Wisconsin

STATE INTEREST RATES AND USURY LIMITS:

• Legal Rate: 5%

• Contract Rate: Any agreed upon rate not greater than the rate allowed. Wis. Stat. Ann. §§ 138.041 to 138.056, 138.09 to 138.12, 218.0101 to 218.0163, or 422.201

• Judgment Rate:  Interest on money recovered is the annual rate equal to 1% plus the prime rate in effect on January 1st of the year in which the judgment is entered into. Wis. Stat. Ann. § 814.04(4)

• Corporate Rate:  No set rate

 

LEGAL AGE:

• Age of Majority: 18

• Emancipation:  18 or upon marriage

• Contracts: A minor may be liable for necessaries but parents are generally responsible for providing necessaries. Madison General Hospital v. Haack, 369 N.W. 2d. 663, 668 (Wis.1985)

 

AUTO-DIALERS:

• Wisconsin law bans the use of auto-dialers in solicitations.

 

DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES

• An obligation of a spouse during marriage is presumed to be in the interest of the marriage or family. Wis. Stat. Ann. § 766.55 (1)

 

STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:

• Contracts: Upon contract, obligation or liability 6 years, or upon any personal actions on a contract 10 years. Wis. Stat. Ann. § 893.43, Wis. Stat. Ann. § 893.50

•Judgments: Of Record, 20 year; Not of Record, 6 years

 

This information is not to be construed as legal advice. Legal advice must be tailored to the specific circumstances of each case. Although we attempt to provide up-to-date information, laws and regulations often change. We make no claims, promises, or guarantees about the accuracy or completeness of this document. For legal advice, please consult an attorney.

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