North Carolina Collection Laws
Many states impose responsibilities, liabilities and penalties upon companies for activities of North Carolina debt collectors engaged by them in the collection of debts. You need to know the North Carolina collection laws and state debt collections law.
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You can be held accountable for what your North Carolina collection attorney does or
doesn't do. You must know the North Carolina collection laws, and the information here
can reduce your liability by giving you the state debt collections law
information for making informed decisions. Please study the North Carolina collections laws listed below
and make sure your North Carolina collection lawyer abides by them to the letter.
Debt collections law vary, and knowing the right collection
law for your state and your debtor's state is essential. Here you can read up
on: North Carolina Statute of Limitations, North Carolina Judgments, North Carolina Garnishments,
North Carolina Interest Rates, North Carolina Bad Check Laws and North Carolina Collection Agency
Requirements.
North Carolina General Statute, Chapter 75, Article 2, Section 75-50, et seq.
INTEREST RATE
Legal: 8%
Judgment: 8%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
Sale of Goods: 4
Written Contract: 3
Domestic Judgment: 10
Foreign Judgment: 10
BAD CHECK LAWS (CIVIL PENALTY)
30 day written demand lesser of $500 or 3x check amount, but not less than $100.
GENERAL GARNISHMENT EXEMPTIONS
100% of last 60 days' earnings for family support. Garnishment only by political
subdivisions for taxes, ambulance fees, etc.
COLLECTION AGENCY BOND & LICENSE
Bond: $5,000 to $50,000
License: Yes
Fee: $500
Exemption for out-of-state collectors: Contact state authorities. Unofficially,
licensing authorities may allow out-of-state agencies to bypass requirements if
they do not solicit in state and/or work for instate clients.
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a FREE North Carolina Collection Attorney quote now.