Arkansas Debt Collection Laws and Statutes

Arkansas Debt Collection Laws and Statutes

AccountsReceivable.com handles debt collections throughout the entire state of Arkansas.

Below you will find important information on Arkansas state debt recovery laws including: Arkansas Statutes, Judgments, Garnishments, Interest Rates, and Bad Check Laws.

STATE: ARKANSAS

Interest Rate

  • Legal: 6% of 5 points above the Fed. discount rate
  • Judgment: Contract rate of 10% per annum, whichever is greater

STATUTE OF LIMITATIONS (IN YEARS)

  • Open Account: 3 (except medical which is 2 years)
  • Written Contract: 5 (partial payment stops the statute from running)
  • Sale of Goods (UCC-2): 4
  • Domestic Judgment: 10 renewable
  • Foreign Judgment: 10

BAD CHECK LAWS (CIVIL PENALTY)

Twice amount of check, prior to double charge, can start out with $25 charge per NSF check after 30 days.

GENERAL GARNISHMENT EXEMPTIONS

$500 head of family; $200 single. Includes personal property except clothing. Homestead Exemptions: 1/4 acre plus home in city (urban). 80 acres plus home is country (rural).

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