February 16, 2007, Newsletter Issue #76: Connecticut Collection Agency Laws

Tip of the Week

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

INTEREST RATE
Legal: 8%
Judgment: 10%

STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 6
Written Contract: 6
Oral Contract: 3
Domestic Judgment: 20/25
Small Claims Judgment: 10/15
Foreign Judgment: 20

BAD CHECK LAWS (CIVIL PENALTY)
Personal liability of signatory on corporate claims unless signed in corporate capacity.

GENERAL GARNISHMENT EXEMPTIONS
25% you may garnish disposable earnings each week, or 40 x fed. min. hourly wage, which ever is less.

COLLECTION AGENCY BOND & LICENSE
Bond: $5000
License: Yes
Fee:
$200 Yearly
$50 Investigation

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