Clarifies enforcement of attorneys' fees in debt instruments and adjusts the default rate for these fees.

This bill modifies North Carolina law regarding the enforcement of attorneys' fees in debt instruments. It specifies that creditors can enforce an obligation to pay attorneys' fees if they use an attorney to collect an amount owed after a debtor's default. If the debtor pays the total amount owed within 14 days after receiving notice, the obligation to pay attorneys' fees becomes unenforceable. The bill also sets the default rate for attorneys' fees at up to 15% of the "outstanding balance" unless the debt instrument specifies a different amount or percentage.

Clarifies enforcement of attorneys' fees in debt instruments and adjusts the default rate for these fees.

This bill modifies North Carolina law regarding the enforcement of attorneys' fees in debt instruments. It specifies that creditors can enforce an obligation to pay attorneys' fees if they use an attorney to collect an amount owed after a debtor's default. If the debtor pays the total amount owed within 14 days after receiving notice, the obligation to pay attorneys' fees becomes unenforceable. The bill also sets the default rate for attorneys' fees at up to 15% of the "outstanding balance" unless the debt instrument specifies a different amount or percentage.