Re: Clarification on the SOL in Illinois...HELP please!

Posted by Why Chat (209.240.222.130) on March 28, 2002 at 20:41:01:

In Reply to: Clarification on the SOL in Illinois...HELP please! posted by Keggory on March 28, 2002 at 19:52:25:

The Federal TILA (truth in lending act) which regulates all banks AND credit unions,classifies credit cards as "open accounts" An open account is one in which there is a revolving line of credit and periodic payments that reduce the existing debt and increase the available credit.(thus keeping it "open")If you had such a credit card then it is covered under Ill. SOL for open accounts. Get a lawyer.(you may have grounds for a counter- suit)

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