The Fair Debt Collection Practices Act (FDCPA)
The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the Fair Debt Collection Practices Act (FDCPA). The Act covers personal, family, and household debts, including money owed on personal credit card accounts, auto loans, medical bills and mortgages. The FDCPA does not cover business-to-business debts. Learn more at: http://www.ftc.gov
Illinois Collection Laws Interest Rate
Legal: 5%
Judgment: 9%
Illinois Collection Laws Statute Of Limitations
Sales: 4 years
Open account: 5 years
Written Contract: 10 years
Domestic Judgment: 20 years
Illinois Collection Laws Bad Check Laws (NSF) (Civil Penalty)
Triple check amount up to $500 including attorney fees & court costs
Illinois Collection Laws General Garnishment Exemptions
15% of gross wages or disposable earnings for work-week up to 45 x Federal minimum hourly wage (whichever is greater)
State Debt Collection Laws and Publications:
Click here to learn more about your specific state laws on debt collections.