Re: Why Chat: Do you know anything about....

Posted by Why Chat (209.240.198.61) on November 03, 2002 at 23:23:54:

In Reply to: Why Chat: Do you know anything about.... posted by terab on November 03, 2002 at 22:16:57:

The licensing requirement is for collection activities, if the only collection activity was to file suit,then your State (Mississipi?)may not require licensing.

The rules of civil procedure usually say that someone has to have "standing" to file a lawsut,that means they have to be the party in interest,so it can't have been assigned to them they have to own it. As to SOL, in the case of repos it is different than cc debts. It depends on how the Statutes of your State are written. But, in general, the SOL starts from the date of LEGAL resale after LEGAL repossession, and is the same as an oral contract unless your State gives a shorter time than the State of repo.

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