Re: SOL?

Posted by J Kelly (68.163.2.72) on August 05, 2004 at 20:06:37:

In Reply to: Re: SOL? posted by FL5yrSolFighter on August 05, 2004 at 15:35:27:

Federal law says that credit card is open account. Credit cards are defined as open-ended accounts in the FEDERAL TRUTH IN LINDING ACT.
HTTP://www4.law.cornell.edu/uscode/15/1602.html

"See 1602 - Definitions and rules of construction.

the term "open end credit plan" menas a plan under which the creditor reasonablyu contemplates repeated 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 outstanding unpaid balance. A credit plan which is an open end credit plan within the meaning of the preceeding sentence is an open end credit plan even if credit information is verified from time to time."

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