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Hundreds of collection agencies are licensed to recover money in Oklahoma, but very few have a physical presence in the state.
List of collection agencies in Oklahoma:
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Debt Collection Laws in Oklahoma
- Fair Debt Collection Practices Act (FDCPA): Like all states, Oklahoma is subject to the federal Fair Debt Collection Practices Act. The FDCPA applies to third-party debt collectors and prohibits them from using deceptive, abusive, or unfair practices when collecting a debt.
- Oklahoma Consumer Protection Laws: Oklahoma does not have its own version of the FDCPA. However, Oklahoma’s Consumer Protection Act may offer some protections against deceptive trade practices, which can include deceptive collection practices.
- Statute of Limitations: As of 2021, the statute of limitations for written contracts in Oklahoma is 5 years and 3 years for oral contracts. Once this period has passed, debt collectors cannot sue to collect the debt. Keep in mind that acknowledging the debt or making a payment can restart the statute of limitations.
- Wage Garnishment: In Oklahoma, if a creditor obtains a court judgment against a debtor, they may be able to garnish wages. The limits on wage garnishments generally align with federal law, which allows for the lesser of 25% of disposable earnings or the amount by which weekly disposable earnings exceed 30 times the federal minimum wage.
- Bank Account Levies and Property Liens: After obtaining a judgment, a creditor may seek to levy a debtor’s bank account or put a lien on property. Oklahoma law provides certain exemptions that may protect a portion of the debtor’s assets.
- Communication with Debt Collectors: Debt collectors are subject to restrictions on their communication practices under the FDCPA. For example, they cannot contact debtors at inconvenient times, harass them, or communicate with third parties about the debtor’s debt without permission.
- Exemptions: Oklahoma law provides exemptions to protect certain property from being seized by creditors. For example, Oklahoma has a homestead exemption that protects the equity in a debtor’s primary residence. There are also exemptions for personal property, such as household goods and furnishings, clothing, and tools of the trade, as well as exemptions for certain types of income, such as retirement benefits and Social Security.
- Licensing and Bonding: Debt collection agencies operating in Oklahoma are generally required to be licensed and bonded.
Please remember that laws can change, and the information I have provided may not be up-to-date. It is advisable to consult a lawyer or legal aid organization to get the most current information and advice on dealing with debt collectors in Oklahoma.
Overdue receivables can be frustrating. The agency should use modern technologies required for efficient debt collection. Regardless you are a big corporation, small business or medical practice, they should give equal treatment to all debts regardless of age and balance. If required, they should be able to take legal action if other recovery tactics have failed.
Collection agencies licensed in OK can recover money from all cities, including Oklahoma City, Tulsa, Norman, Broken Arrow, Edmond, Lawton, Moore, Midwest City and Still water.