New York Collection Laws
Many states impose responsibilities, liabilities and penalties upon companies for activities of New York debt collectors engaged by them in the collection of debts. You need to know the New York collection laws and state debt collections law.
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You can be held accountable for what your New York collection attorney does or
doesn't do. You must know the New York 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 York collections laws listed below
and make sure your New York 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 York Statute of Limitations, New York Judgments, New York Garnishments,
New York Interest Rates, New York Bad Check Laws and New York Collection Agency
Requirements.
Penal Law, Part 3, Title K, Article 190.50
INTEREST RATE
Legal: 16%
Judgment: 9%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 6
Written Contract: 6
Domestic Judgment: 20 (1 0 yr. renewable lien)
Foreign Judgment: 20 (1 0 yr. renewable lien)
BAD CHECK LAWS (CIVIL PENALTY)
Face value of check plus two times check amount up to a maximum of $400 on NSF
or $750 on "no account" (Demand prescribed by law). GEN.OB.1.1-104
GENERAL GARNISHMENT EXEMPTIONS
90% of earnings, except 1st $127.50 wk. wholly exempt.
COLLECTION AGENCY BOND & LICENSE
Bond: No
License: No
Fee: No
Buffalo: $5,000 Bond - $50 fee
NYC: License - $150 - 2 yr. fee
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