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