North Dakota Commercial Collection Agency
North Dakota, like other states in the U.S., 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 North Dakota 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. North Dakota’s statute of limitations can range from two to 10 years depending on the nature of the lawsuit. Most civil action lawsuits in North Dakota have a six-year statute of limitations. (FindLaw.com)
In January 2014, it was reported that North Dakota had a state debt of $9.3 billion. The state debt per capita was $13,241. 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. Later that year, it was reported that North Dakota had the lowest unemployment rate in the country at just 2.8 percent. The median annual household income for North Dakota residents during that time frame was $55,583. Most residents earned incomes at least 400 percent of the federal poverty level. (Ballotpedia.org)
In 2015, North Dakota was ranked as the 2nd best in the country in “taxpayer surplus,” a term used when describing how much money each taxpayer would receive if the state were to disburse its excess funds. In September 2015, North Dakota had a taxpayer surplus of $28,400. (Ballotpedia.org)
Prestige Services, Inc. (PSI) works to ensure quality debt collection that works within North Dakota’s collection laws whether that means staying up to date on collection licenses, industry news, and economy data within the state.
SUMMARY OF NORTH DAKOTA COLLECTION LAWS*
Legal: 6% – Judgment 12%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct. for services: 6 – Sale of Goods 4 – Written Contract 6 – Domestic Judgment 10 renewable – Foreign Judgment 10 renewable
BAD CHECK LAWS (CIVIL PENALTY)
Amount due, collection fees of $25, and civil penalty by civil action for lesser of $200 or 3x check. Effective 08/01/01.
GENERAL GARNISHMENT EXEMPTIONS
Greater of 75% or amount each wk. = to 40 x fed. min. hourly wage. Plus $20.00 each household dependent.
* 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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