Idaho Commercial Collection Agency
All states in the United States have statutes of limitations and other collection laws that set deadlines for filing lawsuits and other civil actions. This page is dedicated to providing information on Idaho including: its economy history and status, interest rates, statute of limitations, bad check laws, and collection agency bond and license amounts. All information provided is from updated studies on Idaho, in order to ensure clarification and success with debt collection processes.
According to BallotPedia.org, Idaho spending in 2015 was $12.1 billion; state funds stood for almost $10 billion of that amount and federal spending was more than $2 billion of that amount. Per capita spending for more than 1.6 million Idaho residents was $8,400. In 2012, the per capita debt was almost $10,000 with a ranking of 44; the overall state debt was $15.1 billion. One year later (2013), the median household income stood at almost $50,000. (BallotPedia.org)
Most of the rules required under the Fair Debt Collection Practices Act coincide with Idaho’s debt collection process, but Idaho also has its own additional laws to maintain a smooth collection process for debtors. For example, Idaho debt collection laws require debt collectors to comply with fair dealings including: not collect interest and fees unless the fees are permitted under the contract; no false impression that is connected to the government; and prohibited from sending fake court documents (Nolo.com). If a debt collector violates the Idaho Collection Agency Law, they will be subject to a variety of court fees, fines and damages.
SUMMARY OF IDAHO COLLECTION LAWS*
Legal: 12% – Judgment 10.875% plus the base rate
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct: 4 – Oral Contract 4 – Written Contract 5 – Domestic Judgment 5 renewable – Foreign Judgment 6 renewable
BAD CHECK LAWS (CIVIL PENALTY)
Triple amount of check up to $500 over the check amount
GENERAL GARNISHMENT EXEMPTIONS
See federal law.
COLLECTION AGENCY BOND & LICENSE
Bond: Greater of $5,000 or 2 x average monthly net collections previous year plus $2000 to indemnify state for costs – License: Yes – Fee: $100 – permit fee – $50 – renewal
* 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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