February 2, 2007, Newsletter Issue #74: Georgia Collection Agency Laws

Tip of the Week

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

INTEREST RATE
Legal: 7%
Judgment: 12%
Commercial Accounts: 18%

STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 4
Written Contract: 6
Domestic Judgment: 7
Foreign Judgment: 5

BAD CHECK LAWS (CIVIL PENALTY)
After 10 day written demand double damages up to $500 and service charge of $20 or 5%, whichever is greater,

GENERAL GARNISHMENT EXEMPTIONS
See federal law. City, County & State employees may be garnished.

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

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