North Dakota Collection Laws
Many states impose responsibilities, liabilities and penalties upon companies for activities of North Dakota debt collectors engaged by them in the collection of debts. You need to know the North Dakota collection laws and state debt collections law.
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You can be held accountable for what your North Dakota collection attorney does
or doesn't do. You must know the North Dakota 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
North Dakota collections laws listed below and make sure your North Dakota
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: North Dakota
Statute of Limitations, North Dakota Judgments, North Dakota Garnishments, North
Dakota Interest Rates, North Dakota Bad Check Laws and North Dakota Collection
Agency Requirements.
INTEREST RATE
Legal: 6%
Judgment: 12%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct. for services: 6
Sale of Goods: 4
Written Contract: 6
Domestic Judgment: 10 renewable
Foreign Judgment: 10 renewable
BAD CHECK LAWS (CIVIL PENALTY)
Amount due, collection fees of $20, and $100 or 3x check whichever is less.
GENERAL GARNISHMENT EXEMPTIONS
Greater of 75% or amount each wk. = to 40 x fed. min. hourly wage. Plus $20.00
each household dependent.
COLLECTION AGENCY BOND & LICENSE
Bond: $20,000
License: Yes
Fee: $200
Exemption for out-of-state collectors: Out-of-state collectors may be exempt if
[1] collecting only; [2] their office is located in a state that has a
reciprocal law; and [3] the state has "enacted similar legislation".
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