|
STATE
COLLECTION LAWS
--Statutes
--Judgments
--Garnishments
--Interest Rates
--Bad Check Laws
--Collection Agency Requirements by State
In
researching your debts, statute's and credit rating
it is often necessary to know the "collection laws"
of a particular state. Because state laws vary, knowing
the right collection law for your state or your creditors
state is essential. Here, you can find bad check laws,
state collection requirements, statutes of limitations
for both debts and judgments,
garnishments
plus license and bonding information for collection
agents. Totally invaluable! This information is provided
at commercialbar.com
and can be used in conjunction with our information
on defending the statute
of limitation.
† -Denotes community property state |
INTEREST RATE
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.
[TOP]
INTEREST RATE
- Legal: 10.5%
- Judgment:
10.5% or contractual
STATUTE OF
LIMITATIONS (IN YEARS)
- 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
[TOP]
INTEREST RATE
- Legal: 10%
- Judgment:
10% or contractual
STATUTE OF
LIMITATIONS (IN YEARS)
- Open Acct.:
3
- 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
[TOP]
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)
- 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
[TOP]
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 necessaties of life.
COLLECTION
AGENCY BOND & LICENSE
No license or bond required.
[TOP]
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.
[TOP]
INTEREST RATE
STATUTE OF
LIMITATIONS (IN YEARS)
- Open Acct.:
6
- 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, which ever is less.
COLLECTION
AGENCY BOND & LICENSE
- Bond:$5000
- License:
Yes
- Fee:
- $200
Yearly
- $50
Investigation
[TOP]
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
[TOP]
INTEREST RATE
- Legal: 6%
- Judgment:
70% of interest rate 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
[TOP]
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 instate
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.
[TOP]
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
[TOP]
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 $100 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
[TOP]
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.
[TOP]
INTEREST RATE
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.
[TOP]
INTEREST RATE
STATUTE OF
LIMITATIONS (IN YEARS)
- Open Acct.:
6
- Written
Contract for payment of money
- (executed
before 9/l/82): 10
- (executed
after 8/31/82): 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 unlicensed 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 nonresident
creditor; and [2] collection activities limited to interstate
communications (phone, fax, mail).
[TOP]
INTEREST RATE
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
[TOP]
INTEREST RATE
STATUTE OF
LIMITATIONS (IN YEARS)
- Open Acct.:
3
- Written
Contract: 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
[TOP]
INTEREST RATE
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
[TOP]
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
[TOP]
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 judgment
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 nonresident creditors and are not soliciting.
[TOP]
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
[TOP]
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
[TOP]
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.
[TOP]
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
[TOP]
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: 6
- 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
[TOP]
INTEREST RATE
STATUTE OF
LIMITATIONS (IN YEARS)
- Sale of
Goods: 4
- Open Acct.:
5
- Written
Contract: 10
- Money &
Property:
- 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
[TOP]
INTEREST RATE
- Legal: 10%
- Judgment:
10%
- A binding
written agreement may provide for interest of 15% or 6%
above prime
STATUTE OF
LIMITATIONS (IN YEARS)
- Open Acct.:
5
- Written
Contract: 8
- Domestic
Judgment: 6 (over $5000) Renewable
- Foreign
Judgment: 6 Renewable
BAD CHECK LAWS
(CIVIL PENALTY)
$100 minimum or 3 times face value up to $500
GENERAL GARNISHMENT
EXEMPTIONS
See federal law.
COLLECTION
AGENCY BOND & LICENSE
- Bond: No
- License:
No
- Fee: No
Caveats:
Foreign corporations should register with MT Sec. of State
prior to any suit in MT Courts or risk dismissal.
Attorney fees only if provided by a signed written agreement.
[TOP]
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.
[TOP]
INTEREST RATE
- Legal: 2%
Over Prime
- Judgment:
2% Over Prime
STATUTE OF
LIMITATIONS (IN YEARS)
- Open Acct.:
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.
[TOP]
INTEREST RATE
STATUTE OF
LIMITATIONS (IN YEARS)
- Open Acct.:
3
- For Goods:
4
- Written
Contract: 3
- 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
[TOP]
INTEREST RATE
- Legal: 6%
- Judgment:
No Statutory Provision
STATUTE OF
LIMITATIONS (IN YEARS)
- Open Acct.:
6
- 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
[TOP]
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.
[TOP]
INTEREST RATE
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
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INTEREST RATE
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 instate clients.
[TOP]
INTEREST RATE
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".
[TOP]
INTEREST RATE
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
[TOP]
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)
- Open Acct.:
3
- 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
[TOP]
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
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