South Carolina Collection Agency Laws
Following is some important information on South Carolina state debt collection laws including: South Carolina Statutes, South Carolina Judgments, South Carolina Garnishments, South Carolina Interest Rates, South Carolina Bad Check Laws and South Carolina Collection Agency Requirements.
INTEREST RATE
Legal: 8.75%
Judgment: 12%
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 instate agency only.
Georgia Collection Agency Laws
Following is some important information on Georgia debt recovery laws including: Georgia Statutes, Georgia Judgments, Georgia Garnishments, Georgia Interest Rates, Georgia Bad Check Laws and Georgia Collection Agency Requirements.
INTEREST RATE
Legal: 7%
Judgment: 12%
Commercial Accounts: 18%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 4
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
Colorado Collection Agency Laws
Following is some important information on Colorado debt recovery laws including: Colorado Statute of Limitations, Colorado Judgments, Colorado Garnishments, Colorado Interest Rates, Colorado Bad Check Laws and Colorado Collection Agency Requirements.
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.
Massachusetts Collection Agency Laws
Following is some important information on Massachusetts debt recovery laws including: Massachusetts Statutes, Massachusetts Judgments, Massachusetts Garnishments, Massachusetts Interest Rates, Massachusetts Bad Check Laws and Massachusetts Collection Agency Requirements.
INTEREST RATE
Legal: 6%
Judgment: 12%
Contract: 12%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct. on Contract: 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
Rhode Island Collection Agency Laws
Following is some important information on Rhode Island state debt collection laws including: Rhode Island Statutes, Rhode Island Judgments, Rhode Island Garnishments, Rhode Island Interest Rates, Rhode Island Bad Check Laws and Rhode Island Collection Agency Requirements.
INTEREST RATE
Legal: 12%
Judgment: 12%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 10
Written Contract: 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
New Mexico Collection Agency Laws
Following is some important information on New Mexico debt collection laws including: New Mexico Statutes, New Mexico Judgments, New Mexico Garnishments, New Mexico Interest Rates, New Mexico Bad Check Laws and New Mexico Collection Agency Requirements.
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.
Oregon Collection Agency Laws
Following is some important information on Oregon state statute of limitations including: Oregon Statutes, Oregon Judgments, Oregon Garnishments, Oregon Interest Rates, Oregon Bad Check Laws and Oregon Collection Agency Requirements.
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.
Kentucky Collection Agency Laws
Following is some important information on Kentucky debt recovery laws including: Kentucky Statutes, Kentucky Judgments, Kentucky Garnishments, Kentucky Interest Rates, Kentucky Bad Check Laws and Kentucky Collection Agency Requirements.
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
Ohio Collection Agency Laws
Following is some important information on Ohio debt collection laws including: Ohio Statutes, Ohio Judgments, Ohio Garnishments, Ohio Interest Rates, Ohio Bad Check Laws and Ohio Collection Agency Requirements.
INTEREST RATE
Legal: 10%
Judgment: 10%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 4
Sales Contract (UCC2-725)
Written Contract: 15
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
Minnesota Collection Agency Laws
Following is some important information on Minnesota debt recovery laws including: Minnesota Statutes, Minnesota Judgments, Minnesota Garnishments, Minnesota Interest Rates, Minnesota Bad Check Laws and Minnesota Collection Agency Requirements.
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
Nebraska Collection Agency Laws
Following is some important information on Nebraska debt collection laws including: Nebraska Statutes, Nebraska Judgments, Nebraska Garnishments, Nebraska Interest Rates, Nebraska Bad Check Laws and Nebraska Collection Agency Requirements.
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 nonrenewable
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.
Michigan Collection Agency Laws
Following is some important information on Michigan debt recovery laws including: Michigan Statutes, Michigan Judgments, Michigan Garnishments, Michigan Interest Rates, Michigan Bad Check Laws and Michigan Collection Agency Requirements.
INTEREST RATE
Legal: 5%
Judgment: 7.162 changes semiannually
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.
New York Collection Agency Laws
Want to learn more about state by state debt recovery? What about debt recovery in New York?Following is some important information on New York debt collection laws including: New York Statute of Limitations, New York Judgments, New York Garnishments, New York Interest Rates, New York Bad Check Laws and New York Collection Agency Requirements.
INTEREST RATE
Legal: 16%
Judgment: 9%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 6
Written Contract: 6
Domestic Judgment: 20 (1 0 yr. renewable lien)
Foreign Judgment: 20 (1 0 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
Maryland Collection Agency Laws
Want to learn more about state by state debt recovery? What about debt recovery in Maryland?Following is some important information on Maryland debt recovery laws including: Maryland Statutes, Maryland Judgments, Maryland Garnishments, Maryland Interest Rates, Maryland Bad Check Laws and Maryland Collection Agency Requirements.
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
Louisiana Collection Agency Laws
Want to learn more about state by state debt recovery? What about debt recovery in Louisiana?Following is some important information on Louisiana debt recovery laws including: Louisiana Statute of Limitations, Louisiana Judgments, Louisiana Garnishments, Louisiana Interest Rates, Louisiana Bad Check Laws and Louisiana Collection Agency Requirements.
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