Jump to content

what accounts qualify as open ended accounts??


Recommended Posts

Bank loans are written contracts - set terms for a time to repay, a set payment, and you do not get to re-use the credit that you pay off.

Open-ended agreements are those that have NO set repayment term and you get to re-use the credit that you pay off.

The Truth in Lending Act clearly defines open-ended agreements.

Utilities, like electric, water, phone, etc. are generally considered services and will usually fall under the UCC SOL of 4 years for goods and services.

Link to comment
Share on other sites

This topic is now closed to further replies.

  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.