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Iowa Commercial Collection Agency

Have you ever wondered what Iowa’s economic history was? Or have you ever experienced a feeling of curiosity of the Hawkeye state’s debt collection laws? At Prestige Services, Inc., our goal of this page is to provide a summary of collection laws and state statistics to help you in your learning endeavors. Our information includes: collection laws, state spending and debt data, legal and judgment interest rates, statute of limitations, civil penalty amounts, and collection agency bong and license information.

In 2015, the population in Iowa was 3,123,899. Of these residents, the median household income was approximately $53,000 and the unemployment rate was a low 4.6 percent. This appeared to have improved from a 2012 state debt of $37.7 billion and per capita debt of $12,290 (and ranking of 38). Then in 2015 Iowa spending was $21.8 billion, only up 7% from $20.2 billion in 2014. State funds included $15.4 billion of that 2015 amount and $6.3 billion came from federal funds, with per capita spending at almost $7,000. (BallotPedia.org)

Have you heard of the Federal Fair Debt Collection Practices Act? If not, the FDCPA is a federal act that protects consumers and debtors who owe money to merchants, credit card companies, and any other companies. It is meant to prevent creditors and collection agencies from harassing debtors; “harassment” might include how, when, and a variety of other aspects that creditors might utilize when reaching out to debtors.

The Iowa Debt Collection Practices Act only covers the collection of consumer debt; business or commercial debts are not covered. Debts do not need to be reduced to a legal judgment in order to be covered by the Iowa Debt Collection Practices Act. If collection agencies happen to violate the FDCPA or Iowa Debt Collection Practices Act, consumers can file complaints with the Iowa Attorney General’s office, which will investigate complaints and even take disciplinary/legal action for violations of the Iowa DCPA (Nolo.com).

SUMMARY OF IOWA COLLECTION LAWS*

INTEREST RATE
Legal: 5% – Judgment 10%

STATUTE OF LIMITATIONS (IN YEARS)
Open Acct: 5 – Written Contract 10 – Domestic Judgment 10 – can be renewed in the next year – Foreign Judgment 10 – can be renewed in the next year

BAD CHECK LAWS (CIVIL PENALTY)
Triple check up to $500 over check amount

GENERAL GARNISHMENT EXEMPTIONS
See federal law.

COLLECTION AGENCY BOND & LICENSE
Bond: No – License: No – Fee: No

* These are not comprehensive statutes and therefore PSICollect.com and Prestige Services, Inc. disclaims any liability resulting from reliance by any party upon the legality and accuracy of the contents thereof.

Below is a list of the states in the US that we cover.
We are a nationwide operation and service all states, as well as Canada & Mexico.

Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Washington
West Virginia
Wisconsin
Wyoming
Puerto Rico

We are an international collection agency and service the entire U.S. as well as foreign countries. In addition, we represent clients from any country outside the U.S. Let us know how we can help you today! Contact us here »