{"id":481,"date":"2019-04-04T07:25:46","date_gmt":"2019-04-04T07:25:46","guid":{"rendered":"https:\/\/commercialrecoveryinc.com\/WorkingOn\/?page_id=481"},"modified":"2021-06-09T15:03:39","modified_gmt":"2021-06-09T22:03:39","slug":"collection-laws2-working-on-spaces","status":"publish","type":"page","link":"https:\/\/commercialrecoveryinc.com\/?page_id=481","title":{"rendered":"Collection Laws"},"content":{"rendered":"\n<p><span class=\"has-inline-color has-black-color\">SUMMARY OF COLLECTION LAWS<br> Bad check law: Alternately, UCC article 3 section 806 provides recovery of all reasonable costs &amp; expenses.<br> Federal Garnishment Exemption: Federal Law exempts from garnishment 75% of disposable earnings per week, or an amount equal to 30 x federal minimum hourly wage, whichever is greater. Some states laws still on the books are listed below, but where federal law provides larger exemption, it supersedes the state law.<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><span class=\"has-inline-color has-black-color\">Denotes States having community property laws.<\/span><\/li><\/ul>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: ALABAMA * <br>\nINTEREST RATE: Legal: 6%    Judgment: 12%<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 3            Written Contract: 6<br>\nDomestic Judgment: 20        Foreign Judgment: 20<br>\nBAD CHECK LAWS (CIVIL PENALTY): Greater of $10 or Actual Bank Charges.<br>\nGENERAL GARNISHMENT EXEMPTIONS: 75% of wages are exempt from garnishment.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: No    License or Registration: Privilege License, State &amp; County<br>\nExemption for out-of-state collectors: Business License not required for out-of- state agency (per Secretary of State).<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: ALASKA<br>\nINTEREST RATE: Legal: 6%    Judgment: 5% or contractual.<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nSale of Goods: 4            Written Contract: 3<br>\nDomestic Judgment: 10        Foreign Judgment: 10<br>\nBAD CHECK LAWS (CIVIL PENALTY): Damages in the 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.<br>\nGENERAL GARNISHMENT EXEMPTIONS: 75% of employee\u2019s weekly net income or $420.00 whichever is more.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: $5000    License or Registration: Solicit\/Collect<br>\nExemption for Out-of-state collectors: No exemption in statute.<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: ARIZONA *<br>\nINTEREST RATE Legal: 10%    Judgment: 10% or contractual.<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 3            Written Contract: 6 in AZ &#8211; 4 outside AZ<br>\nDomestic Judgment: 5 (additional 5 upon request indefinitely.)    Foreign Judgment: 4<br>\nBAD CHECK LAWS (CIVIL PENALTY): Twice the amount of the check plus costs of suit and reasonable attorney fees.<br>\nGENERAL GARNISHMENT EXEMPTIONS: See federal law.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: $10,000 to $35,000    License or Registration: Solicit\/Collect<br>\nExemption for out-of-state collectors: License not required if an out-of-state agency\u2019s state has requirements substantially similar to AZ and allows reciprocity.<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: ARKANSAS<br>\nINTEREST RATE Prejudgment: If none indicated, 6% prejudgment; if provided in contract in writing and AR law applies, then no more than 5 points above the federal discount rate at the time the contract is entered into.<br>\nJudgment: 5 points above the federal discount rate at the time of judgment. <br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 3 (except Med. 2 yrs.) Written Contract: 5 (partial payment stops the statute from running).<br>\nSale of Goods (UCC-2): 4     Domestic Judgment: 10- Renewable    Foreign Judgment: 10- Renewable<br>\nBAD CHECK LAWS (CIVIL PENALTY): Twice amount of check \u2014 prior to double charge \u2014 can start out with $15 charge per NSF check after 30 days.<br>\nGENERAL GARNISHMENT EXEMPTIONS: $500 head of family; $200 single (includes personal property except clothing.) Homestead Exemptions: 40 acres plus home in city and 80 acres plus home in country.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: $5,000 to $25,000     License or Registration: Solicit\/Collect<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: CALIFORNIA *<br>\nINTEREST RATE Legal: 10%    Judgment: 10% (Unless otherwise contracted).<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: Reduced to writing \u2013 4    Open Acct: No writing \u2013 2   Written Contract: 4<br>\nDomestic Judgment: 10 (renewable at 10)     Foreign Judgment: 10 (judgment debtors commencing of CA residence).<br>\nBAD CHECK LAWS (CIVIL PENALTY): Amount due, Treble damages-minimum $100 maximum $1,500 per check.<br>\nGENERAL GARNISHMENT EXEMPTIONS: See federal law. Exemptions for necessaries of life.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE: No license or bond required.<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: COLORADO<br>\nINTEREST RATE Legal: 8%    Judgment: 8% (or higher if specified in statute, contract or note).<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 3            Written Contract: 6 (signed promissory note),<br>\nWritten Contract Goods Services: 3    Domestic Judgment: District Court: 20 (renewable every 20); County Court:  6 (renewable every 6)        Foreign Judgment: 6 in CO.