South Carolina Commercial Collection Agency
Like any other state, South Carolina 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 South Carolina including: state economy, unemployment rate, state debt and statute of limitations. All information included is provided by recent case studies or other credible resources.
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. South Carolina’s statute of limitations can range from three to 10 years. However, due to tolling, the timeline to sue can be extended based on a number of factors. For example, if an individual is injured while they are a minor, the clock only starts running against their potential case once the minor turns 18. The 18-year-old individual would then have until the age of 21 to file a lawsuit related to the incident. (FindLaw.com)
In 2014, South Carolina had a state debt of approximately $71.1 billion. The state debt per capita was $15,053. 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. In 2014, South Carolina had the lowest unemployment rate at 6.6 percent when compared to surrounding states. Most of South Carolina’s residents earned incomes between 200 and 399 percent of the federal poverty level. The median annual household income in 2014 was $43,716. (Ballotpedia.org)
In 2015, South Carolina was named the 18th worst in the country in “taxpayer burden,” a term used to showcase how much each taxpayer would need to send their state’s treasury office for the state to become debt-free. The taxpayer burden in 2015 was $9,700. (Ballotpedia.org)
Prestige Services, Inc. (PSI) works to ensure quality debt collection that works within South Carolina’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 South Carolina
SUMMARY OF SOUTH CAROLINA COLLECTION LAWS*
INTEREST RATE
Legal: 8.75% – Judgment 12%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct: 3-see SC Code Section 36-2-725 – Sale Goods (UCC): 6 – Written Contract 3 – Domestic Judgment 10 – Foreign Judgment 10 – Written Contract under Seal 20
BAD CHECK LAWS (CIVIL PENALTY)
Court costs amount of check & damages up to $500 or 3x check amount whichever is smaller. See SC Code Section 34-11-90 for requirements to collect damages.
GENERAL GARNISHMENT EXEMPTIONS
Garnishment not available in SC
* 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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