Puerto Rico Collection Laws
Many states impose responsibilities, liabilities and penalties upon companies for activities of Puerto Rico debt collectors engaged by them in the collection of debts. You need to know the Puerto Rico collection laws and state debt collections law.
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You can be held accountable for what your Puerto Rico collection attorney does
or doesn't do. You must know the Puerto Rico 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
Puerto Rico collections laws listed below and make sure your Puerto Rico
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: Puerto Rico
Statute of Limitations, Puerto Rico Judgments, Puerto Rico Garnishments, North
Dakota Interest Rates, Puerto Rico Bad Check Laws and Puerto Rico Collection
Agency Requirements.
INTEREST RATE
Legal: 9.25% changes every 6 months (6/30/97)
Judgment: It is Regulated by the Commissioner of the Board of Financial
institutions every 6 months.
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
Merchandise Open Acct.: 3
Written Contract: 15
Mortgage: 20
Domestic Judgment: 15
Foreign Judgment: 15
BAD CHECK LAWS (MISDEMEANOR)
See articles 1851-1856 of the Puerto Rico Penal Code regarding bad check laws.
GENERAL GARNISHMENT EXEMPTIONS
75% of last 30 days' earnings for family support
COLLECTION AGENCY BOND & LICENSE
Bond:$5000
License: Yes
License Fee:
$100 - Original
$100 - Branch Office
$100 - Renewable
$100 - Investigation
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