Re: served and confused

Posted by scott (24.166.35.102) on December 02, 2002 at 17:44:10:

In Reply to: Re: served and confused posted by lost22 on December 02, 2002 at 14:48:10:

Calgary is a bottom feeder. You need to answer the suit and use the SOL defense. Here is some info from whychats site.
Please be advised that under the TILA section 15 a credit card account is legally defined as an "open" account.
The Act is in Title I of the Consumer Credit Protection Act and is implemented by the Federal Reserve Board via Regulation Z (12 C.F.R. Part 226).
The Regulation has effect and force of federal law.
Open-end Credit Transactions:
Open-end credit includes bank and gas company credit cards, stores' revolving charge accounts, and cash- advance checking accounts.
Typical features:
Creditors reasonably expect the consumer to make repeated transactions.
Creditors may impose finance charges on the unpaid balance.
As the consumer pays the outstanding balance, the amount of credit is once again available to the consumer.

Subpart B - Open-End Credit
226.5
General disclosure requirements.

226.5a
Credit and charge card applications and solicitations

http://www.complianceheadquarters.com/Res__Real_Estate/Res__Real_Estate_Research/Reg_Z/226_5a.pdf

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