Virginia Collection Agency Laws

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