Mississippi Collection Laws
Many states impose responsibilities, liabilities and penalties upon companies for activities of Mississippi debt collectors engaged by them in the collection of debts. You need to know the Mississippi collection laws and state debt collections law.
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You can be held accountable for what your Mississippi collection attorney does or
doesn't do. You must know the Mississippi 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 Mississippi collections laws listed below
and make sure your Mississippi 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: Mississippi Statute of Limitations, Mississippi Judgments, Mississippi Garnishments,
Mississippi Interest Rates, Mississippi Bad Check Laws and Mississippi Collection Agency
Requirements.
INTEREST RATE
Legal: 8%
Judgment: amount in contract if no contract amount court decides
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
Written Contract: 3
UCC: 6
Domestic Judgment: 7
Foreign Judgment: 7 (3 if resident)
BAD CHECK LAWS (CIVIL PENALTY)
On checks up to and including $25.00, additional damages would be 100% of check
amount. On checks from $25.01 to $200.00, additional damages would be 50% of
check amount but not less than $25.00. On checks over $200.00 additional damages
would be 25% of check amount.
GENERAL GARNISHMENT EXEMPTIONS
See federal law.
COLLECTION AGENCY BOND & LICENSE
Bond: No
License: City-Business
Fee: $15-$50
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