February 9, 2007, Newsletter Issue #75: Florida Collection Agency Laws

Tip of the Week

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

INTEREST RATE
Legal: 10%
Judgment: 10% or up to 18% if contractual

STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 4
Written Contract: 5
Domestic Judgment: 7 Renewable
Foreign Judgment: 5 if not recorded instate

BAD CHECK LAWS (CIVIL PENALTY)
After 30 day demand-treble amount in addition to amount owed, bank & court costs & reasonable attorney fees.

GENERAL GARNISHMENT EXEMPTIONS
See federal law except 100% head of household.
Liberal Homestead Exemption - 1st $1,000 of automobile

COLLECTION AGENCY BOND & LICENSE
Bond: Yes - $50,000 (Commercial)
License: Yes
Fee: Yes
$200 - Registration
$50 - Investigation
$200 - Renewal
Exemption for out-of-state collectors: Registration is required for out-of-state collectors if [1] soliciting accounts; [2] if client (creditor, its affiliate or subsidiary) has an office in Florida.

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