LIMITS ON CONTACT AT PLACE OF EMPLOYMENT:
• Collection agencies may not contact any person, regardless of their instructions, at their place of employment unless the collection agency does not have a telephone number where the debtor can be reached during their non-working hours.
DEBT DISCUSSED WITH SPOUSE:
• Collection agencies may communicate with a debtor’s spouse or parent/guardian if the debtor is a minor.
STATE INTEREST RATES AND USURY LIMITS:
• Legal Rate: 8%
• Contract Rate: 16% for loans of $25,000 or less, any rate on loans over $25,000. No rate limit on first mortgages of $10,000 or more.
• Judgment Rate: 8%
• Corporate Rate: Any rate agreed upon in writing by a for-profit corporation.
• Age of Majority: 18
• Emancipation: 18 or upon marriage. Ages 16 and older may petition for emancipation. N.C. Gen. Stat. § 7b-3500.
• Contracts: Minors 17 or older may contract loans for higher education costs. N.C. Gen. Stat. § 116-174.1.
DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES
• Assets acquired by either spouse during marriage are jointly-owned by the spouses. Both spouses have a duty to provide necessaries to each other. North Carolina Baptist Hosps., Inc., v. Harris, 354 S.E.2d 471 (N.C. 1987)
STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:
• Contracts: 3 years
•Judgments: 10 years
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.