February 15, 2008, Newsletter Issue #127: Indiana Collection Agency Laws

Tip of the Week

including: Indiana Statutes, Indiana Judgments, Indiana Garnishments, Indiana Interest Rates, Indiana Bad Check Laws and Indiana Collection Agency Requirements.

INTEREST RATE
Legal: 8%
Judgment: 8%

STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 6
Written Contract for payment of money
(executed before 9/l/82): 10
(executed after 8/31/82): 6
Written Contract (other than payment of money): 10
Written Contract for sale of goods: 4
Domestic Judgment:
10 on real estate
20 against the person
Foreign Judgment: 10

BAD CHECK LAWS (CIVIL PENALTY)
Triple check amount up to $500 over check amount, + attorney fees & interest up to 18% per annum or triple check amount + attorney fees and interest at 8% per annum.

GENERAL WAGE GARNISHMENT EXEMPTIONS
75% of disposable earnings for work week or the amount of 30 x fed. min. hourly wage, whichever is greater.

COLLECTION AGENCY BOND & LICENSE
Bond: $5000 each office
License: Yes
Fee:
$100 plus $5 per annum, each unlicensed employee
$30 branch office
$80 - Renewal
Exemption for out-of-state collectors: Out-of-state collectors are exempt from licensing if [1] collecting for a nonresident creditor; and [2] collection activities limited to interstate communications (phone, fax, mail).

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