Illinois Collection Laws
Many states impose responsibilities, liabilities and penalties upon companies for activities of Illinois debt collectors engaged by them in the collection of debts. You need to know the Illinois collection laws and state debt collections law.
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You can be held accountable for what your Illinois collection attorney does or
doesn't do. You must know the Illinois collection laws, and the information here
can reduce your liability by giving you the state debt collections law
information for making informed decisions. Please study the Illinois collections laws listed below
and make sure your Illinois collection lawyer abides by them to the letter.
Debt collections law vary, and knowing the right collection
law for your state and your debtor's state is essential. Here you can read up
on: Illinois Statute of Limitations, Illinois Judgments, Illinois Garnishments,
Illinois Interest Rates, Illinois Bad Check Laws and Illinois Collection Agency
Requirements.
Illinois Compiled Statute, Chapter 225, Section 425
INTEREST RATE
Legal: 5%
Judgment: 9%
STATUTE OF LIMITATIONS (IN YEARS)
Sales (UCC): 4
Open Acct.: 5
Written Contract: 10
Domestic Judgment: 20
Foreign Judgment: Same as foreign jurisdiction
BAD CHECK LAWS (CIVIL PENALTY) Triple check amount up to $500, attorney fees &
court costs.
GENERAL GARNISHMENT EXEMPTIONS
15% of gross wages or disposable earnings for workweek up to 45 x fed. min.
hourly wage, whichever is greater.
COLLECTION AGENCY BOND & LICENSE
Bond: $25,000
License: Yes
Fee:
$750 - Original
$750 - Renewal
Exemption for out-of-state collectors: Out-of-state collectors may be exempt if
[1] not soliciting accounts in Illinois; [2] their state of residence has laws
which provide similar reciprocity (allow out-of-state agencies to collect only);
and [3] the state in which the non-Illinois agency resides extends the same
privileges to out-of-state agencies.
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