<br>\nBAD CHECK LAWS (CIVIL PENALTY): Treble Damages &amp; Reasonable Attorney Fees.<br>\nGENERAL GARNISHMENT EXEMPTIONS: See federal law.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: $12,000 to $20,000    License or Registration: Solicit\/Collect<br>\nExemption 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 located in a state that regulates and licenses collection agencies, but does not require Colorado agencies to obtain a license when they collect debts in the same manner<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: CONNECTICUT<br>\nINTEREST RATE Legal: 10%    Judgment: 10%<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 6            Written Contract: 6     Oral Contract: 6<br>\nSale of Goods (UCC): 6        Domestic Judgment: 20\/25    Small Claims Judgment: 10\/15<br>\nForeign Judgment: No provision<br>\nBAD CHECK LAWS (CIVIL PENALTY): Personal liability of signatory on corporate claims unless signed in corporate capacity.<br>\nGENERAL GARNISHMENT EXEMPTIONS: 25% you may garnish disposable earnings each week or 40x federal minimum hourly wage whichever is less.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: $5000    License or Registration: Solicit\/Collect<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: DELAWARE<br>\nINTEREST RATE: Pre or Post judgment interest at legal rate (6% as ct 12\/2003) or contract rate.<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nSale of Goods (UCC): 4        Open Acct: 4        Written Contract: 3<br>\nPromissory Notes: 6        Personal Injury and Damage to Personal Property: 2<br>\nJudgments: 10 Justice of the Peace Court: 2 years (unless execution attempted)        Superior Court: 10<br>\nBAD CHECK LAWS (CIVIL PENALTY): N\/A<br>\nGENERAL GARNISHMENT EXEMPTIONS: Wage garnishment may not exceed 15% of disposable earnings or reduce disposable earnings to less than $150 a week.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: No        License or Registration: Solicit\/Collect<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">PROVINCE: DISTRICT OF COLUMBIA<br>\nINTEREST RATE Legal: 3%        Judgment: 70% of interest rates on taxes of IRS.<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 3            Written Contract: 3<br>\nDomestic Judgment: 12        Foreign Judgment: Foreign Statute<br>\nBAD CHECK LAWS (CIVIL PENALTY): Amount Due and  Protest Fees.<br>\nGENERAL GARNISHMENT EXEMPTIONS: See federal law. D.C. Government employees are now garnish able.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: No        License or Registration: No<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: FLORIDA <br>\nINTEREST RATE Legal: 6%        Judgment: 6% or up to 18% if contractual.<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 4            Written Contract: 5<br>\nDomestic Judgment: 20 year duration, if recorded acts as lien on non-homestead real property for 10 yrs; may be recorded for an additional 10 yrs.            Foreign Judgment: Same duration as domestic if under F.S. \u00a755.50 et seq.<br>\nBAD CHECK LAWS (CIVIL PENALTY): Initially face value of check plus $25.00 or 5% of value, whichever is greater. If suit is required, after 30-day demand, treble amount in addition to amount owed, bank, court costs and reasonable attorney fees.<br>\nGENERAL GARNISHMENT EXEMPTIONS: FL has opted out of federal bankruptcy exemptions. 100% head of household; Liberal Homestead Exemption; Life insurance proceeds; and\/or cash value of policy, disability income, pension monies and retirement funds are exempt.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: No-Consumer Collections; Yes- Commercial Collections<br>\nLicense or Registration: Solicit\/Collect for in-state creditor.<br>\nExemption 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.<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: GEORGIA<br>\nINTEREST RATE Legal: 7%        Judgment: Prime + 3 Commercial Accounts: 18%<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 4            Written Contract: 6<br>\nDomestic Judgment: 7        Foreign Judgment: 5<br>\nBAD CHECK LAWS (CIVIL PENALTY): After 10 day written demand double damages up to $500 and service charge of $25 or 5%, whichever is greater.<br>\nGENERAL GARNISHMENT EXEMPTIONS: See federal law. City, County &amp; State employees may be garnished.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: No        License or Registration: No<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: HAWAII<br>\nINTEREST RATE Legal: 10%    Judgment: 10% (no written contract).<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nSale of Goods: 4            Open Acct: 6        Written Contract: 6<br>\nDomestic Judgment: 10        Foreign Judgment: 6 for Regis.\/10 after Regis.<br>\nBAD CHECK LAWS (CIVIL PENALTY): Damages equal to $100 or triple amount of check, not to exceed $500.<br>\nGENERAL 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<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: $25,000\/$15,000 each branch. License or Registration: Solicit\/Collect<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: IDAHO *<br>\nINTEREST RATE Legal: 12%    Judgment:   6%<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 4            Oral Contract: 4        Written Contract: 5<br>\nDomestic Judgment: 6 renewable    Foreign Judgment: 6 renewable<br>\nBAD CHECK LAWS (CIVIL PENALTY): Triple amount of check up to $500 over the check amount.<br>\nGENERAL GARNISHMENT EXEMPTIONS: See federal law.