Virginia Collection Agency
AAB provides Virginia commercial collection agency services. Our agency specializes in commercial debt collections and we collect from debtors in VA or Virginia. For over 40 years AAB has been providing our commercial clients with superior collection agency services in Virginia.
AAB covers all of Virginia or VA and our commercial collection agency handles corporate Virginia debtors in Alexandria, Arlington, Fairfax, Herndon, Manassas, McLean, Reston, Richmond, Vienna and other cities in Virginia.
There are no licensing requirements for a Virginia commercial collection agency.
Below you will find summary points on Virginia regulations and Laws that affect a Virginia collection agency. These points should be considered when contemplating listing commercial debt for collection with a Virginia commercial collection agency.
Virginia Collection Laws
Disclaimer: The Virginia 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.
Virginia Collection Interest Rates
Virginia Legal Rate: 6% (Maximum allowed without an agreement)
Contract Rate: 12% - 18% on 2nd mortgages
Corporate Rate: No special rate
Judgment: 6% or lawful contracted rate
Usury % Cap: Same as above
A Virginia commercial collection agency may only collect interest at the rates above.
Virginia Statute of Limitations
Virginia Oral Contracts: 3 Years
Written Contracts: 5 Years
District Court Judgment: 10 Years
Judgment: 20 Years
Bad or NSF Check collection charges in Virginia
Virginia Debtors are liable for legal interest from the date of the check, the protest or bad check return fee, if any, charged to the holder by his bank or other depository, a processing charge of $50, and reasonable attorney's fees if awarded by the court. There is also an exception on account of payment being refused shall, upon demand, be liable to the drawer for the lesser of $50 plus the excess of the authorized amount or twice the amount charged in excess of the authorized amount.
Virginia Collection Agency Laws
Virginia State Licensing: No
Agency Bond: No
Trust Account: No
The Information provided above on commercial collections and the Virginia collection agency laws is provided to help potential clients looking for a commercial collection agency in Virginia. We encourage potential clients to request your free consultation on the commercial solutions we offer or a free Quote for Virginia Commercial Collection Agency services.