Hampton Associates, Inc. Commercial Collection Agency  
  Phone: (877) 862-6340, Fax: (877) 862-6336

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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*The Illinois Collection Agency Act is scheduled to be repealed January 1, 2006 Check the Illinois Compiled Statutes for updated info.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

Hampton Associates, Inc.- Your commercial collection agency solution

Hampton Associates, Inc. 2003, 2004 Site Map