Virginia Collection Laws
Many states impose responsibilities, liabilities and penalties upon companies for activities of Virginia debt collectors engaged by them in the collection of debts. You need to know the Virginia collection laws and state debt collections law.
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You can be held accountable for what your Virginia collection attorney does
or doesn't do. You must know the Virginia 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
Virginia collections laws listed below and make sure your Virginia
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: Virginia
Statute of Limitations, Virginia Judgments, Virginia Garnishments, North
Dakota Interest Rates, Virginia Bad Check Laws and Virginia Collection
Agency Requirements.
INTEREST RATE
Legal: 8%
Judgment: 9% or contract rate whichever is higher
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3 Last charge or payment Written Contract: 5
Domestic Judgment: 20
Foreign Judgment: 10
Sales of goods under article 2 is 4 years
BAD CHECK LAWS (CIVIL PENALTY)
Lesser of $250 or three times check amount
GENERAL GARNISHMENT EXEMPTIONS
See federal law
COLLECTION AGENCY BOND & LICENSE
Bond:$5000
License: Depends on Locality
Fee: No
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