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December 1, 2006, Newsletter Issue #65: Nevada Collection Agency Laws
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Tip of the Week
Following is some important information on Nevada debt collection laws including: Nevada Statutes, Nevada Judgments, Nevada Garnishments, Nevada Interest Rates, Nevada Bad Check Laws and Nevada Collection Agency Requirements.
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.
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