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