Missouri Commercial Collection Agency
In Missouri, residents with debt are protected by several laws and statutes of limitations, which regulate how creditors and collectors pursue lawsuits and debt collection. Our goal on this page is provide you with the best data and information on Missouri’s collection laws and economy including: legal and judgment interest rates, bad check laws, general garnishment exemptions, and Missouri’s statute of limitations.
According to the national Fair Debt Collection Practices Act (FDCPA), creditors and debt collectors are required to follow several specific rules when pursuing debt owed by creditors. Several states, such as Missouri offer rules and laws in addition to what the FDCPA requires of creditors (e.g. proper handling of debt documents, prohibiting certain harassing methods of debt collection). One of Missouri’s additional rules involves wage garnishment: the maximum amount of a debtor’s wage is the lesser of: 1) 25% of wages; 2) 10%, if a person is head of a family required by law; or 3) the amount which the weekly earnings exceed thirty times the federal minimum hourly wage (Bills.com).
Regarding Missouri’s economic history, there’s been a steady increase in state spending in recent years. In 2015, state spending was at $24.1 billion, up slightly from $23.2 billion in 2014. Of that amount, state funds were approximately $16.6 billion and federal funds were $7.5 billion. Per capita spending averaged almost $4,000. State debt (2012) was $76.4 billion and per capita debt was $12,700, reaching a per capita ranking of 34. Missouri’s impressive economy has earned them a consistent AAA credit rating from 2004–2014. (BallotPedia.org)
SUMMARY OF MISSOURI COLLECTION LAWS*
Legal: 9% – Judgment 9%
STATUTE OF LIMITATIONS (IN YEARS)
Sale of Goods 4 – Open Acct: 5 – Written Contract 10 (Money & Property) – Domestic Judgment 10 (Revived every 10 year) – Foreign Judgment 10 (revived every 10 years)
BAD CHECK LAWS (CIVIL PENALTY)
Three times face amount owed plus attorney’s fees.
GENERAL GARNISHMENT EXEMPTIONS
See Federal law; exempt 90% of week’s net pay, head of household, single person w/o depend. = 75%
* 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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