January 19, 2007, Newsletter Issue #72: Kentucky Collection Agency Laws

Tip of the Week

Following is some important information on Kentucky debt recovery laws including: Kentucky Statutes, Kentucky Judgments, Kentucky Garnishments, Kentucky Interest Rates, Kentucky Bad Check Laws and Kentucky Collection Agency Requirements.

INTEREST RATE
Legal: 8%
Judgment: 12%

STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 5
Written Contract: 15
Oral Contract: 5
Domestic Judgment: 15
Foreign Judgment: 15

BAD CHECK LAWS (CIVIL PENALTY)
N/A

GENERAL GARNISHMENT EXEMPTIONS
75% of disposable income or 30 times the federal minimum hourly wage (whichever is greater)

COLLECTION AGENCY BOND & LICENSE
Bond: No
License: No
Fee: No

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