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 instate trust accounts if they don't have instate client. Bond is not required if held in home state.