Kentucky Collection Agency
If you need commercial recoveries in Kentucky or KY, consider our corporate Kentucky collection agency. AAB has been handling commercial debt collection for over 40 years and we are a superior Kentucky collection agency.
A Kentucky collection agency should be aware Kentucky uses a tiered system when it comes to usury. Consumer loans $15,000 or more have no usury limitation in Kentucky. However, there are also other types of loan regulations in Kentucky that have to be considered at listing with a competent Kentucky collection agency.
Time is especially sensitive for a Kentucky collection agency. The Statute of Limitations in Kentucky only allows a creditor to commence legal action within 3 years. After 3 years any consumer or personal debt cannot be pursued in the Kentucky courts by a Kentucky collection agency.
Below is some summary information on Kentucky collection agency regulations and laws to consider that affect a Kentucky collection agency. These points should be considered when placing commercial debt for collection with a Kentucky collection agency.
Kentucky Collection Laws
NOTE: The Kentucky collection information below is summary in nature and subject to change. While we make every effort to insure accuracy, the information provided should not be considered legal advice or to be one hundred percent accurate. No warranty is expressed or implied and AAB assumes no liability for its use.
Kentucky Collection Interest Rates
Kentucky Legal Rate: 8% per annum
Contract Rate: 8% or any rate on money due or to become due upon on any contract or other obligation in writing where the original principal amount is in excess of $15,000
Corporate Rate: No special rate
Judgment Rate: 12%
Usury % Cap: 4% greater than the prime interest rate that is established by the Federal Reserve or 19% - whichever figure is less (Consumer). Personal or consumer loans that are over $15,000, there is no usury limitation in Kentucky.
A Kentucky collection agency can only apply interest rates as stated above.
Kentucky Statute of Limitations
Contracts: 3 Years
Domestic Judgment: 15 Years
Foreign Judgment: 15 Years
Bad or NSF Check collection charges in Kentucky
In Kentucky: 10 Day Notice required. Civil penalties.
Kentucky Collection Agency Laws
Kentucky Collection Agency Licensing: NO
The Information above on commercial debt collections and Kentucky collection agency laws is provided to assist potential clients searching for a new Kentucky collection agency. Give us a toll free call or request a free consultation on our services offered by our Kentucky Collection Agency.