October 12, 2007, Newsletter Issue #109: South Carolina Collection Agency Laws

Tip of the Week

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

INTEREST RATE
Legal: 8.75%
Judgment: 12%

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

BAD CHECK LAWS (CIVIL PENALTY)
Reasonable court costs amount of check& damages up to $500 or 3x check amount whichever is smaller

GENERAL GARNISHMENT EXEMPTIONS
100%

COLLECTION AGENCY BOND & LICENSE
Bond: No
License: Yes - all business
Fee: No
Exemption for out-of-state collectors: License required for instate agency only.

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