Oklahoma Commercial Collection Agency
Oklahoma, 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 Oklahoma 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. Oklahoma’s statute of limitations can range from one to five years depending on the nature of the lawsuit. In Oklahoma, an individual has five years to file a lawsuit in regards to collection of debt on an account. (FindLaw.com)
In 2013, sixty-two percent of Oklahoma residents earned incomes above 200 percent of the federal poverty level. During that time, the median annual household income was $47,282. The unemployment rate in Oklahoma in 2014 was 4.7 percent, the lowest among surrounding states. (Ballotpedia.org)
According to a 2014 report, Oklahoma had a state debt of $44.2 billion. The state debt per capita was $11,574. 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, Oklahoma was ranked 15th best in 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 Oklahoma was $2,200.
Prestige Services, Inc. (PSI) works to ensure quality debt collection that works within Oklahoma’s collection laws whether that means staying up to date on collection licenses, industry news, and economy data within the state.
Check Laws by Cities in Oklahoma
SUMMARY OF OKLAHOMA COLLECTION LAWS*
Legal: 6% unless specified in contract – Judgment 5.63% for 2003 (4% over U.S. Treasury Bill Rate of previous year)
STATUTE OF LIMITATIONS (IN YEARS)
Sale of Goods Governed by UCC: 5 – Open Acct: 3 – Written Contract 5 – Domestic Judgment 5 renewable – Foreign Judgment 5 renewable
BAD CHECK LAWS (CIVIL PENALTY)
GENERAL GARNISHMENT EXEMPTIONS
State law: 75% of earnings exempted, more if hardship established. All federal exemptions apply.
* 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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