Rhode Island Collection Agency
AAB is a Rhode Island commercial collection agency that specializes in commercial debt collection. AAB collects RI commercial debt and here are some facts to consider when you are selecting a Rhode Island collection agency.
AAB covers all of Rhode Island or RI and our collection agency handles commercial Louisiana debtors in Cranston, Pawtucket, Providence, Warwick and other cities in Rhode Island.
Rhode Island has strict usury laws on personal or consumer loans. Registration is required for a collection agency to legally collect in Rhode Island.
Below there are summary points on Rhode Island regulations and Laws that affect a Rhode Island collection agency. These points should be considered when contemplating listing commercial debt for collection with a Rhode Island commercial collection agency.
Rhode Island Collection Laws
NOTE: The Rhode Island commercial collection guidelines below are 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.
Rhode Island Collection Interest Rates
Rhode Island Legal Rate: 12%
Mississippi Contract Rate: 21%- Alternate rate of 9% plus domestic prime rate
Corporate Rate: No Special Rate
Usury % Cap: 21% OR Alternate rate of 9% plus domestic prime rate
A Rhode Island commercial collection agency can only charge interest at the rates above.
Rhode Island Statute of Limitations
Rhode Island Contracts (Oral): 10 Years
Written Contract: 10 Years
Judgment: 20 Years
Bad or NSF Check collection charges in Rhode Island
In Rhode Island if a debtor does not pay within 30 days, after the creditor has sent a Notice of Dishonor, then the debtor shall be liable for: Amount of the check, Collection fee of $25 AND an amount equal to 3 times the amount of the check, but in no case less than $200 or more than $1,000 in Rhode Island.
Rhode Island Collection Agency Laws
Rhode Island State Licensing: Registration Required
Rhode Island State Fees: $200 for 3 year registration.
Agency Bond: Not Required
Information above on commercial collections and the Rhode Island collection agency laws is provided to help potential clients looking for a commercial collection agency in Rhode Island. We encourage potential clients to request a free quote on the commercial solutions offered by our Rhode Island Commercial Collection Agency.