Re: sol
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Posted by Why Chat (209.240.205.61) on December 09, 2003 at 18:17:17:
In Reply to: Re: sol posted by J Kelly on December 09, 2003 at 17:29:49:
OK-- 1st let me say that this applies to ALL credit agreements, either open or written or installment loans. In MOST States, the rules for contracts are found in the "Statute Of Frauds"-- this section spells out what makes a contract, what provisions are binding and how a contract can be changed. In ALL States, for a contract in WRITING, i.e. with a specific term and for a specific amount can only be change IN WRITING. In only a FEW States,like Nebraska, a signed check in payment operates as a "change in contract" and does restart the SOL, but even there, it only applies to closed end contracts. In MOST States there is a very special and difficult procedure that MUST be followed for any waiver of rights on a consumer contract.Many States even spell out the size of the type and the specific language that must be used. In SOME States, like Virginia, even a new signed contract can not change the SOL on a consumer contract. On many of the State's pages I have posted their statutes dealing with this issue. I also have a link (linked below) to a list of most States statutes that deal with contract changes. I will find the Pa. one, (which isn't on this link) and post it on the Pa. page.
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