Ohio Commercial Collection Agency
Ohio, 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 Ohio 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. Ohio’s statute of limitations can range from one to 21 years depending on the nature of the lawsuit. (FindLaw.com)
Between 2011 and 2013, the median annual household income in Ohio was $46,672. Ohio residents earned incomes between 200 and 399 percent of the federal poverty level during that time period. In September 2014, Ohio had an unemployment rate of 5.6 percent, the lowest rate when compared to surrounding states. (Ballotpedia.org)
In 2014, it was reported that Ohio had a state debt of approximately $321.3 billion. The state debt per capita was $27,836. 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 September 2015, Ohio was named the 22nd best country in “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. In September 2015, the taxpayer burden in Ohio was $3,500. (Ballotpedia.org)
Prestige Services, Inc. (PSI) works to ensure quality debt collection that works within Ohio’s collection laws whether that means staying up to date on collection licenses, industry news, and economy data within the state.
SUMMARY OF OHIO COLLECTION LAWS*
Legal: 1% above short rate pursuant to Ohio Revised code 134303 (for 2005 rate is 5%) – Judgment 10% (unless written contract)
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct: 6 – Sales Contract (UCC2-725) – Written Contract 15 – Domestic Judgment 21 renew every 5 – Foreign Judgment 21 renew every 5
BAD CHECK LAWS (CIVIL PENALTY)
The greater of $200 or three times the amount of check and attorney fees (no maximum)
GENERAL GARNISHMENT EXEMPTIONS
See federal law. Effective 3/30/99 Ohio allows continuing garnishments.
* 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.
Below is a list of the states in the US that we cover.
We are a nationwide operation and service all states, as well as Canada & Mexico.