Kentucky Commercial Collection Agency
Kentucky’s debt collection laws and statute of limitations were developed to regulate how debt collectors and creditors file law suits, collect debt, and maintain other consumer protection factors. This page will provide a list of informative economy data and collection laws in your learning process of Kentucky including: state debt, statute of limitations, state spending, interest rates, collection agency bond/license data, and more.
The population in 2015 was 4,425,092, with spending as $31.3 billion which was an increase of 7.66% from the $28.9 billion in 2014. Federal funds were $11.8 billion, state funds were at $19.5 billion, and per capita spending was $7,082. Kentucky debt in 2012 was a staggering $86.2 billion and per capita debt was almost $20,000. Based on the state’s debt data, it’s understandable that the state credit rating has held an AA- score from 2004–2014 (BallotPedia.org).
Kentucky collection laws are similar to the Federal Fair Debt Collection Practices Act (FDCPA), which is designed to protect debtors from outside debt collectors and any harassment situations. The law also provides a segment that attorneys are covered by the FDCPA. The federal law also states that debtors can not be harassed about a debt or bill; harassment includes: telling debtor’s neighbors or employers that debtors owe debt, contact a debtor’s employer about debt, calling a debtor between 8:00 a.m. or after 9:00 p.m., and a variety of other harassment tactics (KYJustice.org).
Check Laws by Cities in Kentucky
SUMMARY OF KENTUCKY COLLECTION LAWS*
Legal: 8% – Judgment 12%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct: 5 – Written Contract 15 – Oral Contract 5 – Domestic Judgment 15 – Foreign Judgment 15
BAD CHECK LAWS (CIVIL PENALTY)
GENERAL GARNISHMENT EXEMPTIONS
25% of disposable income or 30 times the federal minimum hourly wage (whichever is less)
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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