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: $2,000 initial     License or Registration: Solicit\/Collect<br>\nExemption for out-of-state collectors: Out-of-state collectors may quality for a special license if licensed, bonded by any state; solicit no ID clients; contact ID residents only by interstate communications; have no instate agents, locations, maintain books, records according to accepted accounting practices.<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: ILLINOIS<br>\nINTEREST RATE Legal: 5%    Judgment: 9%<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nSales (UCC): 4            Open Acct: 5        Written Contract: 10<br>\nDomestic Judgment: 20        Foreign Judgment: 5<br>\nBAD CHECK LAWS (CIVIL PENALTY): Triple check amount up to $1,500, attorney tees &amp; court costs.<br>\nGENERAL GARNISHMENT EXEMPTIONS: 15% of gross wages or disposable earnings for workweek up to 45 x federal minimum hourly wage, whichever is greater.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: $25,000        License or Registration: Solicit\/Collect<br>\nExemption for out-of-state collectors: Out-of-state collectors may be exempt if 1) they are licensed in another state; 2) their state of residence has laws which provide similar reciprocity (allow out-of-state agencies to collect only by means of interstate communications); and 3) the state in which he non-Illinois agency resides extends the same privileges to out-of- state agencies.<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: INDIANA <br>\nINTEREST RATE Legal: 8% (unless agreement between the parties)        Judgment: 5%<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 6        Written Contract for payment of money (executed before 9\/1\/82): 10 (after 8\/31\/82): 6<br>\nWritten Contract other than payment of money (executed before 9\/1\/82): 20 after 8\/31\/82: 10<br>\nWritten Contract for sale of goods: 4    Domestic Judgment: 10 on real estate, 20 against the person<br>\nForeign Judgment: 20<br>\nBAD CHECK LAWS (CIVIL PENALTY): Triple check amount up to $500 over check amount, plus attorney fees and interest up to 18% per annum or triple check amount plus attorney fees and interest at judgment rate.<br>\nGENERAL GARNISHMENT EXEMPTIONS: 75% of disposable earnings for work week or he amount of 30 x federal minimum hourly wage, whichever is greater.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: $5,000    License or Registration: Solicit\/Collect for in-state creditor.<br>\nExemption 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, and mail).<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: IOWA<br>\nINTEREST RATE Legal &amp; Judgment: legal floating rate per T-Bill rate.<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 5            Written Contract: 10<br>\nDomestic Judgment: 10 can be renewed in the 9th year    Foreign Judgment: 10 can be renewed in the 9th year.<br>\nBAD CHECK LAWS (CIVIL PENALTY): 537.2501G allows 5% of the check or $20, whichever is greater. 625.22 allows for reasonable attorney fees.<br>\nGENERAL GARNISHMENT EXEMPTIONS: Iowa has its own exemptions. See Iowa Code Chapter 627.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Send: No         License or Registration: If collect $25,000 or more.<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: KANSAS<br>\nINTEREST RATE Legal: 10%     Judgment: 6%<br>\nDistrict Court: Discount Rate + 4%    Limited Actions: 12%<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 2            Sale of Goods: 4        Written Contract: 5<br>\nDomestic Judgment: 5 renewable    Foreign Judgment: 5 renewable<br>\nBAD CHECK LAWS (CIVIL PENALTY): Three times check amount not exceeding the check amount by $500 or $100 whichever is greater plus attorney fees and court costs plus amount of check.<br>\nGENERAL GARNISHMENT EXEMPTIONS: See Federal Law.  Plus other personal property, benefit exemptions, and homestead.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: No    License or Registration: No<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: KENTUCKY<br>\nINTEREST RATE Legal: 8%        Judgment: 12%<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 5            Sale of Goods: 4        Promissory Notes: 6<br>\nWritten Contract: 15        Oral Contract: 5        <br>\nDomestic Judgment: 15        Foreign Judgment: 15<br>\nBAD CHECK LAWS (CIVIL PENALTY): N\/A<br>\nGENERAL GARNISHMENT EXEMPTIONS: 75% of disposable income or 30 times the federal minimum hourly wage (whichever is greater).<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: No        License or Registration: No<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: LOUISIANA *<br>\nINTEREST RATE Legal: 5.25%    Judgment: 6.25%<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 3            Written Contract: 10    Promissory Notes: 5<br>\nDomestic Judgment: 10        Foreign Judgment: 10<br>\nBAD CHECK LAWS (CIVIL PENALTY): After 30 day written demand (certified or registered), twice check amount, attorney fees &amp; court costs.<br>\nGENERAL GARNISHMENT EXEMPTIONS: 75% disposable earnings per work week, but not less than 30 x federal minimum hourly wage.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: $10,000    License or Registration: Solicit\/Collect<br>\nExemption for out-of-state collectors: Only if they are collecting debts from Louisiana residents on behalf of creditors that are not physically located in the state or are not licensed as a foreign corporation to conduct business in the state.