Texas Collection Laws
Many states impose responsibilities, liabilities and penalties upon companies for activities of Texas debt collectors engaged by them in the collection of debts. You need to know the Texas collection laws and state debt collections law.
 |
||
 |
||
 |
||
 |
You can be held accountable for what your Texas collection attorney does
or doesn't do. You must know the Texas 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
Texas collections laws listed below and make sure your Texas
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: Texas
Statute of Limitations, Texas Judgments, Texas Garnishments, North
Dakota Interest Rates, Texas Bad Check Laws and Texas Collection
Agency Requirements.
Texas Statute, Finance Code, Title 5, Chapter 392
INTEREST RATE
Legal: 6% with agreement can charge up to 18%. w/o agreement - statutory
interest of 6% begins to run 30th day after becoming due
Judgment: 10%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 4
Written Contract: 4
Domestic Judgment: 10 (Renewable)
Foreign Judgment: 10 (Renewable)
BAD CHECK LAWS (CIVIL PENALTY)
N/A
GENERAL GARNISHMENT EXEMPTIONS
100% of Wages
COLLECTION AGENCY BOND & LICENSE
Bond: Yes
License: No
Fee: No
Always consult legal counsel to charge interest - Texas has very tedious usury
laws & penalties.
Get
a FREE Texas Collection Attorney quote now.