March 2, 2007, Newsletter Issue #78: California Collection Agency Laws

Tip of the Week

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

INTEREST RATE
Legal: 10%
Judgment: 10% (Unless otherwise contracted)

STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: Reduced to writing-4
Open Acct.: No writing-2
Written Contract: 4
Domestic Judgment: 10 (renewable at 10)
Foreign Judgment: 10 (commencing with judgment debtor´s commencement of CA. residence.)

BAD CHECK LAWS (CIVIL PENALTY)
Amount due, treble damages - minimum $100 maximum $1500 per check.

GENERAL GARNISHMENT EXEMPTIONS
See federal law. Exemptions for necessaries of life.

COLLECTION AGENCY BOND & LICENSE
No license or bond required.

About LifeTips

Now one of the top on-line publishers in the world, LifeTips offers tips to millions of monthly visitors. Our mission mission is to make your life smarter, better, faster and wiser. Expert writers earn dough for what they know. And exclusive sponsors in each niche topic help us make-it-all happen.

Not finding the advice and tips you need on this Collection Agency Tip Site? Request a Tip Now!


Guru Spotlight
Phyllis Serbes