<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: MAINE<br>\nINTEREST RATE Legal: 8%    Pre Judgment: T-Bill rate + 3   Post Judgment: T-Bill rate + 6<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 6             Sale of Goods: 4        Written Contract: 6 + 20 (with attestment).<br>\nJudgments (Domestic &amp; Foreign): Rebuttal presumption that judgment has been paid after 20 years.<br>\nBAD CHECK LAWS (CIVIL PENALTY): Amount due, court costs, service costs and collection costs.<br>\nGENERAL GARNISHMENT EXEMPTIONS:  You may garnish 25% of disposable income or the amount by which a debtor\u2019s income exceeds the minimum wage (whichever is less), after judgment only.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: Yes $20,000 to $50,000    License or Registration: Solicit\/Collect<br>\nExemption for out-of-slate collectors: Contact state authority. Licensing authority is allowing some exemptions to out-of-state agencies that collect, not solicit, for nonresident creditors, it debt incurred outside the state. Based on strict interpretation of state law, all in-state and out-of-state collection agencies must obtain a license before conducting any collection activity in the state unless the debtor resides in the state, the creditor is out-of-state and the collection agency is also out of the state.<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: MARYLAND<br>\nINTEREST RATE Legal: 6%        Judgment: 10% or contractual<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 3 (UCC): 4        Specialty: 12 (contract under seal) Written Contract: 3<br>\nDomestic Judgment: 12        Foreign Judgment: 12<br>\nBAD CHECK LAWS (CIVIL PENALTY): After 30 day written notice, amount due, $25 fee, twice check amount up to $1,000 (at the discretion of the court). Applies to COD sales only.<br>\nGENERAL GARNISHMENT EXEMPTIONS: Federal minimum wage takes priority over State Law; exemption is greater of 75% of net wage or 30 times the Federal minimum wage.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: $5,000    License or Registration: Solicit\/Collect<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: MASSACHUSETTS<br>\nINTEREST RATE Legal: 12% Judgment: 12% Contract: 12% unless agreed to a higher rate in writing by debtor.<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct on Contract: 6        Sales (UCC) Contract: 4     Contract: 6<br>\nDomestic Judgment: 20 (presumed satisfied after 20 years) can be extended for 20-year periods<br>\nForeign Judgment: 20        Contracts Under Seal: 20<br>\nBAD CHECK LAWS (CIVIL PENALTY): Amount due, costs of suit, protest fees, and additional damages of $100- $500 can be assessed.<br>\nGENERAL GARNISHMENT EXEMPTIONS: $125 week.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: $10,000 -$25,000 License or Registration: Solicit\/Collect<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: MICHIGAN<br>\nINTEREST RATE Legal: 5% (7% in writing)    Usury limit: 25%<br>\nJudgment: 1% over US Treasury Note<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 6            Written Contract: 6     Sales (UCC) Contract: 4<br>\nDomestic Judgment: 10 renewable    Foreign Judgment: 10<br>\nBAD CHECK LAWS (CIVIL PENALTY): Twice the amount of check, not to exceed $500. Retail Claims-Notice Requirements apply<br>\nGENERAL GARNISHMENT EXEMPTIONS: See federal law.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE (RETAIL ONLY) Bond: $5,000 -$50,000 License or Registration: Solicit\/Collect for in-state creditor. Exemption for out-of-state collectors: Out-of-state collectors are exempt if collecting by interstate means (phones, fax, mail).<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: MINNESOTA<br>\nINTEREST RATE Legal: 6%        Judgment: 4% (Changes Yearly) <br>\nBusiness or Agricultural Loan: 4.5% over federal discount rate.<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nGoods sold and delivered (UCC): 4    Open Acct: 6        Written Contract: 6<br>\nTransportation Service: 3        Domestic Judgment: 10   Foreign Judgment: 10<br>\nContract For Sale: 4        Lease Contract: 4       Note Payable: 6<br>\nBAD 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 $1,250.<br>\nGENERAL GARNISHMENT EXEMPTIONS: Greater of 75% or amount equal 40 x federal minimum hourly wage.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: $5,000-$20,000    License or Registration: Solicit\/Collect<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: MISSISSIPPI<br>\nINTEREST RATE Legal: 8%     Judgment: amount in contract, if no contract amount court decides<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 3            Written Contract: 3     UCC: 6<br>\nDomestic Judgment: 7        Foreign Judgment: 7 (3 it resident)     Deficiency Suit: 1 year from date of sale.<br>\nBAD CHECK LAWS (CIVIL PENALTY): On checks up to and including $25, additional damages would be 100% of check amount. On checks from $25 to $200, additional damages would be 50% of check amount but not less than $25. On checks over $200 additional damages would be 25% of check amount.<br>\nGENERAL GARNISHMENT EXEMPTIONS: See federal law.