Puerto Rico Collection Laws

INTEREST RATE

• Legal: 9.25% changes every 6 months (6/30/97)
• Judgment: It is 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 (MISDEMEANOR)
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

COLLECTION AGENCY BOND & LICENSE

• Bond:$5000
• License: Yes
• License Fee:
  • $100 - Original
  • $100 - Branch Office
  • $100 - Renewable
  • $100 - Investigation

   

This site has taken this information from the website listed in this state. We will not be held liable for any errors or for not updating. Updates are done every 3 months.