Illinois Collection 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.

This site has taken this information from the website listed in this state. We will not be held liable for any errors or for not updating. Updates are done every 3 months.