Re: c.c. debt & court

Posted by Why Chat on March 01, 2002 at 22:48:02:

In Reply to: Re: c.c. debt & court posted by brenda on March 01, 2002 at 20:56:41:

Under "Definitions"
(20)  Open-end credit means consumer credit extended by a creditor under a plan in which:
      (i)  The creditor reasonably contemplates repeated transactions;
      (ii)  The creditor may impose a finance charge from time to time on an outstanding unpaid balance; and
      (iii)  The amount of credit that may be extended to the consumer during the term of the plan (up to any limit set by the creditor) is generally made available to the extent that any outstanding balance is repaid.

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