NC S60

Rewrites G.S. 6-21.2 to clarify that attorneys' fees provisions in debt instruments (notes, conditional sale contracts, lease agreements, credit agreements) are enforceable when a creditor uses an attorney to collect after debtor default

Caps attorneys' fees at 15% of principal and interest owed at the time of lawsuit, or 15% of the time price balance for conditional sale contracts

Requires creditors to provide written notice to debtors after default before collecting attorneys' fees; debtors who pay the full amount owed within 14 days of notice are not liable for attorneys' fees

Explicitly excludes residential rental agreements governed by Article 5 of Chapter 42 from the definition of "debt instrument"

Becomes effective October 1, 2025, applying only to debt instruments executed on or after that date