Wyoming Collection Laws
Many states impose responsibilities, liabilities and penalties upon companies for activities of Wyoming debt collectors engaged by them in the collection of debts. You need to know the Wyoming collection laws and state debt collections law.
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You can be held accountable for what your Wyoming collection attorney does
or doesn't do. You must know the Wyoming 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
Wyoming collections laws listed below and make sure your Wyoming
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: Wyoming
Statute of Limitations, Wyoming Judgments, Wyoming Garnishments, North
Dakota Interest Rates, Wyoming Bad Check Laws and Wyoming Collection
Agency Requirements.
Wyoming Statute, Title 33, Chapter 11
INTEREST RATE
Legal: 7%
Judgment: contract rate or 10% judgment rate
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 8
Written Contract: 10
Domestic Judgment: 5
Foreign Judgment: 5
BAD CHECK LAWS (CIVIL PENALTY)
Double the face amount plus damages equal to collection cost and reasonable
attorney fees.
GENERAL GARNISHMENT EXEMPTIONS
See federal law for consumer credit sale, lease or loan. Up to 65% for child
support arrearage.
COLLECTION AGENCY BOND & LICENSE
Bond: $10,000
License: Yes
Fee:
$200 - Original
$100 - Renewal
$100 - Branch
Exemption for out-of-state collectors: Out-of-state agencies may bypass
licensing if they are not [1] soliciting clients in Wyoming; or [2] collecting
for Wyoming creditors.
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