Aug 29, 2023

Commercial Debt Collection Laws in Hollywood

Located on the southeast edge of Florida is Hollywood, a charming and vibrant city of approximately 153,000 residents. With its beautiful beaches, diverse cultural heritage and rich history, Hollywood offers an extraordinary experience for both residents and tourists alike.

Commercial Debt Collection Laws

Although Hollywood has had a vibrant business community since it’s creation, with hurricanes and time, businesses are bound to experience their share of bankruptcy and funding issues. Hollywood has a set of commercial debt collection laws in place for troubling times. The statute of limitations on commercial collections include:

  • Open Accounts: 4 years
  • Written Contracts: 4 years
  • Promissory Note: 6 years
  • Domestic Judgment: 10 years (renewable)
  • Foreign Judgment: 10 years (renewable)

History of Hollywood

The original creator of Hollywood was Joseph Young, who arrived in Florida in 1920 to begin construction on the city. Within 40 years, Hollywood had increased its size with population and businesses, with more than 2,400 hotel units and 12,000 single-family homes.

Since its creation, Hollywood has been a site for luxury golf courses, beach hotels, beautiful lakes, and exceptional tourist shops. But due to it’s location along the ocean, the city has been hit several times by large and devastating hurricanes; most notably the 1926 Miami Hurricane and the 2017 Hurricane Irma.

Hollywood Economy

As it sits, Hollywood is located in southern Broward County, Florida, making it a key suburb of the Miami metropolitan area (6.14 million residents).

As of 2019, the top employers in Hollywood, including:

  1. Memorial Healthcare System: 4,124 employees
  2. City of Hollywood: 1,446
  3. Chewy: 1,200
  4. Publix Supermarkets: 1,098
  5. Diplomat Resort & Spa Hollywood: 960
  6. Memorial Regional Hospital South: 766
  7. Great Healthworks: 430
  8. BrandsMart USA: 351
  9. Toyota of Hollywood: 333
  10. HEICO: 320


The Rich Culture & Beauty

Hollywood’s cultural diversity is another aspect that sets it apart. The city boasts a variety of communities, contributing to a rich tapestry of traditions and experiences. The Arts Park at Young Circle stands as a testament to Hollywood’s commitment to the arts, featuring galleries, sculptures, and frequent events that bring the community together. The city’s emphasis on cultural inclusivity is also reflected in its culinary scene, where a wide array of international flavors and cuisines can be savored.

One of Hollywood’s most defining features is its array of picturesque beaches that stretch along the Atlantic Ocean. The Hollywood Beach Boardwalk, a 2.5-mile-long brick-paved promenade, is a hub of activity, lined with cafes, shops, and entertainment options.

Contact Prestige Services, Inc.

Prestige Services, Inc., is dedicated to providing helpful information and regulations for all cities and states in the United States. For more information on commercial debt collection laws in Hollywood and Florida as a whole, click here.

If you’re interested in any award-winning services from Prestige Services, Inc., contact us by phone, email, or contact form.

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