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Financial Services Law Insights and Observations

North Carolina Amends Collection Agency Definition

State Issues Debt Collection State Legislation

State Issues

On July 20, North Carolina Governor Roy Cooper signed into law Senate Bill 415 (S.L. 149), which amends the state’s collection agency law to exclude persons engaged in routine billing services from the definition of a “collection agency.” Specifically, a “collection agency” does not include “corporations or associations engaged in accounting, bookkeeping, or data processing services where a primary component of such services is the rendering of statements of accounts and bookkeeping services for creditors.” The law went into effect July 20, 2017.