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Puerto Rico Debt Collection Laws

Puerto Rico Debt Collection Laws

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

Summary of the Puerto Rico fair debt collection practices laws:

PUERTO RICO INTEREST RATE

Legal: 9.25% changes every 6 months |6/30/97|
Judgment: It is Regulated by the Commissioner of the Board of Financial institutions every 6 months.

PUERTO RICO STATUTE OF LIMITATIONS |in years|

Open Accounts: 3
Merchandise Open Accounts: 3
Written Contract: 15
Mortgage: 20
Domestic Judgment: 15
Foreign Judgment: 15
BAD CHECK LAWS |MISDEMEANOR|
See articles 1851-1856 of the Puerto Rico Penal Code regarding bad check laws.

PUERTO RICO WAGE GARNISHMENT EXEMPTIONS

75% of last 30 days’ earnings for family support

PUERTO RICO COLLECTION AGENCY BONDING and LICENSING REQUIREMENTS

Bond: $5000
License: Yes
License Fee:
$100 – Original
$100 – Branch Office
$100 – Renewable
$100 – Investigation

Below is the Puerto Rico debt collection statute:

We could not locate a Puerto Rico statute regulating debt collection agencies. That does not mean one does not exist.

Puerto Rico Debt Collection Laws

Puerto Rico Debt Collection Laws
Debt Collection Laws
Knowing and abiding to the proper Puerto Rico 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 Puerto Rico debt collection laws, you could create a liability for your business and even open yourself up to a expensive lawsuit.

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

Puerto Rico Debt Collection Laws

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