Miami Commercial Collection Attorney
While there are numerous US and state statutes that apply to the creditor-debtor relationship in the context of the consumer market, fewer laws cover commercial credit transactions. Florida’s statute on commercial collection practices does apply to all situations where the money, property, or service that was the subject of the debt was for commercial purposes, as opposed to personal, family, or household needs. However, the lack of formalities in the commercial sector can create challenges for the creditor seeking to collect and the debtor who is unable to pay.
Regardless of which side you occupy in a commercial loan transaction, it is critical to retain experienced legal help to protect your interests. The Alhalel Law team has the knowledge to develop a strategy based upon your position and business objectives, so please contact our office to schedule a consultation with a Miami commercial collections attorney who can explain the details. An overview of the legal landscape and options for creditors and debtors may also be useful.
Summary of Florida Commercial Credit Laws
While the statutes on consumer credit transactions and collections is convoluted, Florida law covering commercial loans is limited in coverage. The statute lays out requirements for commercial collection agencies, including registration with officials, filing fees, and bond procurement. It also excludes certain organizations in their attempts at collecting commercial debt, such as federal and state financial institutions, consumer collection agencies, real estate brokers, title insurers, and others.
The lack of regulation in the area of commercial collections is suited to the environment in which companies loan, borrow, and extend credit. For the most part, the two entities involved with a commercial loan have a certain level of sophistication that exceeds the average consumer purchasing for family and home. Though it does not identify offensive debt collection tactics, the intent of Florida’s commercial collection law is to prevent the unlawful and fraudulent collection activities that current criminal statutes do not address.
Strategies for Addressing Commercial Collections
With limited requirements and guidance on going after past due commercial accounts, many disputes and practices fall back upon the contract that created the obligation. Our Miami commercial collections attorneys at Alhalel Law will advise you on the key points, such as:
- It is critical for the creditor to draft an agreement that protects its interests and provides for the widest array of legal remedies for breach.
- Commercial creditors must request appropriate collateral or arrange a lien, and draw up the proper paperwork for a secured interest.
- Because Florida corporate laws shield individual stakeholders in a business, a lender should ensure that the credit transaction is supported by a personal guarantee by one of the debtor’s officers.
Get Legal Advice from a Miami Commercial Collections Lawyer
If you are a commercial creditor or debtor seeking information about collections, please contact Alhalel Law to speak to a member of our team. You can call 305.563.9060 or check us out online to schedule a consultation. A Miami commercial collections attorney can provide additional details about our services and the legal process after reviewing your circumstances.