Arkansas Commercial Credit & Collection Information
INTEREST RATE
-
Legal: 6%
-
Judgment: Contract
rate or 10% per annum whichever is greater (16-65-114)
STATUTE OF LIMITATIONS
(IN YEARS)
- Open Acct.: 3
- Written Contract: 5
(partial payment stops the statute from running)
- Sale of Goods:
(UCC-2) - 4
- Domestic Judgment:
10 - Renewable
- Foreign Judgment: 10
BAD CHECK LAWS (CIVIL
PENALTY)
No less than $50 plus costs and fees (Ark
Code 5-37-301et al)
GENERAL GARNISHMENT
EXEMPTIONS
$500 head of family; $200 single. Includes personal property except
clothing.
COLLECTION AGENCY BOND
& LICENSE
|