New York Collection Agency Laws

Want to learn more about state by state debt recovery? What about debt recovery in New York?Following is some important information on New York debt collection laws including: New York Statute of Limitations, New York Judgments, New York Garnishments, New York Interest Rates, New York Bad Check Laws and New York Collection Agency Requirements. INTEREST RATE Legal: 16% Judgment: 9% STATUTE OF LIMITATIONS (IN YEARS) Open Acct.: 6 Written Contract: 6 Domestic Judgment: 20 (1 0 yr. renewable lien) Foreign Judgment: 20 (1 0 yr. renewable lien) BAD CHECK LAWS (CIVIL PENALTY) Face value of check plus two times check amount up to a maximum of $400 on NSF or $750 on "no account" (Demand prescribed by law). GEN.OB.1.1-104 GENERAL GARNISHMENT EXEMPTIONS 90% of earnings, except 1st $127.50 wk. wholly exempt. COLLECTION AGENCY BOND & LICENSE Bond: No License: No Fee: No Buffalo: $5,000 Bond - $50 fee NYC: License - $150 - 2 yr. fee