Puerto Rico Commercial Credit & Collection Information
INTEREST RATE
- Legal: changes
every 6 months
- Judgment: It is
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
(MISDEMEANOR)
- See articles 1851-1856 of the Puerto Rico Penal Code regarding bad check
laws.
- Not less than 2 times amt. of check
GENERAL GARNISHMENT
EXEMPTIONS
75% of last 30 days' earnings for family support
COLLECTION AGENCY BOND
& LICENSE
- Bond:$5000
- License: Yes
- License Fee:
- $100 - Original
- $100 - Branch
Office
- $100 - Renewable
- $100 -
Investigation
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