Wisconsin Collection Agency Laws

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.