Puerto Rico Debt Collection Laws
In addition to being regulated by the Fair Debt Collection Practices Act (FDCPA), Puerto Rico collection agencies are also regulated by Puerto Rico debt collection laws. Discover: Puerto Rico collection requirements, bad check laws (NSF), statutes of limitations for both debts and judgments, garnishments plus Puerto Rico collection agency license and bonding information.
Summary of the Puerto Rico fair debt collection practices laws:
PUERTO RICO INTEREST RATE
Legal: 9.25% changes every 6 months |6/30/97|
Judgment: It is Regulated by the Commissioner of the Board of Financial institutions every 6 months.
PUERTO RICO STATUTE OF LIMITATIONS |in years|
Open Accounts: 3
Merchandise Open Accounts: 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.
PUERTO RICO WAGE GARNISHMENT EXEMPTIONS
75% of last 30 days’ earnings for family support
PUERTO RICO COLLECTION AGENCY BONDING and LICENSING REQUIREMENTS
Bond: $5000
License: Yes
License Fee:
$100 – Original
$100 – Branch Office
$100 – Renewable
$100 – Investigation
Below is the Puerto Rico debt collection statute:
We could not locate a Puerto Rico statute regulating debt collection agencies. That does not mean one does not exist.
Puerto Rico Debt Collection Laws
Please note: Puerto Rico debt collection laws can change over time, and you need to consult with an attorney before you use this information.
Puerto Rico Debt Collection Laws
Collection Agency Laws, statute of limitations on debt in puerto rico, puerto rico collection agency license, puerto rico debt collection laws, puerto rico debt collection license, debt collection laws in puerto rico, collection agency in puerto rico
Related Collection Agency Articles
The post Puerto Rico Debt Collection Laws appeared first on Collection Agency | Free Collection Agencies Information.
