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Illinois Commercial Collection Agency

For residents living in Illinois, statutes of limitations and debt collection laws are regulated to protect debtors from harassing collection agencies, and to ensure the debt collection process goes as smooth, legal, and successful as possible. This page presents a variety of helpful informative Illinois collection laws and economy statistics. Details include: collection agency bond/license data, state debt and spending factors, statute of limitations, interest rates, civil penalty amounts, and general garnishment exemptions.

In 2012, the overall state debt for Illinois was $321.3 billion and the per capita debt was approximately $25,000 (making the per capita ranking a 5). The state’s overall high debt amount has potentially influenced the state’s fluctuating credit rating, which has slowly lowered from an AA in 2004 to A- in 2014. With the large debt and low credit ranking, state spending has steadily increased in recent years. State spending had a 15.5% increase in 2015 to $69.4 billion, from the $58.6 billion in 2014. Of the $69 billion, $51.5 billion was from state funds and $17.9 billion was from federal funds, making the per capita spending about $5,300. (BallotPedia.org)

According to ProtectingConsumerRights.com, the Fair Debt Collection Practices Act (FDCPA) in Illinois protects debtors from harassing and other abusive practices from debt collectors and debt buyers. The FDCPA does not apply to to lawyers, real estate professionals, insurance companies, and financial bank or lender institutions. Illinois also has a licensing statute which requires debt collectors to be licensed in Illinois; this is a common requirement for collection agencies in other states as well.

SUMMARY OF 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 ted. mm. hourly wage, whichever is greater.

COLLECTION AGENCY BOND & LICENSE
Bond: $25,000 – License: Yes – Fee: $75 – Original $60 – Renewal

* These are not comprehensive statutes and therefore PSICollect.com and Prestige Services, Inc. disclaims any liability resulting from reliance by any party upon the legality and accuracy of the contents thereof.

Below is a list of the states in the US that we cover.
We are a nationwide operation and service all states, as well as Canada & Mexico.

Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Washington
West Virginia
Wisconsin
Wyoming
Puerto Rico

We are an international collection agency and service the entire U.S. as well as foreign countries. In addition, we represent clients from any country outside the U.S. Let us know how we can help you today! Contact us here »