Florida Collection Laws
Many states impose responsibilities, liabilities and penalties upon companies for activities of Florida debt collectors engaged by them in the collection of debts. You need to know the Florida collection laws and state debt collections law.
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You can be held accountable for what your Florida collection attorney does or
doesn't do. You must know the Florida 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 Florida collections laws listed below
and make sure your Florida 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: Florida Statute of Limitations, Florida Judgments, Florida Garnishments,
Florida Interest Rates, Florida Bad Check Laws and Florida Collection Agency
Requirements.
Florida Statute Title 33, Chapter 559, Part VI, (33-559.552, et seq.)
INTEREST RATE
Legal: 10%
Judgment: 10% or up to 18% if contractual
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 4
Written Contract: 5
Domestic Judgment: 7 Renewable
Foreign Judgment: 5 if not recorded instate
BAD CHECK LAWS (CIVIL PENALTY)
After 30 day demand-treble amount in addition to amount owed, bank & court costs
& reasonable attorney fees.
GENERAL GARNISHMENT EXEMPTIONS
See federal law except 100% head of household.
Liberal Homestead Exemption - 1st $1,000 of automobile
COLLECTION AGENCY BOND & LICENSE
Bond: Yes - $50,000 (Commercial)
License: Yes
Fee: Yes
$200 - Registration
$50 - Investigation
$200 - Renewal
Exemption for out-of-state collectors: Registration is required for out-of-state
collectors if [1] soliciting accounts; [2] if client (creditor, its affiliate or
subsidiary) has an office in Florida.
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