Re: sol

Posted by Why Chat (209.240.222.130) on February 25, 2002 at 00:27:53:

In Reply to: sol posted by stressed out on February 24, 2002 at 21:42:28:

Illinois has a 5 year SOL for Open accounts.
The Federal Truth In Lending Act (sect.127) Classifies credit cards as "open-ended"accounts. ALL STATES (including Illinois) are required to follow Federal guidelines.
This section provides a brief summary of the federal Truth-in- Lending Act (TILA).
Consumer credit transactions fall into two categories: closed-ended credit and open- ended or revolving credit. Closed-ended credit occurs when the consumer borrows a specific amount of money and repays it over a stipulated period of time. Installment contracts, car loans and mortgages are typical closed-ended credit transactions. A credit transaction is open-ended if the consumer is issued a line of credit that can be used at the consumer's discretion and repaid within the terms of the contract. A credit card is an example of open-ended credit. A credit card typically has a "credit limit" meaning the consumer can charge up to that amount on the card. The "loan" is paid on a monthly or revolving basis.A home equity line of credit is another example of an open account.

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