December 8, 2006, Newsletter Issue #66: New Jersey Collection Agency Laws

Tip of the Week

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

INTEREST RATE
Legal: 6%
Judgment: No Statutory Provision

STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 6
Sale of Goods: 4
Written Contract: 6
Domestic Judgment: 20
Foreign Judgment: 20

BAD CHECK LAWS (CIVIL PENALTY)
N/A

GENERAL GARNISHMENT EXEMPTIONS
$142.50 wk. min. 10% of gross earnings $142.50 & Over

COLLECTION AGENCY BOND & LICENSE
Bond: $5000 Surety
License: No
Fee: No

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