Federal law

Posted by JKelly (68.163.2.72) on August 03, 2004 at 14:40:35:

In Reply to: SOL for JKelly or Why Chat or anyone! posted by need info on August 03, 2004 at 13:02:10:

Credit cards are defined as open-ended account in the FEDERAL Truth in Lending Act. http://www4.law.cornell.edu/uscode/15/1602.html

Sec. 1602 - Definitions and rules of construction.
(i)
the term "open end crddit plan" means a plan under which the creditor reasonably contemplates repeated transactions, which prescribes the terms of such transactions, and which provided for a finance charge which may be computed from time to time on the outstanding 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."

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