Fee: No
--------------------------------------------------------
NEW MEXICO %
INTEREST RATE
Judgment: 8.75% (in the absence of a written contract)
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 4
Written Contract: 6
Domestic Judgment: 14
Foreign Judgment: 14
BAD CHECK LAWS (CIVIL PENALTY)
Amount due, triple damages up to $500 per check. Complex requirements need to be met.
GENERAL GARNISHMENT EXEMPTIONS
Greater of 75% or amount each wk. = to 40 x fed. min. hourly wage
COLLECTION AGENCY BOND & LICENSE
Bond: $5,000 minimum - based on volume License: Yes Fee: $500 - original collection agency or branch $300 - renewal collection agency or branch $100 - examination fee for manager's license $50 - manager renewal
Exemption for out-of-state collectors:
Out-of-state agency is exempt IF
[1] collecting by interstate means (phone, fax, mail); and
[2] debt was incurred outside the state of New Mexico.
----------------------------------------------------
NEW YORK
INTEREST RATE
Legal: 16%
Judgment: 9%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 6
Written Contract: 6
Domestic Judgment: 20 (10 yr. renewable lien)
Foreign Judgment: 20 (10 yr. renewable lien)
BAD CHECK LAWS (CIVIL PENALTY)
Face value of check plus two times check amount up to a maximum of $400 on NSF or $750 on "no account" (Demand prescribed by law). GEN.OB.1.1-104
GENERAL GARNISHMENT EXEMPTIONS
90% of earnings, except 1st $127.50 wk. wholly exempt.
COLLECTION AGENCY BOND & LICENSE
Bond: No
License: No
Fee: No
Buffalo: $5,000 Bond - $50 fee
NYC: License - $150 - 2 yr. fee
---------------------------------------------------
NORTH CAROLINA
INTEREST RATE
Legal: 8%
Judgment: 8%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
Sale of Goods: 4
Written Contract: 3
Domestic Judgment: 10
Foreign Judgment: 10
BAD CHECK LAWS (CIVIL PENALTY)
30 day written demand lesser of $500 or 3x check amount, but not less than $100.
GENERAL GARNISHMENT EXEMPTIONS
100% of last 60 days' earnings for family support. Garnishment only by political subdivisions for taxes, ambulance fees, etc.
COLLECTION AGENCY BOND & LICENSE
Bond: $5,000 to $50,000 License: Yes Fee: $500
Exemption for out-of-state collectors:
Contact state authorities. Unofficially, licensing authorities may allow out-of-state agencies to bypass requirements if they do not solicit in state and/or work for in-state clients.
----------------------------------------------------
NORTH DAKOTA
INTEREST RATE
Legal: 6%
Judgment: 12%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct. for services: 6
Sale of Goods: 4
Written Contract: 6
Domestic Judgment: 10 renewable
Foreign Judgment: 10 renewable
BAD CHECK LAWS (CIVIL PENALTY)
Amount due, collection fees of $20, and $100 or 3x check whichever is less.
GENERAL GARNISHMENT EXEMPTIONS
Greater of 75% or amount each wk. = to 40 x fed. min. hourly wage. Plus $20.00 each household dependent.
COLLECTION AGENCY BOND & LICENSE
Bond: $20,000 License: Yes Fee: $200
Exemption for out-of-state collectors:
Out-of-state collectors may be exempt IF
[1] collecting only;
[2] their office is located in a state that has a reciprocal law; and
[3] the state has "enacted similar legislation".
-----------------------------------------------------
OHIO
INTEREST RATE
Legal: 10%
Judgment: 10%
STATUTE OF LIMITATIONS (IN YEARS)
Sale of goods OR SERVICES :(UCC2-725) 4
Open Acct.: 6 ( credit cards)
Installment Sales Contract (UCC2-725) 6
Written Contract: 8
NOTE BORROWING STATUTE CAN BE USED
Domestic Judgment: 21 renew every 5
Foreign Judgment: 21 renew every 5
BAD CHECK LAWS (CIVIL PENALTY)
The greater of $200 or three times the amount of check and attorney fees (no maximum)
GENERAL GARNISHMENT EXEMPTIONS See federal law. Garnishment limited to once a month per employee.