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: No    License or Registration: Certificate of Authority<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE:    MISSOURI<br>\nINTEREST RATE Legal: 9%    Judgment: 9%<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nSale of Goods: 4            Open Acct: 5    Written Contract: 10 (Money &amp; Property)<br>\nDomestic Judgment: 10 (Revived every 3 years)    Foreign Judgment: 10 (Revived every 3 years).<br>\nBAD CHECK LAWS (CIVIL PENALTY): Three limes face amount owed or $100 whichever is greater not to exceed $500 (exclusive of attorney fees).<br>\nGENERAL GARNISHMENT EXEMPTIONS:  See federal law; exempt 90% of week\u2019s net pay, head of household, single person without dependents equal 75%.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: No    License or Registration: No<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: MONTANA<br>\nINTEREST RATE Legal: 10%     Judgment: 10%<br>\nA binding written agreement may provide for interest of 15% or 6% above prime (whichever is more).<br>\nException to Interest Law: Short Term Lenders (90 days or less) can receive high interest of 300-400% APR.<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nContract not in Writing: 5        Written Contract: 8<br>\nDomestic Judgment: 10 (District Court)     (Realty lien for only 6)   Justice of Peace Judge: 6<br>\nBAD CHECK LAWS (CIVIL PENALTY): $100 minimum or 3 times face value up to $500 plus face value of check under UCC plus $30 service charge per check.<br>\nGENERAL GARNISHMENT EXEMPTIONS: See federal law.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: No    License or Registration: No<br>\nCaveats: Foreign corporations should register with MT SOS prior to any suit in MT Courts or risk stay or dismissal (cost $120). Attorney fees only if provided by a signed written agreement or provided by statute.<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: NEBRASKA<br>\nINTEREST RATE Legal: 12% per written instrument or contract rate.<br>\nJudgment: 2% above bend equivalent yield as published by US Treasury.<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 4                Written Contract: 5<br>\nDomestic Judgment: 5 renewable every 5    Foreign Judgment: 5 non-renewable<br>\nBAD CHECK LAWS (CIVIL PENALTY): Amount due, costs, and protest fees.<br>\nGENERAL GARNISHMENT EXEMPTIONS: Greater of 75% disposable earnings (85% if head of household), or 30 x federal minimum hourly wage.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: $5,000 to $15,000 License or Registration: Solicit\/Collect<br>\nExemption for out-of-state collectors: Out-of-state collectors are exempt if 1) communicating by interstate means (phone, fax, and mail); and 2) are regulated by the laws of another state.<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: NEVADA * <br>\nINTEREST RATE Contract rate always prevails, if no contract: Legal: 2% Over Prime    Judgment: 2% Over Prime<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 4            Written Contract: 6         Lease: 4<br>\nDomestic Judgment: 6        Foreign Judgment: 6<br>\nBAD CHECK LAWS (CIVIL PENALTY): Amount due, protest fees three times check amount not more than $500, or less than $100.<br>\nGENERAL GARNISHMENT EXEMPTIONS: Garnish only 25% of Disposable earnings for each week or 30-x federal minimum hourly wage whichever is less.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: $25,000 -$60,000    License or Registration: Solicit\/Collect for in-state creditor.  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.<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: NEW HAMPSHIRE <br>\nINTEREST RATE Judgment:    2004 = 3%<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 3            For Goods: 4        Written Contract: 3<br>\nDomestic Judgment: 20        Foreign Judgment: 20<br>\nBAD CHECK LAWS (CIVIL PENALTY):  Amount due, interest, court costs, reasonable costs of collection and $10 per day up to a maximum of $500.<br>\nGENERAL GARNISHMENT EXEMPTIONS: 50 x federal minimum hourly wage.  All future wages are exempt so that the court cannot issue an ongoing order.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: No    License or Registration: No<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: NEW JERSEY <br>\nINTEREST RATE Legal: 5%    Judgment: Changes yearly 2004: 2% up to $15,000<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 6            Sale of Goods: 4        Written Contract: 6<br>\nDomestic Judgment: 20        Foreign Judgment: 20<br>\nBAD CHECK LAWS (CIVIL PENALTY): N\/A<br>\nGENERAL GARNISHMENT EXEMPTIONS: $154.50 week minimum; 10% of gross earnings $154.50 and over.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: $500    License or Registration: Certificate of Authority<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: NEW MEXICO *<br>\nINTEREST RATE Judgment: 8.75% (in the absence of a written contract)<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 4            Written Contract: 6<br>\nDomestic Judgment: 14        Foreign Judgment: 14<br>\nBAD CHECK LAWS (CIVIL PENALTY): Amount due, triple damages up to $500 per check. Complex requirements need to be met.<br>\nGENERAL GARNISHMENT EXEMPTIONS: Greater of 76% or amount each week equal to 40 x federal min. hourly wage.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: $5,000 minimum- based on volume. <br>\nLicense or Registration: Solicit\/Collect<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: NEW YORK<br>\nINTEREST RATE Legal: 16%    Judgment: 9%<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 6            Sale of Goods: 4        Written Contract: 6<br>\nDomestic Judgment: 20(10 yr. renewable lien)    Foreign Judgment: 20(10 yr. renewable lien).