B2B Debt Collection Laws in Canton OH
Located in the northeastern region of Ohio is Canton, which covers approximately 26 square miles of land. As of 2020, the population in Canton was more than 70,000 and the Canton-Massillon metropolitan area w as 401,000 residents.
Commercial Debt Collection Laws
In Ohio, there are a number of commercial debt collection laws in place for businesses in Canton and cities all over the state. The legal interest rates for cases in Canton is 1 percent above the short rate (5% in 2005), and 10 percent for judgments. The bad check laws include a civil penalty of greater than $200 or three times the amount of the bad check provided, in addition to attorney fees.
The statute of limitations in Canton includes:
- Open Accounts: 6 years
- Written Contracts: 15 years
- Domestic Judgments: 21 years (renew every 5 years)
- Foreign Judgments: 21 years (renew every 5 years)
For more details on debt collection laws and commercial collection information in the state, visit the Ohio Commercial Debt Laws page.
Canton HIstory & Economy
Canton was founded in 1805 century along with the neighboring Middle and West Branches of Nimishillen Creek. Upon its founding, Canton became a heavy manufacturing center for the transportation of goods from Baltimore. In the 19th century, the largest companies included Timken Roller Bearing Axle Company, Hampden Watch Company, and Dueber Watch Case Company.
By the late 20th century, manufacturing hit a huge decline, which caused the relocation and downsizing of manufacturing companies in Canton. To counter the drop in manufacturing jobs, the city turned to the service industry for more funds; specifically retailing, education, finance and healthcare.
As of 2017, the top employers in Canton included:
- Aultman Hospital: 7,500 employees
- Timken Steel: 2,830
- Stark County: 2,532
- Mercy Medical: 2,500
- Canton City Schools: 2,260
- City of Canton: 985
- Fresh Mark Inc: 873
- The M. K. Morse Company: 460
- Republic Steel: 400
- Nationwide: 320
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