New York Collection Agency Laws
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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
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