<br>\nBAD CHECK LAWS (CIVIL PENALTY): Face value of check plus two times check amount up to a maximum of $400 on NSF or $750 on \u201cno account\u201d (demand prescribed by law). GEN. OB.: 1.1-104 provision<br>\nGENERAL GARNISHMENT EXEMPTIONS: 90% of earnings, except 1st  $154.50 week wholly exempt.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: NYC- No (Buffalo-$5,000) License or Registration (NY State): Yes<br>\nLicense or Registration (NYC): Solicit\/Collect<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: NORTH CAROLINA<br>\nINTEREST RATE Legal: 8%    Judgment: 8%<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 3            Sale of Goods: 4        Written Contract: 3<br>\nDomestic Judgment: 10        Foreign Judgment: 10<br>\nBAD CHECK LAWS (CIVIL PENALTY): 30 day written demand lesser of $500 or 3 x check amount, but not less than $100.<br>\nGENERAL GARNISHMENT EXEMPTIONS: 100% of last 60 days\u2019 earnings for family support. Garnishment only by political subdivisions for taxes, ambulance fees, etc.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: $5,000 to $50,000 License or Registration: Solicit\/Collect<br>\nExemption for out-of-slate collectors: Contact stale authorities. 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.<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: NORTH DAKOTA<br>\nINTEREST RATE Legal: 6%    Judgment:   12%<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct. for services: 6        Sale of Goods: 4        Written Contract: 6<br>\nDomestic Judgment: 10 renewable    Foreign Judgment: 10 renewable<br>\nBAD CHECK LAWS (CIVIL PENALTY): Amount due, collection fees of $25, and $100 or 3 x check whichever is less.<br>\nGENERAL GARNISHMENT EXEMPTIONS: Greater of 75% or amount each week equal to 40 x federal min. hourly wage, plus $20.00 each household dependent.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: $20,000    License or Registration: Solicit\/Collect<br>\nExemption for out-of-state collectors: A person may not be considered to be engaged in collection activity within this state if that person\u2019s activities are limited to collecting debts from debtors located in this state by means of interstate communications, including phone, mail or facsimile transmission from the person\u2019s location in another state if the person is licensed and bonded in that state and the state has enacted similar legislation.<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: OHIO<br>\nINTEREST RATE Legal: 10%    Judgment: 10% (unless written contract)<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 6            Written Contract: 15<br>\nDomestic Judgment: 21 renew every 5    Foreign Judgment: 15 renew every 5<br>\nBAD CHECK LAWS (CIVIL PENALTY): The greatest of $200 or three times the amount of check and attorney fees (no maximum).<br>\nGENERAL GARNISHMENT EXEMPTIONS: See federal law. <br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: No    License or Registration: No<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: OKLAHOMA<br>\nINTEREST RATE Legal: 6% unless specified in contract        Judgment: 5.63% varies every year<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 3            Sale of goods by UCC: 5 Written Contract: 5<br>\nDomestic Judgment: 5 renewable    Foreign Judgment: 6 renewable<br>\nBAD CHECK LAWS (CIVIL PENALTY): N\/A<br>\nGENERAL GARNISHMENT EXEMPTIONS: State law: 75% of earnings exempted, more if hardship established. All federal exemptions apply.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: No    License or Registration: No<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: OREGON<br>\nINTEREST RATE Statutory + Judgment: 9% simple interest per annum (unless specified by contract)<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 6            Select Goods: 6 (4 yrs UCC Transaction) Written Contract: 6<br>\nDomestic Judgment: 10 Renewable at 10    Foreign Judgment: 10<br>\nBAD CHECK LAWS (CIVIL PENALTY): Can recover reasonable attorney fees and 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.<br>\nGENERAL GARNISHMENT EXEMPTIONS: 75% of disposable earnings or 40 x federal min. hourly wage.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: $10,000    License or Registration: Solicit\/Collect<br>\nExemption for out-of-state collectors: Contact slate 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\u2019s law.<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: PENNSYLVANIA<br>\nINTEREST RATE Legal: 6%    Judgment:   6%<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 4            Written Contract: 4<br>\nDomestic Judgment: 5 (writ of revival within 5 yrs.)     Lien against real estate: 5 (writ of revival within 6 years to maintain current lien position for another 4 year period.  If not revived in the 4 year period judgment continues to act as a lien against real estate but will lose its priority position compared to other judicial lien creditors.)<br>\nPersonal property Ex: 20 yrs.        Foreign Judgment: 4<br>\nBAD CHECK LAWS (CIVIL PENALTY): N\/A<br>\nGENERAL GARNISHMENT EXEMPTIONS: 100% of wages, certain pensions, retirement accounts &amp; Keogh plan under certain circumstances, and $300.