NC H541

Requires debt buyers to possess valid documentation proving ownership of a debt and provide reasonable verification including original creditor name, debtor's original account number, and a copy of the contract, charge-off statement, or other debt evidence before collecting or suing.

Specifies that for charged-off debts, itemized accounting must include the charge-off balance, post charge-off interest, post charge-off fees, and post charge-off payments or credits rather than all fees and charges.

Mandates debt buyers provide debtors written notice at least 30 days before filing legal action, including the debt buyer's contact information, original creditor name, account number, and itemized accounting of amounts claimed owed.

Requires debt buyers to include conspicuous notices in all written communications regarding time-barred debts, stating that lawsuits will not be filed and explaining credit reporting implications based on the debt's age under federal Fair Credit Reporting Act standards.

Increases the collection agency permit application fee from $1,000 to $1,250 effective October 1, 2015, with fees credited to the Insurance Regulatory Fund.