October 19, 2007, Newsletter Issue #110: Wisconsin Collection Agency Laws

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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