Oklahoma Collection Laws
Many states impose responsibilities, liabilities and penalties upon companies for activities of Oklahoma debt collectors engaged by them in the collection of debts. You need to know the Oklahoma collection laws and state debt collections law.
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You can be held accountable for what your Oklahoma collection attorney does
or doesn't do. You must know the Oklahoma 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
Oklahoma collections laws listed below and make sure your Oklahoma
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: Oklahoma
Statute of Limitations, Oklahoma Judgments, Oklahoma Garnishments, North
Dakota Interest Rates, Oklahoma Bad Check Laws and Oklahoma Collection
Agency Requirements.
Oklahoma Statute, Title 15, Chapter 20,Section 755.1 and Title 59, Chapter 47, Section 3107
INTEREST RATE
Legal: 6%
Judgment: 4% over U.S. Treasury Bill Rate of previous year. (1996 = 9.55% 1997 =
9.15%)
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
Written Contract: 5
Domestic Judgment: 5 renewable
Foreign Judgment: 3
BAD CHECK LAWS (CIVIL PENALTY)
N/A
GENERAL GARNISHMENT EXEMPTIONS
State law: 75% of earnings exempted, more if hardship established. All federal
exemptions apply.
COLLECTION AGENCY BOND & LICENSE
Bond: No
License: No
Fee: No
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