Louisiana Commercial Collection Agency
Have you ever considered how Louisiana’s economic history and debt collection laws differ from the rest of the U.S. states? At Prestige Services, Inc., our goal of this page is to provide a list of collection laws and state statistics for your interest. Our information includes: collection laws, state debt and spending data, legal and judgment interest rates, statute of limitations, civil penalty amounts, and collection agency bond and license information.
Louisiana debt collection laws have a tendency of being stricter than other locations in the United States, with more favor toward debtors (people who have debt). For example, if a debtor sends written notice by registered or certified mail requesting that a creditor or collection agency cease all communication, the creditor must stop all communications (Nolo.com). There are some exceptions though, where creditors can mail one notice per month, make at most four personal contacts with the purpose of settling the debt, file a lawsuit for nonpayment, and contact others if the debtor gives it permission to do so.
In 2012, the state debt in Louisiana was slightly higher than nearby states; state debt was approximately $83.2 billion and per capita debt was more than $18,000. This amount has fluctuated over the years, which has caused a wide fluctuation in Louisiana’s state credit rating: from 2004–2008, it fluctuated from A+ to A; it was AA- from 2009–2010; it was AA between 2011–2014. Louisiana state spending also has fluctuated in recent years, from $26.8 billion in 2014 to $29.7 billion in 2015 (almost 10% increase). (BallotPedia.org)
For more information on Louisiana’s debt collection laws, please view our summary below.
SUMMARY OF LOUISIANA COLLECTION LAWS*
Legal: 9.75% – Judgment 9.75%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct: 3 – Written Contract 10 – Promissory Notes: 5 – Domestic Judgment 10 – Foreign Judgment 10
BAD CHECK LAWS (CIVIL PENALTY)
After 30 day written demand (certified or registered), twice check amount Attorney fees & court costs.
GENERAL GARNISHMENT EXEMPTIONS
75% disposable earnings per work week, but not less than 30 x fed. mm. hourly wage.
COLLECTION AGENCY BOND & LICENSE
Bond: Yes – $10,000 – License: Yes – Fee: $200 Initial I $200 Investigation I $200 Renewal $100 Branch I $100 Branch 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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