Secrets to Improve Your Credit Score: State of Texas Statute of Limitations

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)

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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