Illinois Collection Agency Laws

Illinois Collection Agency Laws that regulate debt collection.

The Creditors Guide To Illinois Collection Laws

Following is a some important information on IllinoisCollection Laws including: Illinois Statutes, Illinois Judgments, Illinois Garnishments, Illinois Interest Rates, Illinois Bad Check Laws and Illinois Collection Agency Requirements. Please be sure that you check the Illinois State website for the latest updates to the Illinois Collection Agency Laws.

INTEREST RATE

• Legal: 5%
• Judgment: 9%

STATUTE OF LIMITATIONS (IN YEARS)

• Sales (UCC): 4
• Open Acct.: 5
• Written Contract: 10
• Domestic Judgment: 20
• Foreign Judgment: Same as foreign jurisdiction

BAD CHECK LAWS (CIVIL PENALTY) Triple check amount up to $500, attorney fees& court costs.

GENERAL GARNISHMENT EXEMPTIONS
15% of gross wages or disposable earnings for workweek up to 45 x fed. min.hourly wage, whichever is greater.

COLLECTION AGENCY BOND & LICENSE

• Bond: $25,000
• License: Yes
• Fee:
  • $750 - Original
  • $750 - Renewal
• Exemption for out-of-state collectors: Out-of-state collectors may be exempt if [1] not soliciting accounts in Illinois; [2] their state of residence has laws which provide similar reciprocity (allow out-of-state agencies to collect only); and [3] the state in which the non-Illinois agency resides extends the same privileges to out-of-state agencies.

Recommended Illinois Collection Agency Listings:

IllinoisCollection Agency
Debt-Collection-Laws.com offers you a directory of the top ranked debt collection agencies in the United States by state.

Please note this website site not intended to give legal advice and may not be complete or up to date with the most current Illinois collection laws changes.

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