Puerto Rico Credit Laws
| INTEREST RATE | (Legal: 6%) |
Changes every 6 months - %; all other rates are set by the Finance Board of Office of Commissioner of Financial Institutions. Judgments bear interest at the same rate as the underlying debt. Judgment regulated by the Commissioner of the Board of Financial Institutions every 6 months |
| STATUTE OF LIMITATIONS | (In Years) |
Open Acct: 3 - Merchandise Open Acct: 3 - Written Contract 15 - Mortgage 20 - Domestic Judgment 15 - Foreign Judgment 15 |
| BAD CHECK LAWS | (Civil Penalty) |
See articles 1851-1856 of the Puerto Rico Penal Code regarding bad check laws. |
| GENERAL GARNISHMENT EXEMPTIONS |
75% of last 30 days’ earnings for family support |
|
| HOMESTEAD EXEMPTION | N/A | |
| ADDING FEES | No collecting agency may collect or require from the debtor the payment of additional charges on the indebted amount as well as the expenses incurred by the collection agency in its normal action of collection or any other expenses including counsel fees not agreed upon, except when it may be so authorized by a final judgment. |