Re: Feeling Lost
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Posted by LadynRed
(199.91.33.254) on October 28, 2003 at 17:46:40:
In Reply to: Feeling Lost posted by Val on October 28, 2003 at 17:15:53:
Why NOT ?? What is their reasoning ? TILA - Definition of an open-ended credit agreement (credit card!): "TITLE 15 > CHAPTER 41 > SUBCHAPTER I > Part A >
Sec. 1602. - Definitions and rules of Construction (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. "
Take this FEDERAL definition and hold that up alongside the RCW and you have the correct section regarding SOL for credit cards ! How dense can they be ?
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