INTEREST RATE

• Legal: 8%
• Judgment: 8%

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).