North Carolina Credit Laws
| INTEREST RATE | (Legal: 8%) |
The general usury limit is 8%. However, there is a provision for a variable rate, which is 16% or the T-Bill rate for non-competitive T-Bills. Above $ 25,000 there is no express limit. However, the law providing for 8% is still on the books.- 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 fee, ect | |
| HOMESTEAD EXEMPTION |
$18,500 or $37,000 for unmarried persons 65 years or older. |
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| ADDING FEES |
No collection agency may falsely represent that an existing obligation may be increased by adding attorney fees, service fees, investigation fees, or any other charges. |