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October 19, 2007, Newsletter Issue #110: Wisconsin Collection Agency Laws
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Tip of the Week
Following is some important information on Wisconsin state debt recovery laws including: Wisconsin Statutes, Wisconsin Judgments, Wisconsin Garnishments, Wisconsin Interest Rates, Wisconsin Bad Check Laws and Wisconsin Collection Agency Requirements.
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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