January 26, 2007, Newsletter Issue #73: Illinois Collection Agency Laws

Tip of the Week

Following is some important information on Illinois debt recovery laws including: Illinois Statutes, Illinois Judgments, Illinois Garnishments, Illinois Interest Rates, Illinois Bad Check Laws and Illinois Collection Agency Requirements.

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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