devilbrad Posted July 31, 2007 Report Share Posted July 31, 2007 What does this mean?? The SOL is different for open accounts. STATE: CALIFORNIA †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 EXEMPTIONSSee federal law. Exemptions for necessaties of life.COLLECTION AGENCY BOND & LICENSENo license or bond required. Link to comment Share on other sites More sharing options...
Recovering Attorney Posted July 31, 2007 Report Share Posted July 31, 2007 teh 2 yr SOL applies where the merchant gives you something and says " I'll bill you later" but never does. The 4 yr applies if he does. It's also referred to as an account stated in other states Link to comment Share on other sites More sharing options...
devilbrad Posted July 31, 2007 Author Report Share Posted July 31, 2007 Ah, thank you! I love laymans terms! Link to comment Share on other sites More sharing options...
Recommended Posts