Connecticut Commercial Collection Agency
In Connecticut, residents with debt are protected with a variety of Connecticut laws and statutes of limitations, to regulate how creditors and debt collectors pursue lawsuits and debt collection. At Prestige Services, Inc., our goal is to provide you with helpful Connecticut economic data and collection laws, including: statute of limitations, interest rates, collection agency bond/license data, and state debt and spending factors. In an attempt to combat debt and successfully fund aspects in Connecticut, lawmakers and public officials are elected to manage the state’s budget and finances. Between 2014 and 2015, total Connecticut spending increased from $26.3 billion to $27.7 billion. Of the $27.7 billion, state funds counted for approximately $21.7 billion and federal funds included almost $6 billion. The average person in Connecticut spent about $7,700 in 2015. (BallotPedia.org) Although Connecticut debt numbers haven’t been updated since 2012, its numbers represent similar data in recent years, as well as the consistent implementation of state debt collection laws and statutes of limitations. State debt in 2012 was more than $112 billion, with a per capita debt of $31,200 and earning a per capita debt ranking of 3. Despite this per capita debt in 2012, the Connecticut credit rating has been AA from 2004 – 2014. (BallotPedia.org) There are several collection acts in place to protect residents in and around Connecticut. One important law is the Creditor’s Collection Practices Act, which prohibits creditors from engaging in abusive, harassing, fraudulent, deceptive, or misleading debt collection practices. If a creditor happens to violate the Creditor’s Collection Practices Act, debtors can file a lawsuit in Connecticut against the creditor, which might award debtors with actual damages, additional damages at most $1,000, and any attorney’s fees and court costs (Nolo.com). Check Laws by Cities in ConnecticutSUMMARY OF CONNECTICUT COLLECTION LAWS*
INTEREST RATE Legal: 8% – Judgment 10% STATUTE OF LIMITATIONS (IN YEARS) Open Acct: 6 – Written Contract 6 – Oral Contract 3 – Domestic Judgment 20/25 – Small Claims Judgment 10/15 – Foreign Judgment 20 BAD CHECK LAWS (CIVIL PENALTY) Personal liability of signatory on corporate claims unless signed in corporate capacity. GENERAL GARNISHMENT EXEMPTIONS 25% you may garnish disposable earnings each week, or 40 x fed. mm. hourly wage, whichever is less. COLLECTION AGENCY BOND & LICENSE Bond: $5000 – License: Yes – Fee: $200 Yearly $50 Investigation * 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.
