Iowa Collection Laws
Many states impose responsibilities, liabilities and penalties upon companies for activities of Iowa debt collectors engaged by them in the collection of debts. You need to know the Iowa collection laws and state debt collections law.
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You can be held accountable for what your Iowa collection attorney does or
doesn't do. You must know the Iowa 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 Iowa collections laws listed below
and make sure your Iowa 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: Iowa Statute of Limitations, Iowa Judgments, Iowa Garnishments,
Iowa Interest Rates, Iowa Bad Check Laws and Iowa Collection Agency
Requirements.
Iowa State Code Sections 537.7103(1) - 7103(6)
INTEREST RATE
Legal: 5%
Judgment: 10%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 5
Written Contract: 10
Domestic Judgment: 10-can be renewed in the 9th year
Foreign Judgment: 10-can be renewed in the 9th year
BAD CHECK LAWS (CIVIL PENALTY)
Triple check up to $500 over check amount
GENERAL GARNISHMENT EXEMPTIONS
See federal law.
COLLECTION AGENCY BOND & LICENSE
Bond: No
License: No
Fee: No
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