Re: SOL and Ohio RE: credit card debt

Posted by Why Chat (209.240.205.61) on August 12, 2004 at 11:56:40:

In Reply to: Re: SOL and Ohio RE: credit card debt posted by raisinette on August 12, 2004 at 01:10:04:

I am beginning to think you are a CA troll- The TILA CLEARLY defines credit card accounts as open end agreements, and OHIO statutes AS POSTED ON THE OHIO PAGE ofmy website EXCLUDE credi card open end accounts from being considered a written contract.

1335.02 Loan agreements with financial institution.
Text of Statute

(A) As used in this section:

(1) "Debtor" means a person that obtains credit or seeks a loan agreement with a financial institution or owes money to a financial institution.

(2) "Financial institution" means either of the following:

(a) A federally or state-chartered bank, savings bank, savings and loan association, or credit union, or a holding company, subsidiary, or affiliate of a bank, savings bank, or savings and loan association;

(b) A licensee under sections 1321.01 to 1321.19 of the Revised Code, or a registrant under sections 1321.51 to 1321.60 of the Revised Code, or a parent company, subsidiary, or affiliate of a licensee or registrant.

(3) "Loan agreement" means one or more promises, promissory notes, agreements, undertakings, security agreements, mortgages, or other documents or commitments, or any combination of these documents or commitments, pursuant to which a financial institution loans or delays, or agrees to loan or delay, repayment of money, goods, or anything of value, or otherwise extends credit or makes a financial accommodation.

[[[ "Loan agreement" does not include a promise, promissory note, agreement, undertaking, or other document or commitment relating to a credit card, a charge card, a revolving budget agreement subject to section 1317.11 of the Revised Code, an open-end loan agreement subject to section 1321.16 or 1321.58 of the Revised Code, or an open-end credit agreement subject to section 1109.18 of the Revised Code.]]]]**

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