August 20, 2010, Newsletter Issue #174: Virginia Collection Agency Laws

Tip of the Week

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

INTEREST RATE
Legal: 8%
Judgment: 9% or contract rate whichever is higher

STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3 Last charge or payment Written Contract: 5
Domestic Judgment: 20
Foreign Judgment: 10
Sales of goods under article 2 is 4 years

BAD CHECK LAWS (CIVIL PENALTY)
Lesser of $250 or three times check amount

GENERAL GARNISHMENT EXEMPTIONS
See federal law

COLLECTION AGENCY BOND & LICENSE
Bond: $5000
License: Depends on Locality
Fee: No

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