Skip To Content

New York Collection Agency

AAB has been collecting commercial debt for over 40 years and is a commercial New York collection agency. Our commercial agency collects New York or NY commercial debt and related collection services are available. You are in the right place if you are replacing or looking for a new commercial New York collection agency.

New York is an interesting state when it comes to licensing and bonding a New York collection agency. While no New York state agency license is required to collect commercial debt, the city of Buffalo and New York City require collection agency licensing and bonding. This interesting factoid should be factored into the decision process when selecting a commercial New York collection agency.

It should also be noted there are harsh penalties for violating Usury Laws in New York. The general usury limit in New York is 16% for personal or consumer loans. For commercial accounts or financing arrangements relating to the sale of goods over $500 is covered by the Uniform Commercial Code (UCC). There are also exceptions and these are just some of the factors that must be considered by a New York collection agency.

Below you will find several points on New York collection agency regulations and laws that affect a New York collection agency. It is wise to consider some of these points when placing commercial collection files with a New York collection agency.

New York Collection Laws

NOTE: The New York collection information below is summary in nature and subject to change. While we make every effort to insure accuracy, the information below 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.

New York Collection Interest Rates

New York Legal Rate: 16% per annum
Contract Rate: 16%
Judgment Rate: 9%
Usury % Cap: 25%

A New York Collection Agency can only charge interest as stated above.

New York Statute of Limitations

Contracts: 6 Years
Breach of Contract for Sale: 4 Years
Judgment: 20 Years

Bad or NSF Check collection charges in New York

Service Charge: $20 or contracted amount – Specific notifications required

New York Collection Agency Laws

New York Collection Agency Licensing: NO
New York City: YES
Buffalo Licensing: YES
Bond-State: NONE
New York City Bond: $5,000
Buffalo Bond: $5,000

We have provided the information above on commercial debt collection and New York collection agency laws to help potential clients researching for a New York collection agency. We encourage you to request a free consultation on our services when considering a New York Collection Agency.