Commercial Debt Collection Laws in Irvine
Located in southern California, the city of Irvine covers 65 square miles and is home to approximately 307,000 residents. Irvine is known as a master-planned city, which means that its community was carefully planned from inception compared to other settlements that grow in a more organic way.
Commercial Debt Collection Laws
Despite the many benefits of companies working out of Irvine, companies still have issues with commercial debt collection cases in the city. The legal and judgment interest rate is 10 percent and the Statute of Limitations for business debt cases include:
- Open Accounts (reduced to writing): 4 years
- Open Accounts (no writing): 2 years
- Written Contracts: 4 years
- Domestic Judgments: 10 years (renewable at 10)
- Foreign Judgments: 10 years
Visit the California Laws page for more information on state’s commercial debt collection laws.
History of Irvine
Before it was Irvine, the area was inhabited by the Gabrieleńo indigenous group from 2,000 years ago. In the 18th century, the area was parceled out by the King of Spain for missions and private use.
In the 19th century, the Mexican government assumed control of the lands to which they distributed to Mexican citizens via grants. There were three Spanish/Mexican grants that made up that land and eventually became known as Irvine Ranch:
- Rancho Santiago de Santa Ana
- Rancho San Joaquin
- Rancho Lomas de Santiago
The three grant-based areas evolved over the next several years and eventually, in 1975, residents of the different communities voted for incorporation into a substantially larger city of Irvine.
Irvine Economy
Economy in Irvine is made up of many big industries, such as tourism, business initiatives, education, gaming, healthcare, and film. The city government grants free and low-cost filming permits, which results in it being a popular film production spot.
As of 2021, the top employers in Irvine include:
- University of California (Irvine): 18,373 employees
- Blizzard Entertainment: 4,022
- Irvine Unified School District: 3,897
- Edwards Lifesciences: 3,152
- Braun: 1,910
- Center for Autism: 1,892
- Haskell: 1,453
- Western Digital: 1,350
- Capital Group: 1,198
- Thales Group: 1,084
Irvine also services as the headquarters for more than 50 national and international companies, including: Broadcom Corporation, eMachines, In-N-Out Burger, Kia Motors, NextGen Healthcare, Rivian, Taco Bell, Vizio, and Samsung Electronics.
Contact Prestige Services, Inc.
Prestige Services, Inc., has been named the best B2B Collection Agency of the year, which is our fourth consecutive time being awarded the honor. Our award-winning services include free quotes, skip tracing, post-judgment collections, final-notice forms, and pre-collection services.
If you’re interested in any B2B debt collection services with Prestige Services, Inc., contact us by phone at (800) 523-2797, by email, or by contact form.
