Collection Agency | Free Collection Agencies Information

Does someone owe you money for the product or service you provided? Find out how to get paid by using a collection agency, find collection agencies, and learn about the Fair Debt Collection Practices Act (FDCPA).

  • Home
  • Agencies
  • Collection Letter Samples
  • Debt Collection Laws
  • Articles
  • Videos

Debt Collections » Laws » New Jersey Debt Collection Laws

New Jersey Debt Collection Laws

New Jersey Debt Collection Laws

In addition to being regulated by the Fair Debt Collection Practices Act (FDCPA), New Jersey collection agencies are also regulated by New Jersey debt collection laws. Discover: New Jersey collection requirements, bad check laws (NSF), statutes of limitations for both debts and judgments, garnishments plus New Jersey collection agency license and bonding information.

Summary of the New Jersey fair debt collection practices laws:

NEW JERSEY INTEREST RATE

Legal: 6%
Judgment: No Statutory Provision

NEW JERSEY STATUTE OF LIMITATIONS |in years|

Open Accounts: 6
Sale of Goods: 4
Written Contract: 6
Domestic Judgment: 20
Foreign Judgment: 20

NEW JERSEY BAD CHECK LAWS |NSF|

N/A

NEW JERSEY WAGE GARNISHMENT EXEMPTIONS

$142.50 wk. min. 10% of gross earnings $142.50 & Over

NEW JERSEY COLLECTION AGENCY BONDING and LICENSING REQUIREMENTS

Bond: $5000 Surety
License: No
Fee: No

Below is the New Jersey debt collection statute:

TITLE 45 PROFESSIONS AND OCCUPATIONS

New Jersey Fair Debt Collection Practices Act 45:18-1. Collection agencies to file bond

No person shall conduct a collection agency, collection bureau or collection office in this state, or engage therein in the business of collecting or receiving payment for others of any account, bill or other indebtedness, or engage therein in the business of soliciting the right to collect or receive payment for another of any account, bill or other indebtedness, or advertise for or solicit in print the right to collect or receive payment for another of any account, bill or other indebtedness, unless such person, or the person for whom he may be acting as agent has on file with the secretary of state sufficient bond as hereinafter specified.

New Jersey Fair Debt Collection Practices Act 45:18-2. Amount, term and provisions of bond; renewal; limitation of actions

The bond shall be in the sum of five thousand dollars and shall provide that the person giving the same shall, upon written demand, pay and turn over to or for the person for whom any account, bill or other indebtedness is taken for collection the proceeds thereof in accordance with the terms of the agreement upon which such account, bill or other indebtedness was received for collection. The board shall be in such form and shall contain such further provisions and conditions as the secretary of state deems necessary or proper for the protection of the persons for whom the accounts, bills or other indebtedness are taken for collection, and shall be for the term of one year from its date and must be renewed annually. No action on the bond shall be begun after two years from the expiration thereof.

New Jersey Fair Debt Collection Practices Act 45:18-3. Execution and approval of bond; sureties

The bond mentioned in sections 45:18-1 and 45:18-2 of this Title shall be executed by the person filing the same to the State of New Jersey for the use of any party aggrieved with sufficient surety, to be furnished by any company or corporation authorized to transact such business in this State. The said bond shall be examined and approved by the Attorney-General and thereafter accepted and filed with the Secretary of State; provided, however, that cash may be accepted in lieu of sureties; and provided, further, that no such bond with individual sureties thereon may be approved, accepted or filed.

New Jersey Fair Debt Collection Practices Act 45:18-4. Record of bonds; filing fee

The Secretary of State shall keep a record of such bonds, with the names, places of residence and places of business of the principals and sureties, and the name of the officer before whom the bond was executed or acknowledged, and the record shall be open to public inspection. There shall be paid a filing fee of $25.00 to the Secretary of State for the filing of each bond.

Amended by L.1971, c. 169, s. 1, eff. June 1, 1971.

New Jersey Fair Debt Collection Practices Act 45:18-5. Penalty

Any person, member of a partnership or officer of an association or corporation who fails to comply with any of the provisions of this chapter shall be subject to a fine of not more than five hundred dollars or to imprisonment for not more than three months, or both.

New Jersey Fair Debt Collection Practices Act 45:18-6. Exemptions

This chapter shall not apply to an attorney at law duly authorized to practice in this state, a national bank, or any bank or trust company duly incorporated under the laws of this state.

New Jersey Fair Debt Collection Practices Act 45:18-6.1. Discontinuance of operation; filing of notice

Any person who shall discontinue the operation of a collection agency, collection bureau or collection office in this State pursuant to the chapter hereby supplemented shall file with the Secretary of State a notice of such discontinuance.

New Jersey Debt Collection Laws

New Jersey Debt Collection Laws
Debt Collection Laws
Knowing and abiding to the proper New Jersey debt collection laws is important for both creditors and collection agencies alike. There are debtor’s rights attorneys who are just waiting for creditors or collection agencies to slip up. If you mistakenly violate the New Jersey debt collection laws, you could create a liability for your business and even open yourself up to a expensive lawsuit.

Please note: New Jersey debt collection laws can change over time, and you need to consult with an attorney before you use this information.

New Jersey Debt Collection Laws

new jersey fair debt collection practices act, new jersey debt collection laws, nj debt collection laws, new jersey collection agency license, collection agency laws nj, nj collection agency laws, new jersey debt collection license

Filed Under: Laws Tagged With: Business Finance, collection agencies, collection agency, collection agency license, Collection Bureau, collection office, collection practices act, collection practices laws, credit card, debt collection, debt collection laws, debt collection practices, debt collection statute, Domestic Judgment, expensive lawsuit, fair debt collection, fair debt collection practices, fair debt collection practices act, fair debt collection practices act fdcpa, Federal Trade Commission, filing fee, Foreign Judgment, Garnishment Exemptions, gross earnings, individual sureties, information summary, Investment management, JERSEY BAD CHECK, jersey collection agencies, Jersey collection agency, Jersey collection requirements, jersey debt collection, jersey fair debt, Law Crime, Laws New Jersey, licensing requirements, limitation of actions, national bank, National Science Foundation, New Jersey, new jersey collection, new jersey debt, NEW JERSEY INTEREST, New Jersey Wage, OCCUPATIONS New Jersey, open accounts, proper new jersey, Provision NEW JERSEY, public inspection, REQUIREMENTS Bond, rights attorneys, secretary of state;, state deems, state sufficient bond, statute of limitations, statutes of limitations, statutory provision, sufficient surety, Surety License, The bond, title 45 professions, trust company, wage garnishment, years| open accounts

    Free Collection Agency Quotes

    Are you a business looking to collect a debt?







    captcha

    Get 100% FREE Collection Agency Quotes from Pre-Qualified and Licensed HIPAA & FDCPA Compliant Agencies Today.

    Privacy | Collection Agencies Reviews | Industries | About | Questions | Software
    © Collection Agency Information | Collection Agency | Free Collection Agencies Information