Attorney's fees: book accounts.

Under existing law, in any action on a contract based on a book account, as defined, that does not provide for attorney's fees and costs, the prevailing party on the contract is entitled to reasonable attorney's fees and costs, and the court is required to fix the attorney's fees in an amount that does not exceed the lesser of $960 for book accounts that are maintained for personal, family, or household purposes of a natural person, and $1,200 for book accounts that are maintained for all other purposes, or 25% of the principal obligation owing on the contract, as applicable. This bill would increase these maximum attorney's fees to an amount not to exceed the lesser of $1,200 for book accounts that are maintained for personal, family, or household purposes of a natural person, and $1,600 for book accounts that are maintained for all other purposes, or 25% of the principal obligation owing on the contract, as applicable.