Following is some important information on Virginia debt collection laws including: Virginia Statutes, Virginia Judgments, Virginia Garnishments, Virginia Interest Rates, Virginia Bad Check Laws and Virginia Collection Agency Requirements.
INTEREST RATE
Legal: 8%
Judgment: 9% or contract rate whichever is higher
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3 Last charge or payment Written Contract: 5
Domestic Judgment: 20
Foreign Judgment: 10
Sales of goods under article 2 is 4 years
BAD CHECK LAWS (CIVIL PENALTY)
Lesser of $250 or three times check amount
GENERAL GARNISHMENT EXEMPTIONS
See federal law
COLLECTION AGENCY BOND & LICENSE
Bond: $5000
License: Depends on Locality
Fee: No
Now one of the top on-line publishers in the world, LifeTips offers tips to millions of monthly visitors. Our mission mission is to make your life smarter, better, faster and wiser. Expert writers earn dough for what they know. And exclusive sponsors in each niche topic help us make-it-all happen.
Guru Spotlight |
Jolyn Wells-Moran |