Re: SOL defensein GA.
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Posted by LadynRed
(199.91.33.254) on January 28, 2003 at 10:26:26:
In Reply to: Re: SOL defensein GA. posted by observer on January 28, 2003 at 08:39:12:
It doesn't really matter, the FEDERAL TILA defines CC's as open-ended accounts: From the TILA "TITLE 15 > CHAPTER 41 > SUBCHAPTER I > Part A > Sec. 1602. Prev | Next Sec. 1602. - Definitions and rules of construction (f) The term ''creditor'' refers only to a person who both (1) regularly extends, whether in connection with loans, sales of property or services, or otherwise, consumer credit which is payable by agreement in more than four installments or for which the payment of a finance charge is or may be required, and (2) is the person to whom the debt arising from the consumer credit transaction is initially payable on the face of the evidence of indebtedness or, if there is no such evidence of indebtedness, by agreement. Notwithstanding the preceding sentence, in the case of an open-end credit plan involving a credit card, the card issuer and any person who honors the credit card and offers a discount which is a finance charge are creditors. (i) The term ''open end credit plan'' means a plan under which the creditor reasonably contemplates repeated transactions, which prescribes the terms of such transactions, and which provides for a finance charge which may be computed from time to time on the outstanding unpaid balance. A credit plan which is an open end credit plan within the meaning of the preceding sentence is an open end credit plan even if credit information is verified from time to time. "
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