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.
Check Laws by Cities in Illinois
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.
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