Illinois Commercial Credit & Collection Information
INTEREST RATE
-
Legal: 5%
-
Judgment: 9%
(735 ICLS 5/2-1303)
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)
Three times amt. owed.
No less than $100,up to $1500 plus 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
*The Illinois Collection Agency
Act is scheduled to be repealed January 1, 2006 Check the Illinois
Compiled Statutes for updated info.
- 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
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