South Carolina Collection Laws
Many states impose responsibilities, liabilities and penalties upon companies for activities of South Carolina debt collectors engaged by them in the collection of debts. You need to know the South Carolina collection laws and state debt collections law.
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You can be held accountable for what your South Carolina collection attorney does
or doesn't do. You must know the South Carolina 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
South Carolina collections laws listed below and make sure your South Carolina
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: South Carolina
Statute of Limitations, South Carolina Judgments, South Carolina Garnishments, North
Dakota Interest Rates, South Carolina Bad Check Laws and South Carolina Collection
Agency Requirements.
INTEREST RATE
Legal: 8.75%
Judgment: 12%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
Written Contract: 3
Domestic Judgment: 10
Foreign Judgment: 10
BAD CHECK LAWS (CIVIL PENALTY)
Reasonable court costs amount of check& damages up to $500 or 3x check amount
whichever is smaller
GENERAL GARNISHMENT EXEMPTIONS
100%
COLLECTION AGENCY BOND & LICENSE
Bond: No
License: Yes - all business
Fee: No
Exemption for out-of-state collectors: License required for instate agency only.
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