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Escheats Laws
July 1, 2004
Is there a statute of limitations on old, outstanding accounts? Is there a certain point after which we can't collect?
Question: Is there a statute of limitations on old, outstanding accounts? Is there a certain point after which we can't collect?
Answer: Every state has an "escheats law" - unclaimed property law. The limit sets ranges from three to seven years. If you have not collected by the deadline set by your state law, then the account can no longer be collected. This does not include pre-set payment plans that extend into this period.
Check with your state medical society to find your state rules.