COLLECTION LAWS – FLORIDA (FL)
(1) Pre-Judgment Interest Rate:
In the state of Florida, the pre-judgment interest rate is determined by Section 55.03 of the Florida Statutes. This statute establishes that the pre-judgment interest rate is equal to the prime rate published by the Federal Reserve Bank, plus five percent (5%) annually. However, the interest rate cannot exceed the maximum allowed by law.
(2) Post-Judgment Interest Rate:
According to Section 55.03 of the Florida Statutes, the post-judgment interest rate is also determined by the prime rate published by the Federal Reserve Bank, plus five percent (5%) annually. Similar to the pre-judgment interest rate, the post-judgment interest rate cannot exceed the maximum allowed by law.
(3) Statute of Limitations for Written Contract:
For written contracts in the state of Florida, the statute of limitations is five years. This means that legal action to enforce a written contract must be initiated within five years from the date the cause of action arises. The relevant statute is Section 95.11(2)(b) of the Florida Statutes.
(4) Statute of Limitations for Oral Contract:
In the case of oral contracts, the statute of limitations in Florida is also five years. The time limit for initiating legal action to enforce an oral contract is the same as that for written contracts. Section 95.11(2)(b) of the Florida Statutes applies to this type of contract as well.
(5) Statute of Limitations for Open Account:
The statute of limitations for actions related to open accounts in Florida is four years. An open account refers to an account where goods, services, or money are extended over time without a fixed maturity date. Section 95.11(3)(k) of the Florida Statutes governs the statute of limitations for open accounts.
(6) Statute of Limitations for Contract for Sale of Goods:
For contracts for the sale of goods in Florida, the statute of limitations is four years. The time period begins from the date the cause of action arises. This statute is outlined in Section 95.11(2)(g) of the Florida Statutes.
(7) Statute of Limitations for Promissory Note:
The statute of limitations for enforcing a promissory note in Florida is five years. Legal action to enforce a promissory note must be initiated within five years from the date the cause of action arises. This information can be found in Section 95.11(2)(b) of the Florida Statutes.
(8) Statute of Limitations for Enforcement of Domestic Judgment:
In Florida, the statute of limitations for the enforcement of a domestic judgment is 20 years. This means that a judgment obtained within the state can be enforced for a period of up to 20 years. The relevant statute is Section 95.11(1) of the Florida Statutes.
(9) Statute of Limitations for Enforcement of Foreign Judgment:
The statute of limitations for the enforcement of a foreign judgment in Florida is five years. Section 95.11(2)(a) of the Florida Statutes stipulates that a foreign judgment must be enforced within five years from the date of its entry.
(10) Garnishment Exemptions:
Florida law provides certain exemptions regarding garnishment, which is the process of collecting a debt by obtaining a court order to deduct funds from a debtor’s wages or bank account. Some common exemptions include 75% of disposable earnings or 30 times the federal minimum wage per week, whichever is greater. Other exemptions pertain to specific types of income, such as Social Security, retirement benefits, and public assistance. These exemptions can be found in Section 222.11 of the Florida Statutes.
Disclaimer: Please note that the presented content is an outline of legal regulations, serving as a general overview rather than an exhaustive representation of comprehensive statutes. It is crucial to recognize that this outline does not constitute “legal advice.” Moreover, it is important to acknowledge that subsequent changes to the listed statutes may occur subsequent to this publication. It is recommended to consult an attorney in the jurisdiction to confirm the information is up-to-date and accurate.