Re: Asset Accept / SOL suit / FL
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Posted by JKelly
(151.197.123.138) on June 27, 2004 at 10:51:36:
In Reply to: Asset Accept / SOL suit / FL posted by WOK on June 27, 2004 at 01:34:28:
The thing I've read about in Florida is that the CA attorneys argue that the credit card is a written contract, and the judges buy it. Please be advised that under the TILA § 15 a credit card account is legally defined as an "open" account.(FROM WHY CHAT'S SOL LETTER) (LADY COMMENTS ON THE SUBJECT) Credit cards are defined as open-ended accunts in the FEDERAL truth In Lending Act.
http://www4.law.cornell.edu/uscode/15/1602.html
"See.1602-Defiitions and rules of construction. The term "open end credit plan"means a plan under which the creditor reasonable contemplates repreated 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 utstanding 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." So, the argument is in the TILA.
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