November 17, 2006, Newsletter Issue #63: Ohio Collection Agency Laws

Tip of the Week

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

INTEREST RATE
Legal: 10%
Judgment: 10%

STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 4
Sales Contract (UCC2-725)
Written Contract: 15
Domestic Judgment: 21 renew every 5
Foreign Judgment: 21 renew every 5

BAD CHECK LAWS (CIVIL PENALTY)
The greater of $200 or three times the amount of check and attorney fees (no maximum)

GENERAL GARNISHMENT EXEMPTIONS
See federal law. Garnishment limited to once a month per employee.

COLLECTION AGENCY BOND & LICENSE
Bond: No
License: No
Fee: No

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