Arkansas Collection Laws
Many states impose responsibilities, liabilities and penalties upon companies for activities of Arkansas debt collectors engaged by them in the collection of debts. You need to know the Arkansas collection laws and state debt collections law.
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You can be held accountable for what your Arkansas collection attorney does or
doesn't do. You must know the Arkansas collection laws, and the information here
can reduce your liability by giving you the state debt collections law
information for making informed decisions. Please study the Arkansas collections laws listed below
and make sure your Arkansas collection lawyer abides by them to the letter.
Debt collections law vary, and knowing the right collection
law for your state and your debtor's state is essential. Here you can read up
on: Arkansas Statute of Limitations, Arkansas Judgments, Arkansas Garnishments,
Arkansas Interest Rates, Arkansas Bad Check Laws and Arkansas Collection Agency
Requirements.
Arkansas Code Title 17, Chapter 24, Section 203 (17-24-203)
INTEREST RATE
Legal: 6% or 5 points above the Fed. discount rate
Judgment: Contract rate or 10% per annum whichever is greater
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
Written Contract: 5 (partial payment stops the statute from running)
Sale of Goods: (UCC-2) - 4
Domestic Judgment: 10 - Renewable
Foreign Judgment: 10
BAD CHECK LAWS (CIVIL PENALTY)
Twice amount of check - prior to double charge - can start out with $15 charge
per NSF check after 30 days.
GENERAL GARNISHMENT EXEMPTIONS
$500 head of family; $200 single. Includes personal property except clothing.
COLLECTION AGENCY BOND & LICENSE
Bond: $5000 to $25000
License: Yes
Fee: $125 - $5 each employee
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