Rhode Island Commercial Collection Agency
Rhode Island, 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 Rhode Island 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. Rhode Island’s statute of limitations can range from one to 20 years depending on the nature of the lawsuit. (FindLaw.com)
Between 2011 and 2013, the median annual household income in Rhode Island was approximately $55,158. This was the lowest rate among surrounding states, but was higher than the national average. During that time period, most Rhode Island residents earned incomes above 400 percent of the federal poverty level. In 2014, Rhode Island had the highest unemployment rate of its surrounding states at 7.6 percent.
According to a report that was published in January 2014, Rhode Island had a state debt of $18.9 billion. The state debt per capita was $17,960. 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, Rhode Island was named the 14th worst in the 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 Rhode Island was approximately $13,500. (Ballotpedia.org)
Prestige Services, Inc. (PSI) works to ensure quality debt collection that works within Rhode Island’s collection laws whether that means staying up to date on collection licenses, industry news, and economy data within the state.
SUMMARY OF RHODE ISLAND COLLECTION LAWS*
INTEREST RATE
Legal: 12% – Judgment 12%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct:10 – Written Contract 10 – Domestic Judgment 20 – Foreign Judgment 20
BAD CHECK LAWS (CIVIL PENALTY)
Amount of check, $25 fee & treble damage up to $1000
GENERAL GARNISHMENT EXEMPTIONS
See federal law
* 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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