New Jersey Collection Laws
Many states impose responsibilities, liabilities and penalties upon companies for activities of New Jersey debt collectors engaged by them in the collection of debts. You need to know the New Jersey collection laws and state debt collections law.
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You can be held accountable for what your New Jersey collection attorney does or
doesn't do. You must know the New Jersey 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 New Jersey collections laws listed below
and make sure your New Jersey 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: New Jersey Statute of Limitations, New Jersey Judgments, New Jersey Garnishments,
New Jersey Interest Rates, New Jersey Bad Check Laws and New Jersey Collection Agency
Requirements.
INTEREST RATE
Legal: 6%
Judgment: No Statutory Provision
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 6
Sale of Goods: 4
Written Contract: 6
Domestic Judgment: 20
Foreign Judgment: 20
BAD CHECK LAWS (CIVIL PENALTY)
N/A
GENERAL GARNISHMENT EXEMPTIONS
$142.50 wk. min. 10% of gross earnings $142.50 & Over
COLLECTION AGENCY BOND & LICENSE
Bond: $5000 Surety
License: No
Fee: No
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