Georgia Commercial Collection Agency
Do you live in Georgia and have a curiosity for its economy and debt collection laws? This page provides a summary of collection law and a history of the state’s economy data, including: state spending/debt data, bad check laws, statute of limitations in years, general garnishment exemptions, and legal/judgement/commercial account interest rates. Georgia has a variety of debt collection laws developed to protect resident debtors.
One of Georgia’s most interesting debt collection laws is its Industrial Loan Act (Georgia ILA), which requires a license to make consumer loans less than $3,000 with a loan length less than 36 months and 15 days. The Georgia ILA exempts banks, trust companies, real estate/mortgage companies, and the University System of Georgia (Nolo.com). For other parties, it limits the amount of interest, late charges, and fees charged to the consumer or debtor. Georgia also has a wage garnishment law that limits the amount a creditor can garnish from a debtor’s wages for repayment of debts. This means that creditors with judgments can only take 25% or less of your disposable income (although can take more with certain kinds of debts).
Spending in Georgia increased from $42.6 billion in 2014 to $43.5 billion in 2015. This included $30.5 billion in state funds and $12.9 billion in federal funds, leaving the per capita spending $4,200. The median household income for 2013 was $47,700, with a per capita debt (2012) of $11,600. The overall state debt in 2012 was $115.1 billion; despite this, Georgia has consistently held the highest AAA rating from 2004 – 2014. (BallotPedia.org)
Interested in learning more? Read below for our summary of Georgia collection laws. Prestige Services, Inc., (PSI) works to ensure that the debt collection process maintains a lawful and successful experience for creditors and debtors alike.
SUMMARY OF GEORGIA COLLECTION LAWS*
Legal: 7% – Judgment 12% – Commercial Accounts: 18%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct: 4 – Written Contract 6 – Domestic Judgment .7 – Foreign Judgment 5
BAD CHECK LAWS (CIVIL PENALTY)
After 10 day written demand double damages up to $500 and service charge of $20 or 5%, whichever is greater.
GENERAL GARNISHMENT EXEMPTIONS
See federal law. City, County & State employees may be garnished.
COLLECTION AGENCY BOND & LICENSE
Bond: No – License: No – Fee: No
* 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.
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