COLLECTION LAWS – ILLINOIS (IL)
(1) Pre-Judgment Interest Rate:
In the state of Illinois, the pre-judgment interest rate is determined by the Illinois Interest Act (815 ILCS 205/2), which sets the rate at 5% per annum.
(2) Post-Judgment Interest Rate:
The post-judgment interest rate in Illinois is governed by the Illinois Interest Act (815 ILCS 205/2), which establishes the rate at 9% per annum for judgments entered on or after July 1, 2019.
(3) Statute of Limitations for Written Contract:
Under the Illinois Compiled Statutes (735 ILCS 5/13-206), the statute of limitations for written contracts is ten years. This means that a legal action to enforce a written contract must be initiated within ten years from the date the cause of action accrued.
(4) Statute of Limitations for Oral Contract:
For oral contracts in Illinois, the statute of limitations is five years. According to the Illinois Compiled Statutes (735 ILCS 5/13-205), a lawsuit to enforce an oral contract must be filed within five years from the date the cause of action arose.
(5) Statute of Limitations for Open Account:
The statute of limitations for an open account in Illinois is five years, as stated in the Illinois Compiled Statutes (735 ILCS 5/13-205). This means that legal action to collect on an open account must be initiated within five years from the date the cause of action accrued.
(6) Statute of Limitations for Contract for Sale of Goods:
In Illinois, the statute of limitations for a contract for the sale of goods is four years. This limitation period is established by the Illinois Uniform Commercial Code (810 ILCS 5/2-725), which requires any legal action to enforce such a contract to be filed within four years from the date the cause of action arose.
(7) Statute of Limitations for Promissory Note:
Under the Illinois Compiled Statutes (810 ILCS 5/3-118), the statute of limitations for a promissory note in Illinois is ten years. This means that a legal action to enforce a promissory note must be initiated within ten years from the date of the note.
(8) Statute of Limitations for Enforcement of Domestic Judgment:
In Illinois, the statute of limitations for the enforcement of a domestic judgment is twenty years, as provided by the Illinois Compiled Statutes (735 ILCS 5/12-108).
(9) Statute of Limitations for Enforcement of Foreign Judgment:
The statute of limitations for the enforcement of a foreign judgment in Illinois is twenty years, according to the Illinois Compiled Statutes (735 ILCS 5/12-108).
(10) Garnishment Exemptions:
Illinois law (735 ILCS 5/12-1001) provides various exemptions from garnishment. Some common exemptions include a head of household exemption, exemptions for certain types of wages, public assistance benefits, retirement benefits, and more. It is important to consult the specific statutes and seek legal advice to understand the full scope of garnishment exemptions in Illinois.
Disclaimer: Please note that the presented content is an outline of legal regulations, serving as a general overview rather than an exhaustive representation of comprehensive statutes. It is crucial to recognize that this outline does not constitute “legal advice.” Moreover, it is important to acknowledge that subsequent changes to the listed statutes may occur subsequent to this publication. It is recommended to consult an attorney in the jurisdiction to confirm the information is up-to-date and accurate.