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
• 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)
• 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.