STATE INTEREST RATES AND USURY LIMITS:
• Legal Rate: 5%
• Contract Rate: 9%
• Judgment Rate: 9% (except against government entities), 6% on judgments against government entities
• Corporate Rate: No set rate
• Age of Majority: 18
• Emancipation: At least 16 years old and have been emancipated under the “Emancipation of Minors Act.” 705 Ill. Comp. Stat. 405/1-3(7)
• Contracts: A minor is bound by health care contracts by their parent, regardless of whether or not the parent is a minor. If the parent is a minor, they shall have full legal rights as if they were above the age of majority. 710 Ill. Comp. Stat. 15/7 Minor may also enter into a contract to attend an Illinois post-secondary school. 815 Ill. Comp. Stat. 155/1
DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES
• Both spouses are liable for the expenses of the family and education of the children and may be sued together or separately. 750 Ill. Comp. Stat. 65/15
STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:
• Contracts: Oral, 5 years; Written except contracts for sale, 10 years; Written contracts for sale, 4 years
•Judgments: 20 years
FAIR PATIENT BILLING ACT:
• Collection Agent: referral of any bill to a collection agency or law firm to collect payment from a patient/guarantor for hospital services.
• Hospital agents must ensure that the collection agent agrees in writing to the provisions of the Fair Patient Billing Act.
• A patient is fully responsible for paying a hospital bill and must cooperate in collection efforts by providing all financial documentation and any other needed personal information within 30 days of the request for the information.
• A patient is responsible for paying the bill and will communicate to the hospital any change in financial situation that will affect the ability to pay.
HOURS ALLOWED TO CONTACT:
• 8 am to 9 pm
DEBT DISCUSSED WITH SPOUSE:
• It is illegal for a collector to disclose information relating to a patient’s financial situation. No person may make any attempt to contact a spouse by any means of communication.
• If a patient overpays to a creditor, the money must be refunded within 60 days of the overpayment of $1 or more.
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 contact an attorney.