December 1, 2006, Newsletter Issue #65: Nevada Collection Agency Laws

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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