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New Contributor
Posts: 74
Registered: ‎06-27-2007
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SOL in Louisiana

Hey all,
 
I'm doing some research for a friend. He has a duplicate account on his bureau, however, it's over 7 years old.
 
I went online and pulled the SOL for Louisiana and this is what I got:
 
Louisiana Statutes of Limitation

Contracts: 10 years.

Open accounts: 3 years.

Lawsuits, which are filed but not pursued, become null three years after the last action taken.

Judgment: 10 years, and if not renewed within the ten years become a nullity.

 

 

These are specifically speaking of collections. Can anyone here interpert this?

 

Thanks,

DJ

 

 

I put all my bills in a hat each month and keep drawing names and paying bills until there's no money left. If you don't stop harassing me, your name won't go in the hat!
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
0

Re: SOL in Louisiana

New Contributor
Posts: 74
Registered: ‎06-27-2007
0

Re: SOL in Louisiana

What I'm gathering from the statutes of limitations in Louisiana is that the original creditor only has 3 years to file for a judgement after the date of last payment. However, if there is a judgement, the creditor has 10 years to collect unless he renews the judgement. In that case, it renews for another 10.
 
Now, again, my friend has 2 accounts that are over 7 years old and they are charged off. Should he dispute them? Should he demand they be removed? Does he have the right to have them removed?
 
What should he do?
I put all my bills in a hat each month and keep drawing names and paying bills until there's no money left. If you don't stop harassing me, your name won't go in the hat!
Senior Contributor
Posts: 4,635
Registered: ‎03-11-2007
0

Re: SOL in Louisiana

If it's over 7 years old, then dispute with the CRAs as too old to report. A chargeoff cannot appear 7.5 years after DOFD. If judgment was never obtained, it's outta here. Gotta come off the CRs.
 
 
Valued Member
Posts: 34
Registered: ‎06-08-2007
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Re: SOL in Louisiana

Does anyone know the SOL for Florida?
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
0

Re: SOL in Louisiana

FLORIDA

INTEREST RATE

Legal: 10%

Judgment: 10% or up to 18% if contractual

STATUTE OF LIMITATIONS (IN YEARS)

Open Acct.: 4

Written Contract: 5

Domestic Judgment: 7 Renewable

Foreign Judgment: 5 if not recorded in-state

BAD CHECK LAWS (CIVIL PENALTY)

After 30 day demand-treble amount in addition to amount owed, bank & court costs & reasonable attorney fees.

GENERAL GARNISHMENT EXEMPTIONS

See federal law except 100% head of household.

Liberal Homestead Exemption - 1st $1,000 of automobile

COLLECTION AGENCY BOND & LICENSE

Bond: Yes - $50,000 (Commercial)

License: Yes

Fee: Yes

$200 - Registration

$50 - Investigation

$200 - Renewal

Exemption for out-of-state collectors:

Registration is required for out-of-state collectors if

[1] soliciting accounts;

[2] if client (creditor, its affiliate or subsidiary) has an office in Florida.

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Senior Contributor
Posts: 4,635
Registered: ‎03-11-2007
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Re: SOL in Louisiana



docfr8 wrote:
Does anyone know the SOL for Florida?


For CCs, it's 4 years. There is some recent caselaw as the issue was somewhat in dispute. Store CCs were 4 years, but VISA/MC et al. were considered 5 years. Not so. It's 4 years.
 
PORTFOLIO RECOVERY ASSOCIATES, LLC, Appellant, v. PAUL FERNANDES, Appellee. Circuit Court, 15th Judicial Circuit (Appellate) in and for Palm Beach County. Case No. 502005AP000032XXXXMB, Division ‘AY'. March 6, 2006. Appeal from County Court, in and for Palm Beach County.
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