Vermont Collection Agency
AAB is a Vermont commercial collection agency that specializes in commercial debt collection. AAB collects VT commercial debt and here are some facts to consider when you are selecting a Vermont collection agency.
AAB covers all of Vermont or VT and our collection agency handles commercial Vermont debtors in Burlington, Colchester, Essex, Hartford, Rutland, South Burlington and other cities in Vermont.
Vermont limits unsecured consumer loans to 12%. However, there are numerous exceptions according to loan type. For example: When it comes to retail installment loans, the maximum interest rate for the first $500 is 18%. The maximum interest that can be charged under such an agreement above the $500 level is 15% in Vermont.
Below there are summary points on Vermont regulations and Laws that affect a Vermont collection agency. These points should be considered when contemplating listing commercial debt for collection with a Vermont commercial collection agency.
Vermont Collection Laws
NOTE: The Vermont 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.
Vermont Collection Interest Rates
Vermont Legal Rate: 12%
Vermont Written Contract: Up to 24% depending on type of loan
Judgment: 12% or rate agreed upon in contract
Usury % Cap: 12% with numerous exceptions
A Vermont commercial collection agency can only charge interest at the rates above.
Vermont Statute of Limitations
Vermont Contracts (Oral): 6 Years
Written Contract: 6 Years
Judgment: 8 Years
Bad or NSF Check collection charges in Vermont
Vermont requires creditors to notify the debtor in writing. $50 service charge OR if the debtor fails within 30 days of the date of notice, to pay an amount equal to the amount of the check, draft or order, plus bank fees and mailing costs, provided the creditor notifies the debtor with written notice.
Vermont Collection Agency Laws
Vermont State Licensing: None
Agency Bond: Not Required
Information above on commercial collections and the Vermont collection agency laws is provided to help potential clients looking for a commercial collection agency in Vermont. We encourage potential clients to request a free quote on the commercial solutions offered by our Vermont Commercial Collection Agency.