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: Yes    License or Registration: Yes<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: RHODE ISLAND <br>\nINTEREST RATE Legal: 12%    Judgment: 12%<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 10            Written Contract: 10<br>\nDomestic Judgment: 20        Foreign Judgment: 20<br>\nBAD CHECK LAWS (CIVIL PENALTY): Amount of check, $25 fee and treble damage up to $1,000<br>\nGENERAL GARNISHMENT EXEMPTIONS: See federal law.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: No    License or Registration: No<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE:    SOUTH CAROLINA<br>\nINTEREST RATE Legal: 8.75%    Judgment: 12%<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 3            Written Contract: 3<br>\nDomestic Judgment: 10        Foreign Judgment: 10    Written Contract Under Seal: 20<br>\nBAD CHECK LAWS (CIVIL PENALTY): Reasonable court costs, amount of check and damages up to $500 or 3 x check amount whichever is smaller.<br>\nGENERAL GARNISHMENT EXEMPTIONS: 100% wage<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: No    License or Registration: Business License<br>\nExemption for out-of-state collectors: License required for in-state agency only.<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: SOUTH DAKOTA<br>\nINTEREST RATE Legal: 12%    Judgment: 10%<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 6            Safe of Goods: 4        Written Contract: 6<br>\nDomestic Judgment: 10 renewable for 10    Foreign Judgment: 10<br>\nBAD CHECK LAWS (CIVIL PENALTY): N\/A<br>\nGENERAL GARNISHMENT EXEMPTIONS: 20% of the individual\u2019s disposable earnings for a 60-day period, 180 days if garnishee summons indicates \u2018Continuing Lien\u2019.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: No    License or Registration: No<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: TENNESSEE<br>\nINTEREST RATE Legal: 10%    Judgment: 10% (or contract rate, whichever is greater).<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 6            Written Contract: 6<br>\nDomestic Judgment: 10        Foreign Judgment: 10<br>\nBAD CHECK LAWS (CIVIL PENALTY): Treble damages up to $500 plus 10% interest and reasonable service charges, attorney\u2019s fees, and court costs.<br>\nGENERAL GARNISHMENT EXEMPTIONS: See federal law. Add $2.50 per wk. for dependent child under 16.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: $15,000 to $25,000    License or Registration: Solicit\/Collect<br>\nExemption for out-of-state collectors: Contact state licensing authority. Out-of-slate 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.<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: TEXAS *<br>\nINTEREST RATE Legal: 18% with agreement: can charge up to 6% without agreement-statutory interest of 6% begins to run the 30th day after debt become due.        Judgment: 6%<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 4            Written Contract: 4     Promissory Note: 6<br>\nDomestic Judgment: 10 (renewable)    Foreign Judgment: 10 (renewable)<br>\nBAD CHECK LAWS (CIVIL PENALTY): N\/A<br>\nGENERAL GARNISHMENT EXEMPTIONS: 100% of Wages.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: $10,000         License or Registration: No<br>\n**Always consult counsel to charge interest; Texas has very onerous usury law &amp; penalties.<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: UTAH<br>\nINTEREST RATE Legal: 10%     Judgment: 3.28%<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 4            Written Contract: 6<br>\nDomestic Judgment: 8        Foreign Judgment: 8<br>\nBAD CHECK LAWS (CIVIL PENALTY): Certified statutory bad check notice must be sent. Amount due, interest court costs, reasonable attorney\u2019s fees, plus damage equal to greater of $100 or three x check amount (not to exceed check plus $500).<br>\nGENERAL GARNISHMENT EXEMPTIONS: $142.50 of disposable earnings for wages paid weekly.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: $10,000    License or Registration: Solicit\/Collect<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: VERMONT<br>\nINTEREST RATE Legal: 12%    Judgment: 12%<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 6            Written Contract: 6<br>\nDomestic Judgment: 8        Foreign Judgment: 8<br>\nRetail Security Agreements: 4    Witnessed Promissory Notes: 14<br>\nBAD CHECK LAWS (CIVIL PENALTY): Court costs, amount of check, attorney\u2019s fees, damage of $50. (Notices required.)<br>\nGENERAL GARNISHMENT EXEMPTIONS: 75% of earning above minimum wage or what is necessary to live, 85% if person, family or house held debt.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: No        License or Registration: No<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: VIRGINIA<br>\nINTEREST RATE Legal: 8%    Judgment: 9% or contract rate whichever is higher.<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 3 from last charge or payment    Written Contract: 5<br>\nDomestic Judgment: 20        Foreign Judgment: 10 Sales of goods under article 2 is 4 years.<br>\nBAD CHECK LAWS (CIVIL PENALTY): Lesser of $250 or three times check amount.<br>\nGENERAL GARNISHMENT EXEMPTIONS: See federal law.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: No    License or Registration: No<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: WASHINGTON <br>\nINTEREST RATE Legal: 12%    Judgment:   12%<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 6            Written Contract: 8<br>\nDomestic Judgment: 10, renewable    Foreign Judgment: 10, renewable<br>\nBAD CHECK LAWS (CIVIL PENALTY): Interest at rate specified in instrument or, if no specified rate, 12% interest plus collection costs up to $40. If taken to court, reasonable attorney\u2019s fees, 3 x face value, or up to $300. Now have 6 years to enforce a bad check.