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