California Credit Laws
| INTEREST RATE | (Legal: 10%) | Judgment 10% Unless otherwise contracted |
| STATUTE OF LIMITATIONS | (In Years) |
Open Acct: Reduced to writing - 4 - Open Acct: No writing - 2 - Written Contract 4 - Domestic Judgment 10 (renewable at 10) - Foreign Judgment 10 (commencing with judgment debtor's commencement of CA residence) |
| BAD CHECK LAWS | (Civil Penalty) | Amount due, Treble damages - minimum $100 maximum $1500 per check |
| GENERAL GARNISHMENT EXEMPTIONS |
See federal law. Exemptions for necessities of life. |
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| HOMESTEAD EXEMPTION |
HOMESTEAD EXEMPTION The homestead exemption limit is $50,000 in California for a single person, $75,000 for a couple, $150,000 if 65 or older, or physically or mentally disabled, $150,000 if 55 or older, and are single and earn under $15,000, or are married and earn under $20,000. |
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| ADDING FEES |
A debt collector shall not falsely represent that a debt may be increased by the addition of attorney’s fees, investigation fees, service fees, finance charged or other charges if, in fact, such fees or charges may not legally be added to the existing obligation. A debt collector shall not collect or attempt to collect all or part of the collector’s fee, charges for services rendered or other collection expenses, except as permitted by law. |