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Oklahoma Commercial Collection Agency

Oklahoma, like other states in the U.S., has statute of limitations and various other laws that help determine a deadline when it comes to filing a lawsuit or other civil actions. This page will provide information related to Oklahoma including: state economy, unemployment rate, state debt and statute of limitations. All information included is provided by recent case studies or other industry experts.

Statute of limitation laws are mandatory time limits that the legal system put into place to provide a general fairness and practicality when it comes to filing a lawsuit. Oklahoma’s statute of limitations can range from one to five years depending on the nature of the lawsuit. In Oklahoma, an individual has five years to file a lawsuit in regards to collection of debt on an account. (FindLaw.com)

In 2013, sixty-two percent of Oklahoma residents earned incomes above 200 percent of the federal poverty level. During that time, the median annual household income was $47,282. The unemployment rate in Oklahoma in 2014 was 4.7 percent, the lowest among surrounding states. (Ballotpedia.org)

According to a 2014 report, Oklahoma had a state debt of $44.2 billion. The state debt per capita was $11,574. This state debt was determined after reviewing four components: market-valued unfunded public pension liabilities, outstanding government debt, unfunded other post-employment benefit liabilities and outstanding unemployment trust fund loans. (Ballotpedia.org)

In 2015, Oklahoma was ranked 15th best in country in “taxpayer burden,” a term used when describing how much money each taxpayer would need to send to their state’s treasury office in order for the state to become debt-free. In September 2015, the taxpayer burden in Oklahoma was $2,200.

Prestige Services, Inc. (PSI) works to ensure quality debt collection that works within Oklahoma’s collection laws whether that means staying up to date on collection licenses, industry news, and economy data within the state.

SUMMARY OF OKLAHOMA COLLECTION LAWS*

INTEREST RATE
Legal: 6% unless specified in contract – Judgment 5.63% for 2003 (4% over U.S. Treasury Bill Rate of previous year)

STATUTE OF LIMITATIONS (IN YEARS)
Sale of Goods Governed by UCC: 5 – Open Acct: 3 – Written Contract 5 – Domestic Judgment 5 renewable – Foreign Judgment 5 renewable

BAD CHECK LAWS (CIVIL PENALTY)
N/A

GENERAL GARNISHMENT EXEMPTIONS
State law: 75% of earnings exempted, more if hardship established. All federal exemptions apply.

* 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 »

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