Below you will find important information on New York state debt recovery laws including: New York Statutes, Judgments, Garnishments, Interest Rates, and Bad Check Laws.
STATE: NEW YORK
Interest Rate
- Legal: 16%
- Judgment: 9%
STATUTE OF LIMITATIONS (IN YEARS)
- Open Account: 6
- Sale of Goods: 4
- Written Contract: 6
- Domestic Judgment: 20 (10 year renewable lien)
- Foreign Judgment: 20 (10 year renewable lien)
BAD CHECK LAWS (CIVIL PENALTY)
Face value of check plus two time scheck amount up to a maximum of $400 on NSF or $750 on “no account” (Demand prescribed by law). GEN.OB 1.1-104
GENERAL GARNISHMENT EXEMPTIONS
90% of earnings, except 1st $154.50 week wholly exempt (only if the person earns minimum wage).