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|
$18,500 or $37,000 for unmarried persons 65 years or older.
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.