Nevada Commercial Collection Agency
Nevada, like every other state, has statute of limitations and various other laws that help determine a deadline when it comes to filing a lawsuit or other civil actions. This page will provide information related to Nevada including: state economy, unemployment rate, state debt and statute of limitations. All information included is provided by recent case studies or other industry experts.
Statute of limitation laws are mandatory time limits that the legal system put into place to provide a general fairness and practicality when it comes to filing a lawsuit. Nevada’s statute of limitations can range from two to six years depending on the nature of the case. (FindLaw.com)
In 2013, the median annual household income in Nevada was $49,204, the lowest when compared to surrounding states. Most residents in Nevada earned at least 400 percent of the federal poverty level. The unemployment rate during this time was 7.3 percent, 1.4 points higher than the national average. (Ballotpedia.org)
In January 2014, it was reported that Nevada had a state debt of $52.8 billion. The state debt per capita was $19,152. This state debt was determined after reviewing four components: market-valued unfunded public pension liabilities, outstanding government debt, unfunded other post-employment benefit liabilities and outstanding unemployment trust fund loans. (Ballotpedia.org)
In 2015, Nevada was ranked as the 18th best in the country for “taxpayer burden,” a term used when describing how much money each taxpayer would need to send to their state’s treasury office in order for the state to become debt-free. The taxpayer burden in Nevada in 2015 was $2,700. (Ballotpedia.org)
Prestige Services, Inc. (PSI) works to ensure quality debt collection that works within Nevada’s collection laws whether that means staying up to date on collection licenses, industry news, and economy data within the state.
SUMMARY OF NEVADA COLLECTION LAWS*
Contract rate always prevails. If no contract: Pre-Judgment: Statutory rate = 2% Over Prime as determined by 3 largest NV banks and adjusted every 6 months. Judgment: Same as pre-judgment
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct: 4 – Written Contract 6 – Lease 4 – Domestic Judgment 6 – Foreign Judgment 6
BAD CHECK LAWS (CIVIL PENALTY)
Amount due, protest fees three times check amount not more than $500, or less than $100.
GENERAL GARNISHMENT EXEMPTIONS
Wages no more than 25% of Disposable earnings for each week or 30 times federal minimum hourly wage (Whichever is less) except for support orders.
* 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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