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