RSB Posted May 2, 2007 Report Share Posted May 2, 2007 A credit card is an open account, correct? A credit card is not a wriiten agreement. The Truth in Leading Act establishes this. I am wondering if some states can refuse to acknowledge the Truth in Lending Act statement that says, a credit card is an open account? Link to comment Share on other sites More sharing options...
IHateCAs Posted May 2, 2007 Report Share Posted May 2, 2007 The Truth in Lending Act has nothing to do with collection suits to recover on debts. Link to comment Share on other sites More sharing options...
TwoFaced Posted May 2, 2007 Report Share Posted May 2, 2007 You will never hear a correct answer about this subject anywhere....Its a matter of opinion in my opinion...only the courts will decide I believe....That is my opinion too Link to comment Share on other sites More sharing options...
MountainDude Posted May 2, 2007 Report Share Posted May 2, 2007 Find caselaw in you're jurisdiction that supports you're position. That's how you'll win.j Link to comment Share on other sites More sharing options...
RSB Posted May 2, 2007 Author Report Share Posted May 2, 2007 The Truth in Lending Act has nothing to do with collection suits to recover on debts.I asked my question becasue I found this, and was trying to better understand it:"Open-ended Accounts: These are revolving lines of credit with varying balances. The best example is a credit card account. Please note: a credit card is ALWAYS an open account. This is established under the Truth-in-Lending Act:TITLE 15 > CHAPTER 41 > SUBCHAPTER I > Part A > § 1602§ 1602. Definitions and rules of construction(i) The term “open end credit plan” means a plan under which the creditor reasonably 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 preceding sentence is an open end credit plan even if credit information is verified from time to time." Link to comment Share on other sites More sharing options...
mamom Posted June 21, 2007 Report Share Posted June 21, 2007 The Truth in Lending Act has nothing to do with collection suits to recover on debts.I found that when a JDB is acting as the Assignee of the OC they are,Under U.C.C. 9-318, subject to all defenses which may be asserted against assignor by account debtor.So TIL applies if your JDB is claiming to be the assignee of the OC. Link to comment Share on other sites More sharing options...
divemedic Posted June 21, 2007 Report Share Posted June 21, 2007 For example, in Florida SOL is not based on open vs. written. The rule is "based on a written instrument" which is vague enough for all but store cards to squeeze by as written agreements. Link to comment Share on other sites More sharing options...
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