Credit Collection Information by State
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North Carolina Commercial Credit & Collection Information
INTEREST RATE
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. (See NC Statute 6-21.3.)
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 (NC Statute 58-70-20)
- License: Yes
- Fee: $500 (NC
Statute 58-70-35)
- 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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