Re: Illinois SOL: My findings so far... (LONG)

Posted by Razor (65.33.36.192) on April 01, 2002 at 22:20:07:

In Reply to: Illinois SOL: My findings so far... (LONG) posted by Keggoryt on April 01, 2002 at 21:58:03:

It is defined in the Truth in lending Act. Tell your lawyer to learn to read. Check Subpart B of the Truth In Lending Act. It defines the CCs as Open-ended Accts.

Credit Lines, CCs and other revolviong accts are classified as open.

Bank Loans and other credit with set termas and a defintite payoff date are classified as closed. Inother wors a written contract.

The SOL for a CC in ILL if 5 yrs.

here is the in for ILL from eDebtNetwork.

STATE: ILLINOIS
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 fed. min. hourly wage, whichever is greater.

COLLECTION AGENCY BOND & LICENSE

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.

Why Chat did i miss anything?

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