Florida Commercial Credit & Collection Information

INTEREST RATE

• Legal: Changes annually, same as Judgment
• Judgment: avg. of Federal Reserve Discount of Bank of NY for past year, plus 500 basis pts, or contract if less

STATUTE OF LIMITATIONS (IN YEARS)

• Open Acct.: 4
• Written Contract: 5
• Domestic Judgment: 7 Renewable
• Foreign Judgment: 5 if not recorded instate

BAD CHECK LAWS (CIVIL PENALTY)
After 30 day demand-treble amount in addition to amount owed, bank & court costs & reasonable attorney fees.

GENERAL GARNISHMENT EXEMPTIONS

• See federal law except 100% head of household.
• Liberal Homestead Exemption - 1st $1,000 of automobile

COLLECTION AGENCY BOND & LICENSE

• Bond: Yes - $50,000 (Commercial)
• License: Yes
• Fee: Yes
  • $200 - Registration
  • $50 - Investigation
  • $200 - Renewal
• Exemption for out-of-state collectors: Registration is required for out-of-state collectors if [1] soliciting accounts; [2] if client (creditor, its affiliate or subsidiary) has an office in Florida.

Hampton Associates, Inc.- Your commercial collection agency solution