COLLECTION AGENCY BOND & LICENSE
Bond: No License: No Fee: No
------------------------------------------------------
OKLAHOMA
Exempted From TILA-Use Ok. Consumer Credit Statutes
INTEREST RATE
Legal: 6%
Judgment: 4% over U.S. Treasury Bill Rate of previous year. (1996 = 9.55% 1997 = 9.15%)
STATUTE OF LIMITATIONS (IN YEARS)
Oral and Open: 3 (note special arguments )
Written Contract 5
Domestic Judgment: 5 renewable
Foreign Judgment: 3
BAD CHECK LAWS (CIVIL PENALTY) N/A
GENERAL GARNISHMENT EXEMPTIONS
State law: 75% of earnings exempted, more if hardship established. All federal exemptions apply.
COLLECTION AGENCY BOND & LICENSE
Bond: No License: No Fee: No
-------------------------------------------------------
OREGON
INTEREST RATE
Statutory + Judgment: 9% simple interest per annum (Unless specified by contract)
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 6
Sale of Goods: 6 (4 yrs UCC Transaction)
Written Contract: 6
Domestic Judgment: 10 - Renewable at 10
Foreign Judgment: 10
BAD CHECK LAWS (CIVIL PENALTY)
Can recover reasonable attorney fees & statutory damages of three times the amount of the NSF check plus$500 if demand letter is sent to debtor 30 days before suit is filed.
GENERAL GARNISHMENT EXEMPTIONS
75% of disposable earnings or 40 x fed. min. hourly wage.
COLLECTION AGENCY BOND & LICENSE
Bond: No License: Registration only Fee: Established by director
Exemption for out-of-state collectors:
Contact state authorities. Out-of-state agencies may be exempt IF
[1] collecting for out-of-state client;
[2] the debt was incurred by an Oregonian outside the state; and
[3] the state where the collection agency is headquartered has a registration program comparable to Oregon's law.
---------------------------------------------------------
PENNSYLVANIA
INTEREST RATE
Legal: 6%
Judgment: 6%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 4
Written Contract: 4
Domestic Judgment: 5 (writ of revival within 5 yrs.)
Foreign Judgment: 4
-Lien against real estate: 5 yrs. -Personal property Ex: 20 yrs.
BAD CHECK LAWS (CIVIL PENALTY)
After demand and judgment triple damages in amount equal to $1 00 or 3 times the check amount whichever is greater up to $500.
GENERAL GARNISHMENT EXEMPTIONS
100%of wages, certain pensions, retirement accounts & Keogh plan under certain circumstances, and $300.
COLLECTION AGENCY BOND & LICENSE
Bond: No License: No Fee: No
-----------------------------------------------------
INTEREST RATE
Legal: 12%
Judgment: 12%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
Written Contract: 5
Contract Under Seal:10
Domestic Judgment: 20
Foreign Judgment: 20
BAD CHECK LAWS (CIVIL PENALTY)
Amount of check, $25 fee & treble damage up to $1000
GENERAL GARNISHMENT EXEMPTIONS
See federal law.
COLLECTION AGENCY BOND & LICENSE
Bond: No
License: No
Fee: No
-------------------------------------------------------
SOUTH CAROLINA
INTEREST RATE
Legal: 8.75%
Judgment: 14%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
Written Contract: 3
Domestic Judgment: 10
Foreign Judgment: 10
BAD CHECK LAWS (CIVIL PENALTY)
Reasonable court costs amount of check & damages up to $500 or 3x check amount whichever is smaller
GENERAL GARNISHMENT EXEMPTIONS
100%
COLLECTION AGENCY BOND & LICENSE
Bond: No License: Yes - all business Fee: No
Exemption for out-of-state collectors:
License required for in-state agency only.
