Re: Answer to your question
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Posted by computerguy
(204.180.131.3) on July 13, 2004 at 15:04:45:
In Reply to: Re: Answer to your question posted by debt collector on July 13, 2004 at 14:44:57:
Did it say in their disclosure that by lending credit they have broken the law. . Both federal and state courts have emphatically rejected the idea that a national bank can lend credit. : So even though the national banks know they are not allowed to loan credit they do it anyway probably because it is so profitable. Don’t you think that it is important and relevant to tell potential credit card customers as well as bank shareholders that according to the US Code and numerous judicial decisions it is questionable whether a national bank is actually authorized to lend credit become a guarantor or become surety? They should at least say something to their customers and shareholders. Here's a good disclaimer for them: Disclaimer: We the bank are lending credit guaranteeing debts and becoming surety through our credit card business for profit. The Comptroller of Currency approves. Congress has been silent in recent years. However both federal and state courts in the past have repeatedly told us that the National Bank Act does not provide for this activity. Therefore at any point in the future the bank could be subject to either federal or state cease and desist orders. In that event the bank will require immediate and full payments and will cancel your credit. Further the bank may be exposed to civil lawsuits from all its former credit card holders and shareholders.”
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