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.
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
$750 - Original
$750 - Renewal
Exemption for out-of-state collectors: Out-of-state collectors may be exempt if  not soliciting accounts in Illinois;  their state of residence has laws which provide similar reciprocity (allow out-of-state agencies to collect only); and  the state in which the non-Illinois agency resides extends the same privileges to out-of-state agencies.
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