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Indiana Commercial Collection Agency

Indiana’s statute of limitations and debt collection laws were created to regulate how debt collectors and creditors collect debt and file lawsuits. This page is meant to provide you and Indiana residents with helpful economy data and collection laws including: state debt, state spending, interest rates, statute of limitations data, and collection agency bond and license data.

In 2015, Indiana spending increased 7.1% to $29.3 billion (from $27.3 billion in 2014), with a per capita spending of almost $30,000. Of the 2015 spending, $19 billion came from state funds and $10.3 billion was from federal funds. State debt in 2012 was $46.3 billion, with a per capita debt of $7,000 and a ranking of 48. Indiana’s debt amount and per capita ranking might have influenced the state’s credit rating, which had maintained the highest AAA rating from 2008 – 2014 (AA in 2004-2005, then AA+ in 2006-2007. (BallotPedia.org)

For residents curious about collection laws and acts, Indiana utilizes the Fair Debt Collection Practices Act (FDCPA) which covers personal, family, and household debts, and money owed for the purchase of an automobile, medical care, or for charge accounts (In.gov). According to the Indiana Statute of Limitations, there must be a determined maximum amount of time for a party to file suit from the date of an occurrence. This means that written contracts for money payments of debt and promissory notes have a limitation period of 6 years. The Statute of Limitations also allows debt collectors to obtain a judgement to extend the debt collection time to at most 10 years (ProtectingConsumerRights.com). If the debt isn’t paid off in the judgment’s time, the creditor can renew the judgment in court and have it open for an additional 10 years.

SUMMARY OF INDIANA COLLECTION LAWS*

INTEREST RATE
Legal: 8% – Judgment 8%

STATUTE OF LIMITATIONS (IN YEARS)
Open Acct: 6 – Written Contract for payment of money -(executed before 9/1/82): 10 (executed after 8/31/82): 6 – Written contract (other than payment of money): 10 – Domestic Judgment 10 – Foreign Judgment 10

BAD CHECK LAWS (CIVIL PENALTY)
Triple check amount up to $500 over check amount + attorney fees & interest upto 18% per annum or 25% of triple check amount + attorney tees and interest at 8% per annum.

GENERAL GARNISHMENT EXEMPTIONS
75% of disposable earnings for workweek or the amount of 30 x ted. mm. hourly wage, whichever is greater.

COLLECTION AGENCY BOND & LICENSE
Bond: $5000 each office – License: Yes – Fee: $50 plus $5 perannum, each unlicensed employee $15 branch office

* 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

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