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Illinois Collection Agency



AAB has been in operation for 40 years and is a commercial Illinois Collection Agency. We provide other Illinois or IL commercial collection services that improve the efficiency of any accounts receivable or credit department. Commercial collection agency services are available in other US states. Consider AAB as your next or new Illinois collection agency.

Illinois is considered to be a closed state for a commercial collection agency. Collecting commercial accounts in most states are usually exempt from most of the regulations covering the collection of consumer debt by a retail or consumer collection agency. Illinois has one minor and restrictive exception (see Illinois collection agency Laws below) for commercial collections where an agency doesn't have to be licensed as an Illinois collection agency.

An Illinois collection agency is affected by regulations that govern commercial collection services. This is yet another reason to consider AAB. Our decades of compliance experience and collection results make us a natural to be your Illinois collection agency.

Below you will find summary points on some Illinois collection regulations and laws that affect debt collection for an Illinois collection agency. You may want to consider some of these points when placing commercial collection files with an Illinois collection agency.

Illinois Collection Laws



NOTE: The Illinois collection information below is summary in nature and subject to change. While we make every effort to insure accuracy, the information below should not be considered legal advice or to be one hundred percent accurate. No warranty is expressed or implied and AAB assumes no liability for its use.

Illinois Collection Interest Rates



Illinois Legal Rate: 5% per annum (Without written agreement)
Contract Rate: 9% per annum
Corporate Rate: Any rate
Judgment Rate: 9% per annum – 6% against Government entities
Usury % Cap: 9% (one of the most restrictive in the US)

An Illinois collection agency can only apply or charge interest at the rates above in Illinois.

Illinois Statute of Limitations



Oral Contract: 5 Years
Written Contract: 10 Years
Contracts for Sale (UCC): 4 Years
Judgment: 20 Years

Bad or NSF Check collection charges in Illinois


Commercial Service Charge: $4.50 plus applicable bank fees
Consumer Service Charge: $25

Illinois Collection Agency Laws


Illinois Collection Agency Licensing: YES (see exception)
Exception: No collection agency shall be required to be licensed or maintain an established business address in Illinois if the agency’s activities in Illinois are limited to collecting debts from debtors located in Illinois by means of interstate communication, including telephone, mail, or facsimile transmission from the agency’s location in another state provided they are licensed in that state and these same privileges are permitted in that licensed state to a licensed Illinois collection agency.
Bond: $50,000
Trust Account: Required

We hope you found the collection information above useful in your research for an Illinois collection agency. While researching for a collection agency, consider AAB. One of our collection professionals can address any questions you may have about collecting debt in Illinois. You can also request a Quote on services you need to be provided with by an Illinois collection agency.
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