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Staute of limitations on debts ◦British Columbia – Section 3 (5) of the BC Limitation Act sets 2 years as the limit for debt, 10 years if there is a judgement. ( does not applied to secured transactions ) http://www.bclaws.ca/civix/document/id/complete/statreg/12013_01#section3 NewAct will only apply to claims discovered after June 1, 2013 ◦Alberta – The Alberta Limitations Act sets 2 years as the term which is extended to 10 years if there is a judgement. ◦Manitoba - Limitation of Actions Act, C.C.S.M. c. L150, s. 2(1)(g) sets 6 years as the limit for debt. ◦New Brunswick – Limitation of Actions Act, S.N.B. 2009, c. L-8.5. sets 2 years as the limit for debt. 15 years if there is a judgement. https://www.canlii.org/en/nb/laws/stat/snb-2009-c-l-8.5/latest/snb-2009-c-l-8.5.html#sec6 ◦Newfoundland and Labrador – Limitations Act, S.N.L. 1995, c. L-16.1, ss. 5( ; 13; 14. sets 2 years as the limit for debt. ◦Nanavut - Limitation of Actions Act, R.S.N.W.T. 1988, c.L-8, s. 2(e). sets 6 years as the limit for debt. ◦Nova Scotia – Limitation of Actions Act, R.S.N.S .2014, . sets 2 years as the limited for debt for claims after 2014 - 6 years still applies for prior actions. http://nslegislature.ca/legc/bills/62nd_2nd/3rd_read/b064.htm ◦NWT – Limitation of Actions Act, R.S.N.W.T. 1988, c. L-8, s. 2(e). sets 6 years as the limit for debt. ◦Ontario - The Ontario Limitation Act of 2002 , came into force on January 1, 2004. It sets 2 years as the term (Section 4). However, this limitation will be reinstated where the debtor acknowledges the debt or makes a partial payment towards the debt. If the debt default occurred prior to January 1, 2004, the creditor will have 6 years to pursue the claim. However, if the default occurred after January 1, 2004 then the credit will just have the 2 year limit. ◦P.E.I. - Statute of Limitations, R.S.P.E.I. 1988, c. S-7, s. 2(1)(g). sets 6 years as the limit for debt. ◦Quebec – Civil Code of Quebec, S.Q. 1991, c. 64, art. 2925. sets 3 years as the limit for debt. ◦Saskatchewan – Limitations Act, S.S. 2004, c. L-16.1. sets 2 years as the limit for debt. ◦Yukon – Limitation of Actions Act, R.S.Y. 2002, c. 139, s. 2(1)(e), (f). sets 6 years as the limit for debt. ◦Federal – Section 32 of the Crown Liability and Proceedings Act sets 6 years as the limit for debt. Consumers, however must be careful when dealing with the statute of limitations regarding debts at the Federal or Provincial Government level. These include student loans, child support, taxes and alimony. Please be aware that there may be tolling issues on these statutes , please check your .gov website for these. Debt collection Laws and Licensing acts Collection Agency Licensing Statutes by Province and Territory Province or Territory Name of Licensing Statute Alberta Fair Trading Act British Columbia Business Practices and Consumer Protection Act Manitoba Manitoba Consumer Protection Act New Brunswick Collection Agencies Act Newfoundland Collections Act Northwest Territories Consumer Protection Act Nova Scotia Collection Agencies Act Nunavut Consumer Protection Act Ontario Collection Agencies Act http://www.sse.gov.on.ca/mcs/en/Pages/Personal_Finance_Collection_Agency_Rights.aspx Prince Edward Island Collection Agencies Act Quebec An Act respecting the Collection of Certain Debts Saskatchewan Collection Agents Act Yukon Consumers Protection Act
I thought i posted this before, and have updated the state law forum thread for Ohio. Ohio Statute Of Limitations For Written Contracts Shortened On June 12, 2012, the Ohio General Assembly passed Ohio Sub. S.B. No. 224, amending section 2305.06 of the Revised Code, which establishes the statute of limitations for actions upon a written agreement or contract. Sub. S.B. No. 224 shortens the statute of limitations for such claims from fifteen years to eight years. This bill has been signed by the Governor and becomes effective on September 28, 2012. The amended statute of limitations applies to claims in which the cause of action accrues on or after the effective date, September 28, 2012. Please note that in calculating the applicability of the amended statute of limitations, the relevant factor is when the cause of action accrues, not when the contract was signed. In Ohio, generally speaking, a cause of action for breach of contract accrues when the breach occurs or when the complaining party suffers actual damages. Therefore, an action for a breach of a written agreement or contract that occurs on or after September 28, 2012 must be brought within eight years from the date of the breach or it will be time-barred. Of particular importance, this amendment shortens the period of time that creditors have to sue on a debt if borrowers become delinquent on or after September 28, 2012. The bill further provides that when the cause of action accrued prior to the effective date of the bill, the statute of limitations is either eight years from the effective date of the act, or the expiration of the statute of limitations that was in effect prior to the effective date of the act, whichever occurs first. Under this transitional rule, if, for example, a borrower becomes delinquent before September 28, 2012, the statute of limitations expires at the shorter of either eight years from the effective date (September 28, 2020) or the previous period of limitations (fifteen years from the date of the breach). As a practical matter, the transitional rule distinguishes between causes of action that accrued before September 28, 2005 and causes of action that accrued on or after September 28, 2005. An action based on a breach of a written agreement that occurred on or after September 28, 2005 must be initiated by September 28, 2020 or it will be time-barred. An action for a breach of a written agreement that occurred before September 28, 2005, however, must be brought within fifteen years of the date of the breach, which will result in a deadline earlier than September 28, 2020. T Thus, the bill creates a diminishing statute of limitations, and until September 28, 2020 (when the transition to the new statute of limitations will be complete), creditors must be mindful of this rule to determine the applicable statute of limitations if the cause of action accrued before September 28, 2012. The previous exceptions to the fifteen year period of limitations continue to apply in the amended law. For example, an action for breach of a contract for sale of goods under the Uniform Commercial Code must still generally be brought within four years. but there is Ohio court rulings that Open / oral accounts is 6 year SOL - they have to provide an application with your signature for the 8 year to apply