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Missouri Commercial Collection Agency

In Missouri, residents with debt are protected by several laws and statutes of limitations, which regulate how creditors and collectors pursue lawsuits and debt collection. Our goal on this page is provide you with the best data and information on Missouri’s collection laws and economy including: legal and judgment interest rates, bad check laws, general garnishment exemptions, and Missouri’s statute of limitations.

According to the national Fair Debt Collection Practices Act (FDCPA), creditors and debt collectors are required to follow several specific rules when pursuing debt owed by creditors. Several states, such as Missouri offer rules and laws in addition to what the FDCPA requires of creditors (e.g. proper handling of debt documents, prohibiting certain harassing methods of debt collection). One of Missouri’s additional rules involves wage garnishment: the maximum amount of a debtor’s wage is the lesser of: 1) 25% of wages; 2) 10%, if a person is head of a family required by law; or 3) the amount which the weekly earnings exceed thirty times the federal minimum hourly wage (Bills.com).

Regarding Missouri’s economic history, there’s been a steady increase in state spending in recent years. In 2015, state spending was at $24.1 billion, up slightly from $23.2 billion in 2014. Of that amount, state funds were approximately $16.6 billion and federal funds were $7.5 billion. Per capita spending averaged almost $4,000. State debt (2012) was $76.4 billion and per capita debt was $12,700, reaching a per capita ranking of 34. Missouri’s impressive economy has earned them a consistent AAA credit rating from 2004–2014. (BallotPedia.org)

SUMMARY OF MISSOURI COLLECTION LAWS*

INTEREST RATE
Legal: 9% – Judgment 9%

STATUTE OF LIMITATIONS (IN YEARS)
Sale of Goods 4 – Open Acct: 5 – Written Contract 10 (Money & Property) – Domestic Judgment 10 (Revived every 10 year) – Foreign Judgment 10 (revived every 10 years)

BAD CHECK LAWS (CIVIL PENALTY)
Three times face amount owed plus attorney’s fees.

GENERAL GARNISHMENT EXEMPTIONS
See Federal law; exempt 90% of week’s net pay, head of household, single person w/o depend. = 75%

* 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 »