New York Credit Laws
| INTEREST RATE | (Legal: 16%) | The general usury limit is 16%.- Judgment 9% |
| STATUTE OF LIMITATIONS | (In Years) |
Open Acct: 6 - Sale of Goods 4 - Written Contract 6 - Domestic Judgment 20 (10 yr. renewable lien) - Foreign Judgment 20 (10 yr. renewable lien) |
| BAD CHECK LAWS | (Civil Penalty) |
Face value of check plus two times check 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 wk. wholly exempt (only if the person earns minimum wage). |
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| HOMESTEAD EXEMPTION | is $50,000 and may be subject to local variances. Check with your local attorney for any variations | |
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ADDING FEES |
No principal creditor, as defined by this article, or his agent shall: knowingly collect, attempt to collect, or assert a right to any collection fee, attorney’s fee, court cost or expense unless such charges are justly due and legally chargeable against the debtor. |