Indiana Collection Laws
Many states impose responsibilities, liabilities and penalties upon companies for activities of Indiana debt collectors engaged by them in the collection of debts. You need to know the Indiana collection laws and state debt collections law.
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You can be held accountable for what your Indiana collection attorney does or
doesn't do. You must know the Indiana 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 Indiana collections laws listed below
and make sure your Indiana 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: Indiana Statute of Limitations, Indiana Judgments, Indiana Garnishments,
Indiana Interest Rates, Indiana Bad Check Laws and Indiana Collection Agency
Requirements.
Indiana Code Title 25, Article 11
INTEREST RATE
Legal: 8%
Judgment: 8%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 6
Written Contract for payment of money
(executed before 9/l/82): 10
(executed after 8/31/82): 6
Written Contract (other than payment of money): 10
Written Contract for sale of goods: 4
Domestic Judgment:
10 on real estate
20 against the person
Foreign Judgment: 10
BAD CHECK LAWS (CIVIL PENALTY)
Triple check amount up to $500 over check amount, + attorney fees & interest up
to 18% per annum or triple check amount + attorney fees and interest at 8% per
annum.
GENERAL WAGE GARNISHMENT EXEMPTIONS
75% of disposable earnings for work week or the amount of 30 x fed. min. hourly
wage, whichever is greater.
COLLECTION AGENCY BOND & LICENSE
Bond: $5000 each office
License: Yes
Fee:
$100 plus $5 per annum, each unlicensed employee
$30 branch office
$80 - Renewal
Exemption for out-of-state collectors: Out-of-state collectors are exempt from
licensing if [1] collecting for a nonresident creditor; and [2] collection
activities limited to interstate communications (phone, fax, mail).
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