Does Ohio consider CCs to be written contracts?

[upallnight999]

I saw someone post that the Sol for ohio is 15 for credit cards. Is it because they are considered written contracts as opposed to open ended accounts?

[admin]

Actually, per the Truth in Lending Act, all credit cards are considered open accounts.

[LadynRed]

True, BUT, OH judges do not agree and are ruling that credit cards are subject to the 15 year SOL.

[E. Normis Debtor]

I'll disagree. TILA only applies to open end credit, not open accounts.

SOL on lender credit cards in OH is 15 years, providing they have copies of the necessary cc agreements.

[upallnight999]

What if they have the cc agreement but they don't have my signature on it. Would the SOL still be 15?

[Don't make me go there!]

See this site for the legal definition of a written contract or contracts in general.

http://www.lectlaw.com/def/c123.htm

From the Business Law classes I took, a contract must have specifics as in length of time, amount of consideration (money) and the service or type of work to be performed.

Ohio CAs often try pullling this "15 year SOL bit" on credit cards but CAs aren't versed in law. Actually, how can you logically consider a CC to be a written contract when it is very non specific. The balance can change daily and the required payment adjusts according to the balance. Thus, it's an open account or revolving account, not a written account. I believe open accounts in Ohio have a 6 year SOL.

Anybody can get a copy of a credit card application but, without your signature, how can they say you actually signed it? Sounds like a CA is up to the typical tricks.

[divemedic]

Some courts have held that credit cards ARE written contracts. Every sales slip you sign is a written contract. Also, thanks to Clinton, your electronic signature is just as binding as your written one. That means an online contract is still a written contract.

[E. Normis Debtor]

Ohio courts, including an appeals court, have held cc agreements are contracts under Ohio law and the 15 year SOL applies.

From Davis v. Asset Acceptance

Pursuant to Ohio law, credit card agreements are contracts whereby the issuance and use of a credit card creates a legally binding agreement. Bank One, Columbus, N. A. v. Palmer (1989), 63 Ohio App.3d 491, citing Manufacturers & Traders Trust Co. v. Lindauer (1987), 135 Misc.2d 132, 513 N.Y.S.2d 629.