Florida Collection Agency Laws

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.