February 17, 2006, Newsletter Issue #28: Louisiana Collection Agency Laws

Tip of the Week

Want to learn more about state by state debt recovery? What about debt recovery in Louisiana?Following is some important information on Louisiana debt recovery laws including: Louisiana Statute of Limitations, Louisiana Judgments, Louisiana Garnishments, Louisiana Interest Rates, Louisiana Bad Check Laws and Louisiana Collection Agency Requirements.

INTEREST RATE
Legal: 9.75%
Judgment: 9.75%

STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
Written Contract: 10
Promissory Notes: 5
Domestic Judgment: 10
Foreign Judgment: 10

BAD CHECK LAWS (CIVIL PENALTY)
After 30 day written demand (certified or registered), twice check amount. Attorney fees & court costs

GENERAL GARNISHMENT EXEMPTIONS
75% disposable earnings per work week, but not less than 30 x fed. min. hourly wage.

COLLECTION AGENCY BOND & LICENSE
Bond: Yes - $10,000
License: Yes
Fee:
$200 Initial
$200 Investigation
$200 Renewal
$100 Branch
$100 Branch Renewal

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