Yes, it's an open account

Posted by Boadicea (66.149.179.202) on May 18, 2004 at 17:31:29:

In Reply to: Re: stat of limits illinois credit card posted by casey on May 18, 2004 at 17:24:29:

According to Federal law it is termed an "open" account. Unfortunately, IL has yet to clearly state that in its statutes. There is no reference to an "open" account except for in the secured transactions statutes.

But that's all you need! The IL UCC clearly states that an open account is NOT a written contract. But since regular credit cards (not store cards, which typically hold a security interest in the products you purchase from the store) do not fall under the UCC, you still have to interpret the statutes by defining what a credit card account is NOT.

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