------------------------------------------------------
SOUTH DAKOTA
INTEREST RATE
Legal: 12%
Judgment: 10%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 6
Sale of Goods: 4
Written Contract: 6
Domestic Judgment: 20
Foreign Judgment: 10
BAD CHECK LAWS (CIVIL PENALTY) N/A
GENERAL GARNISHMENT EXEMPTIONS
20% of the individuals disposable earnings for a 60 day period
COLLECTION AGENCY BOND & LICENSE
Bond: No License: No Fee: No
-----------------------------------------------------
TENNESSEE
INTEREST RATE
Legal: 10%
Judgment: 10% (or contract rate) (varies with type of transaction)
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
Written Contract: 6
Domestic Judgment: 10 -renewable after 2016 with mailed notice
Foreign Judgment: 10
BAD CHECK LAWS (CIVIL PENALTY)
Treble damages up to $500 + 10% interest & reasonable service charges, atty's fees, & court costs.
GENERAL GARNISHMENT EXEMPTIONS
See federal law. Add $2.50 per wk. for dependent child under 16.
COLLECTION AGENCY BOND & LICENSE
Bond: $15,000 1-4 employee $20,000 5-9 employee $25,000 10 or more License: Yes Fee: $600 - Original $350 - Renewal $25 - Each Solicitor
Exemption for out-of-state collectors:
Contact state licensing authority. Out-of-state agencies MAY be exempt if they
[1] maintain office in another state;
[2] resides in a state that provides reciprocity; and
[3] comply with provisions of licensing.
-------------------------------------------------------
TEXAS %
INTEREST RATE*
Legal: 6% with agreement can charge up to 18%. w/o agreement - statutory interest of 6% begins to run 30th day after becoming due
Judgment: 10%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 4
Written Contract: 4
Domestic Judgment: 10 (Renewable)
Foreign Judgment: 10 (Renewable)
BAD CHECK LAWS (CIVIL PENALTY) N/A
GENERAL GARNISHMENT EXEMPTIONS
100% of Wages
COLLECTION AGENCY BOND & LICENSE
Bond: Yes License: No Fee: No
Always consult counsel to charge interest - Texas has very onerous usury laws & penalties.
------------------------------------------------------
----------------------------------------------------
VERMONT
INTEREST RATE
Legal: 12%
Judgment: 12%
STATUTE OF LIMITATIONS (IN YEARS) Open Acct.: 3
to enforce an obligation, duty, or right arising under this article and not governed by this section must be commenced within three years after the [cause of action] accrues. (Added 1993, No. 158 (Adj. Sess.), § 12, eff. Jan. 1, 1995.)
Written Contract: 6
Domestic Judgment: 8
Foreign Judgment: 8
BAD CHECK LAWS (CIVIL PENALTY)
Court costs, amount of check, aftorney's fees, damage of $50. (Notices required)
GENERAL GARNISHMENT EXEMPTIONS
75% of earning above minimum wage or what is necessary to live.
COLLECTION AGENCY BOND & LICENSE
Bond: No License: No Fee: No
-----------------------------------------------------
VIRGINIA
INTEREST RATE
Legal: 8%
Judgment: 9% or contract rate whichever is higher
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3 Last charge or payment
Sales of goods 4 years
Written Contract: 5
Domestic Judgment: 10
Foreign Judgment: 10
BAD CHECK LAWS (CIVIL PENALTY)
Lesser of $250 or three times check amount
GENERAL GARNISHMENT EXEMPTIONS
See federal law
COLLECTION AGENCY BOND & LICENSE
Bond:$5000 License: Depends on Locality Fee: No
------------------------------------------------------
WASHINGTON %
INTEREST RATE
Legal: 12%
Judgment: 12%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
Written Contract: 6
Domestic Judgment: 10
Foreign Judgment: 10
BAD CHECK LAWS (CIVIL PENALTY)
Lesser of check amount or 12% interest, collection costs up to $40. If taken to court, reasonable attorney's fees, 3 x value, or up to $300. Now have 6 years to enforce a bad check.
