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Friday, October 15, 2010

State of Texas Statute of Limitations

Texas Credit and Collection Laws

Texas Interest Rate Limitations*
  • Legal: 6% with agreement can charge up to 18%. w/o agreement - statutory interest of 6% begins to run 30th day after becoming due 
  • Judgment: 18% or the rate in the contract, whichever is less. 
*Always consult counsel to charge interest - Texas has very onerous usury laws and penalties.

Texas Collection Statue of Limitations
  • Open Acct.: 4 years
  • Written Contract: 4 years
  • Domestic Judgment: 10 years (Renewable)
  • Foreign Judgment: 10 years (Renewable)

Texas Bad Check Laws (Civil Penalty)
  • N/A

General Garnishment Exemptions in Texas

  • 100% of Wages

Texas Collection Agency Bond and License Requirements
  • Bond: Yes
  • License: No
  • Fee: No

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