Puerto Rico Commercial Collection Agency
Puerto Rico, like many other states, 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 Puerto Rico 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. Puerto Rico’s statute of limitations can range from three to 10 years depending on the nature of the lawsuit. (psicollect.com)
In February 2017, Puerto Rico had an unemployment rate of 11.3 percent. The unemployment rate in Puerto Rico averaged 13.29 percent between 1990 and 2017. It reached the highest point in August 1993 at 18.4 percent. The lowest point of Puerto Rico’s unemployment rate was in December 2000 when it was 8.9 percent.
Puerto Rico has been dealing with an ongoing financial crisis for a number of years. Puerto Rico is approximately $123 billion in outstanding debt and filed for a form of bankruptcy in May 2017 and has recently began the process of bankruptcy-like proceedings. The debt includes roughly $74 billion in bond debt and $49 billion in unfunded pension obligations. The process Puerto Rico is undergoing is not formally referred to as bankruptcy since legally the state is barred from filing for Chapter 9. Instead, the relief is being petitioned under Title III of the Promesa Law which contains particular Chapter 9 provisions. (nytimes.com)
Prestige Services, Inc. (PSI) works to ensure quality debt collection that works within Puerto Rico’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 Puerto Rico
SUMMARY OF PUERTO RICO COLLECTION LAWS*
INTEREST RATE
Legal: 6% changes every 6 months (01/01/2005-06/30/2005) – Judgment regulated by the Commissioner of the Board of Financial Institutions every 6 months
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct: 3 – Merchandise Open Acct: 3 – Written Contract 15 – Mortgage 20 – Domestic Judgment 15 – Foreign Judgment 15
BAD CHECK LAWS (CIVIL PENALTY)
See articles 1851-1856 of the Puerto Rico Penal Code regarding bad check laws.
GENERAL GARNISHMENT EXEMPTIONS
75% of last 30 days’ earnings for family support
* 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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