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Re: Asset Acceptance - Suing


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Posted by LadynRed (68.32.101.73) on January 26, 2004 at 19:19:10:

In Reply to: Re: Asset Acceptance - Suing posted by Parry on January 26, 2004 at 18:31:02:

Truth in Lending Act defines credit cards as open-ended - not written. Are you saying WA statutes are refuting the FEDERAL Law ?

I took this off of WhyChat's page for WA Statutes regarding credit cards:

"------------------------------------------------------ EXEMPTION FOR CREDIT CARDS TO "WRITTEN CONTRACTS"

RCW 19.36.120

Exempt agreements.

RCW 19.36.100 through 19.36.140 and 19.36.900 shall not apply to:

(1) A promise, agreement, undertaking, document, or commitment relating to a credit card or charge card; or

(2) a loan of money or extension of credit to a natural person that is primarily for personal, family, or household purposes and not primarily for investment, business, agricultural, or commercial purposes.

-----------------------------------------------------
DEFINITION OF CREDIT CARD AS "AGREEMENT" NOT CONTRACT

RCW 62A.9A-102

Definitions and index of definitions.

(a) Article 9A definitions. In this Article:

(2)(A) "Account," except as used in "account for," means a right to payment of a monetary obligation, whether or not earned by performance,

(vii) arising out of the use of a credit or charge card or information contained on or for use with the card,

(47) "Instrument" means a negotiable instrument or any other writing that evidences a right to the payment of a monetary obligation, is not itself a security agreement or lease, and is of a type that in ordinary course of business is transferred by delivery with any necessary indorsement or assignment. The term does not include

(C) writings that evidence a right to payment arising out of the use of a credit or charge card or information contained on or for use with the card,"
__________________________

AND the name of a Lawyer - on bottom of this page:
http://community-2.webtv.net/Y-Chat/WhyChatsCredit/page47.html




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