Re: Statute of Limitations on Collection of old debt Please Help

Posted by LadynRed (199.91.33.254) on April 02, 2003 at 11:10:45:

In Reply to: Re: Statute of Limitations on Collection of old debt Please Help posted by darin on April 02, 2003 at 10:43:13:

Truth in Lending Act - Definition of credit cards as open-ended accounts:

"TITLE 15 CHAPTER 41 SUBCHAPTER I Part A Sec. 1602.
(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. "

http://www4.law.cornell.edu/uscode/15/1602.html

Follow Ups:

Post a Followup