<br>\nGENERAL GARNISHMENT EXEMPTIONS: Greater of 75% or $206 wk. (30 x state min. hourly wage).<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: $5,000    License or Registration: Solicit\/Collect<br>\nExemption for out-of-state collectors: Contact state authorities. Out-of-state agencies may qualify for lesser licensing fees. Out-of-stale collectors are no longer required to have resident office and in-state trust accounts if they don\u2019t have in-state client.  Bond is not required if held in home state.<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: WEST VIRGINIA<br>\nINTEREST RATE Legal: 6% (Contract rate prevails. Contract rate can vary between 18% and 31% max)<br>\nJudgment: 10%<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 6            Written Contract: 10<br>\nDomestic Judgment: 10        Foreign Judgment: 10<br>\nBAD CHECK LAWS (CIVIL PENALTY): Amount due, service charge up to $10. If check is under $500.00 it is a misdemeanor. Over $600.00 it is a felony.<br>\nGENERAL GARNISHMENT EXEMPTIONS: See West Va. Code 38-5A-3.  Employees withhold 20% of disposable income or 30 x the minimum hourly rate whichever is less. Other exemptions apply.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: $5,000        License or Registration: Solicit\/Collect<br>\nExemption for out-of-state collectors: Contact state authorities. Some out-of-state agencies maybe exempt if they are only collecting for out-of-state clients.<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: WISCONSIN *<br>\nINTEREST RATE Legal:    5%  Judgment:   12<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen boot: 6            Written Contract: 6<br>\nDomestic Judgment: 20        Foreign Judgment: 20<br>\nBAD CHECK LAWS (CIVIL PENALTY): Amount of check plus actual damages plus exemplary damages up to three times value of check. Limited to $300.<br>\nGENERAL GARNISHMENT EXEMPTIONS: 80% of net pay.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: $25,000 License or Registration: Solicit\/Collect for in-state creditor.  Exemption for out-of-state collectors: Out-of-state agencies do not need to be licensed if 1) collecting by interstate means (phone, fax, and mail); and 2) collecting for an out-of-state client.<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">STATE: WYOMING<br>\nINTEREST RATE Legal: 7%    Judgment: contract rate or 10% judgment rate.<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 8            Written Contract: 10<br>\nDomestic Judgment: 5        Foreign Judgment: 5<br>\nBAD CHECK LAWS (CIVIL PENALTY): Three times amount of check but less than $100 plus collection fee of $30.<br>\nGENERAL GARNISHMENT EXEMPTIONS: See federal law for consumer credit sale, lease or loan. Up to 66% for child support arrearage.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: $10,000 License or Registration: Solicit\/Collect for in-state creditor.  Exemption for out-of-state collectors: Out-of-state agencies may bypass licensing if 1) they are not soliciting clients for Wyoming creditors and 2) The debt was incurred outside the state.<\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-text-color\">PROVINCE: PUERTO RICO<br>\nINTEREST RATE Legal: 5% changes every 6 months (1\/1\/2004-6\/30\/2004)<br>\nJudgment: The Commissioner of the Board of Financial institutions every 6 months regulates it.<br>\nSTATUTE OF LIMITATIONS (IN YEARS)<br>\nOpen Acct: 3            Merchandise Open Acct: 3        Written Contract: 15<br>\nMortgage: 20            Domestic Judgment: 15       Foreign Judgment: 15<br>\nBAD CHECK LAWS (MISDEMEANOR): See articles 1851-1856 of the Puerto Rico Penal Code regarding bad check laws.<br>\nGENERAL GARNISHMENT EXEMPTIONS: 75% of last 30 days\u2019 earnings for family support.<br>\nCOLLECTION AGENCY BOND &amp; LICENSE Bond: $5,000        License or Registration: Yes<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SUMMARY OF COLLECTION LAWS Bad check law: Alternately, UCC article 3 section 806 provides recovery of all reasonable costs &amp; expenses. Federal Garnishment Exemption: Federal Law exempts from garnishment 75% of disposable earnings per week, or an amount equal to 30 x federal minimum hourly wage, whichever is greater. Some states laws still on the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-481","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/commercialrecoveryinc.com\/index.php?rest_route=\/wp\/v2\/pages\/481","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/commercialrecoveryinc.com\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/commercialrecoveryinc.com\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/commercialrecoveryinc.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/commercialrecoveryinc.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=481"}],"version-history":[{"count":2,"href":"https:\/\/commercialrecoveryinc.com\/index.php?rest_route=\/wp\/v2\/pages\/481\/revisions"}],"predecessor-version":[{"id":568,"href":"https:\/\/commercialrecoveryinc.com\/index.php?rest_route=\/wp\/v2\/pages\/481\/revisions\/568"}],"wp:attachment":[{"href":"https:\/\/commercialrecoveryinc.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}