Virginia Debt Collection Laws

Virginia Debt Collection Laws

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

Summary of the Virginia fair debt collection practices laws:

VIRGINIA INTEREST RATE

Legal: 8%
Judgment: 9% or contract rate whichever is higher

VIRGINIA STATUTE OF LIMITATIONS |in years|

Open Accounts: 3 Last charge or payment Written Contract: 5
Domestic Judgment: 20
Foreign Judgment: 10
Sales of goods under article 2 is 4 years

VIRGINIA BAD CHECK LAWS |NSF|

Lesser of $250 or three times check amount

VIRGINIA WAGE GARNISHMENT EXEMPTIONS

See federal law

VIRGINIA COLLECTION AGENCY BONDING and LICENSING REQUIREMENTS

Bond:$5000
License: Depends on Locality
Fee: No

Below is the Virginia debt collection statute:

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

Virginia Debt Collection Laws

Virginia Debt Collection Laws

Debt Collection Laws

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

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

Virginia Debt Collection Laws

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