South Carolina Collection Agency
AAB is a South Carolina commercial collection agency that specializes in commercial debt collection. AAB collects South Carolina commercial debt and here are some facts to consider when you are selecting a South Carolina collection agency.
AAB covers all of South Carolina and our collection agency handles commercial South Carolina debtors in Charleston, Columbia, Dutch Fork, Greenville, Mount Pleasant, North Charleston, Rock Hill and other cities in South Carolina.
It is interesting to note that there is no general usury limitation on non-consumer or commercial transactions in South Carolina. In the case of consumer transactions the usury laws are complex. However, should a contract be deemed to be usurious at the time the contract was made, will be deemed illegal, void and unenforceable in South Carolina.
Below there are summary points on South Carolina regulations and Laws that affect a South Carolina collection agency. These points should be considered when contemplating listing commercial debt for collection with a South Carolina commercial collection agency.
South Carolina Collection Laws
NOTE: The South Carolina 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.
South Carolina Collection Interest Rates
South Carolina Legal Rate: 6 % - 8.75% 8.75 percent when the phrase legal rate or lawful rate is used in a contract in South Carolina
South Carolina Corporate Rate: No special rate
Contract Rate: Any rate, or as provided in Consumer Protection Code
Judgment: The legal rate of interest is equal to the prime rate as listed in the first edition of the Wall Street Journal published for each calendar year for which the damages are awarded, plus four percentage points, compounded annually.
Usury % Cap: Commercial None – Consumer according to South Carolina Consumer Protection Code
A South Carolina commercial collection agency can only charge interest at the rates above.
South Carolina Statute of Limitations
South Carolina Contracts (Oral): 3 Years
Written Contract: 3 Years
Judgment: 10 Years
Bad or NSF Check collection charges in South Carolina
South Carolina requires creditors to notify the debtor in writing. Maximum $30 service charge
South Carolina Collection Agency Laws
South Carolina State Licensing: None – Some Counties and Cities may require a general business license
Agency Bond: Not Required
Information above on commercial collections and the South Carolina collection agency laws is provided to help potential clients looking for a commercial collection agency in South Carolina. We encourage potential clients to request a free quote on the commercial solutions offered by our South Carolina Commercial Collection Agency.