Wisconsin Collection Laws
Many states impose responsibilities, liabilities and penalties upon companies for activities of Wisconsin debt collectors engaged by them in the collection of debts. You need to know the Wisconsin collection laws and state debt collections law.
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You can be held accountable for what your Wisconsin collection attorney does
or doesn't do. You must know the Wisconsin 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
Wisconsin collections laws listed below and make sure your Wisconsin
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: Wisconsin
Statute of Limitations, Wisconsin Judgments, Wisconsin Garnishments, North
Dakota Interest Rates, Wisconsin Bad Check Laws and Wisconsin Collection
Agency Requirements.
Wisconsin Statute, Chapter 427
INTEREST RATE
Legal: 5%
Judgment: 12%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 6
Written Contract: 6
Domestic Judgment: 20
Foreign Judgment: 20
BAD CHECK LAWS (CIVIL PENALTY)
Amount of check plus actual damages + exemplary damages up to three times value
of check. Limited to $300.
GENERAL GARNISHMENT EXEMPTIONS
80% of net pay.
COLLECTION AGENCY BOND & LICENSE
Bond: $15,000 min.
License: Yes
Fee:
$1000 - Investigation
$200 - Annual
Exemption for out-of-state collectors: Out-of-state agencies do not need to be
licensed if [1] collecting by interstate means (phone, fax, mail); and [2]
collecting for an out-of-state client.
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