Oregon Collection Agency Laws

Following is some important information on Oregon state statute of limitations including: Oregon Statutes, Oregon Judgments, Oregon Garnishments, Oregon Interest Rates, Oregon Bad Check Laws and Oregon Collection Agency Requirements. INTEREST RATE Statutory + Judgment: 9% simple interest per annum (Unless specified by contract) STATUTE OF LIMITATIONS (IN YEARS) Open Acct.: 6 Sale of Goods: 6 (4 yrs UCC Transaction) Written Contract: 6 Domestic Judgment: 10 - Renewable at 10 Foreign Judgment: 10 BAD CHECK LAWS (CIVIL PENALTY) Can recover reasonable attorney fees & statutory damages of three times the amount of the NSF check plus$500 if demand letter is sent to debtor 30 days before suit is filed. GENERAL GARNISHMENT EXEMPTIONS 75% of disposable earnings or 40 x fed. min. hourly wage. COLLECTION AGENCY BOND & LICENSE Bond: No License: Registration only Fee: Established by director Exemption for out-of-state collectors: Contact state authorities. Out-of-state agencies may be exempt if [1] collecting for out-of-state client; [2] the debt was incurred by an Oregonian outside the state; and [3] the state where the collection agency is headquartered has a registration program comparable to Oregon's law.