GENERAL GARNISHMENT EXEMPTIONS
Greater of 75% or $64 wk. (40 x state min. hourly wage).
COLLECTION AGENCY BOND & LICENSE
Bond: $6000 general, $4000 specialty
License: Yes
Fee: $100 - Investigation $100 - Original $100 - Renewable $50 - Branch Office
Exemption for out-of-state collectors: Contact state authorities. Out-of-state agencies MAY qualify for lesser licensing fees. Out-of-state collectors are no longer required to have resident office and in-state trust accounts if they don't have in-state client. Bond is not required if held in home state.
--------------------------------------------------------
WEST VIRGINIA
INTEREST RATE
Legal: 6%
Judgment: 10%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 5
Written Contract: 10
Domestic Judgment: 10
Foreign Judgment: 10
BAD CHECK LAWS (CIVIL PENALTY)
Amount due, service charge up to $10. If check is under $500.00 = misdemeanor. Over $500.00 = felony.
GENERAL GARNISHMENT EXEMPTIONS
See West Va code 38-5A-3-Employees withhold 20% of disposable income or 30x the minimum hourly rate, whichever is less. Other exemptions apply.
COLLECTION AGENCY BOND & LICENSE
Bond: $5,000 License: Yes - Franchise Reg. Cert. Fee: $15 Annual
Exemption for out-of-state collectors: Contact state authorities. Some out-of-state agencies MAY be exempt if they are only collecting for out-of-state clients.
-------------------------------------------------------
WISCONSIN
INTEREST RATE
Legal: 5%
Judgment: 12%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 6
Written Contract: 6
Domestic Judgment: 20
Foreign Judgment: 20
BAD CHECK LAWS (CIVIL PENALTY)
Amount of check plus actual damages + exemplary damages up to three times value of check. Limited to $300.
GENERAL GARNISHMENT EXEMPTIONS
80% of net pay.
COLLECTION AGENCY BOND & LICENSE
Bond: $15,000 min. License: Yes Fee: $1000 - Investigation $200 - Annual
Exemption for out-of-state collectors:
Out-of-state agencies do not need to be licensed if
[1] collecting by interstate means (phone, fax, mail); and
[2] collecting for an out-of-state client.
----------------------------------------------------
WYOMING
INTEREST RATE
Legal: 7%
Judgment: contract rate or 10% judgment rate
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 8
Written Contract: 10
Domestic Judgment: 5
Foreign Judgment: 5
BAD CHECK LAWS (CIVIL PENALTY)
Double the face amount plus damages equal to collection cost and reasonable attorney fees.
GENERAL GARNISHMENT EXEMPTIONS
See federal law for consumer credit sale, lease or loan. Up to 65% for child support arrearage.
COLLECTION AGENCY BOND & LICENSE
Bond: $10,000 License: Yes Fee: $200 - Original $100 - Renewal $100 - Branch
Exemption for out-of-state collectors:
Out-of-state agencies MAY bypass licensing if they are not
[1] soliciting clients in Wyoming; or
[2] collecting for Wyoming creditors.
--------------------------------------------------------
PUERTO RICO
INTEREST RATE
Legal: 9.25%
Judgment: contract rate(interest at the same rate as the underlying debt) or 10% judgment rate
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
Written Contract: 15
Domestic Judgment: 15
Foreign Judgment: 15
BAD CHECK LAWS |MISDEMEANOR| See articles 1851-1856 of the Puerto Rico Penal Code regarding bad check laws.
PUERTO RICO WAGE GARNISHMENT EXEMPTIONS 75% of last 30 days’ earnings for family support
COLLECTION AGENCY
Bond: $5,000
License: Yes
Fee:
$100 - Original
$100 - Renewal
$100 - Branch
--------------------------------------------------------