Pennsylvania Credit Laws
| INTEREST RATE | (Legal: 6%) |
General usury limit for loans below $ 50,000, except for: loans with a lien on non-residential real estate; loans to corporations; loans that have no collateral above $ 35,000. Judgments bear interest at the legal rate. It is criminal usury to charge more than 25%. |
| STATUTE OF LIMITATIONS | (In Years) | Open Acct: 4 - Written Contract 4 - Domestic Judgment 5 (writ of revival within 5 yrs) - Foreign Judgment 4 |
| BAD CHECK LAWS | (Civil Penalty) | N/A |
| GENERAL GARNISHMENT EXEMPTIONS | 100% of wages, certain pensions, retirement accounts & Keogh plan under certain circumstances and $300 | |
| HOMESTEAD EXEMPTION | There is no homestead exemption in Pennsylvania. However, property that is held in tenancy by the entirety maybe exempt from the debts owed by one spouse | |
| ADDING FEES | It is unlawful for a collection agency to collect any amount, including any interest, fee, charge or expense incidental to the principal obligation, unless such amount is expressly provided in the agreement creating the debt or is permitted by law. |