FEDERAL LAW - CONSUMER PROTECTION |
US CODE, TITLE 15, CHAPTER 41— CONSUMER CREDIT PROTECTION |
Index: |
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SUBCHAPTER I | — | CONSUMER CREDIT COST DISCLOSURE (Regulatory law TILA - Reg. Z, and new Reg Z (2010)) |
SUBCHAPTER II | — | RESTRICTIONS ON GARNISHMENT |
SUBCHAPTER II-A | — | CREDIT REPAIR ORGANIZATIONS (The Credit Repair Organizations Act - CROA) |
SUBCHAPTER III | — | CREDIT REPORTING AGENCIES (The Fair Credit Reporting Act - FCRA) |
SUBCHAPTER IV | — | EQUAL CREDIT OPPORTUNITY (The ECOA) |
SUBCHAPTER V | — | DEBT COLLECTION (The Fair Debt Collection Practices Act - FDCPA) |
SUBCHAPTER VI | — | ELECTRONIC FUND TRANSFERS |
US CODE, TITLE 11 — BANKRUPTCY |
CHAPTER 1 | — | GENERAL PROVISIONS |
CHAPTER 3 | — | CASE ADMINISTRATION |
CHAPTER 5 | — | CREDITORS, THE DEBTOR, AND THE ESTATE |
CHAPTER 7 | — | LIQUIDATION |
CHAPTER 9 | — | ADJUSTMENT OF DEBTS OF A MUNICIPALITY |
CHAPTER 11 | — | REORGANIZATION |
CHAPTER12 | — | ADJUSTMENT OF DEBTS OF A FAMILY FARMER OR FISHERMAN WITH REGULAR ANNUAL INCOME |
CHAPTER 13 | — | ADJUSTMENT OF DEBTS OF AN INDIVIDUAL WITH REGULAR INCOME |
CHAPTER 15 | — | ANCILLARY AND OTHER CROSS-BORDER CASES |
CREDIT CARD ACCOUNTABILITY RESPONSIBILITY AND DISCLOSURE ACT OF 2009
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Index: |
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SECTION 1. | — | SHORT TITLE; TABLE OF CONTENTS. |
SECTION 2. | — | REGULATORY AUTHORITY |
SECTION 3. | — | EFFECTIVE DATE. |
SERVICEMEMBERS CIVIL RELIEF ACT |
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Statutes of limitations for enforcement on debt. To see a complete list of state rules click on the state's name
State | Open Ended Accounts (Credit Cards) | Written Contracts | Promissory notes | Oral Agreements |
Alabama | 3 Years | 6 Years | 6 Years | 6 Years |
Alaska | 6 Years | 6 Years | 6 Years | 6 Years |
Arizona | 3 Years | 6 Years | 5 Years | 3 Years |
Arkansas | 3 Years | 5 Years | 6 Years | 3 Years |
California | 4 Years | 4 Years | 4 Years | 2 Years |
Colorado | 6 Years | 6 Years | 6 Years | 6 Years |
Connecticut | 6 Years | 6 Years | 6 Years | 3 Years |
Delaware | 3 Years | 3 Years | 6 Years | 3 Years |
D.C. Wash | 3 Years | 3 Years | 3 Years | 3 Years |
Florida | 4 Years | 5 Years | 5 Years | 4 Years |
Georgia | 4 Years | 6 Years | 6 Years | 4 Years |
Hawaii | 6 Years | 6 Years | 6 Years | 6 Years |
Idaho | 4 Years | 5 Years | 10 Years | 4 Years |
Illinois | 5 Years | 10 Years | 6 Years | 5 Years |
Indiana | 6 Years | 10 Years | 10 Years | 6 Years |
Iowa | 5 Years | 10 Years | 5 Years | 5 Years |
Kansas | 3 Years | 5 Years | 5 Years | 3 Years |
Kentucky | 5 Years | 15 Years | 15 Years | 5 Years |
Louisiana | 3 Years | 10 Years | 10 Years | 10 Years |
Maine | 6 Years | 6 Years | 6 Years | 6 Years |
Maryland | 3 Years | 3 Years | 6 Years | 3 Years |
Massachusetts | 6 Years | 6 Years | 6 Years | 6 Years |
Michigan | 6 Years | 6 Years | 6 Years | 6 Years |
Minnesota | 6 Years | 6 Years | 6 Years | 6 Years |
Mississippi | 3 Years | 3 Years | 3 Years | 3 Years |
Missouri | 5 Years | 10 Years | 10 Years | 5 Years |
Montana | 5 Years | 8 Years | 8 Years | 5 Years |
Nebraska | 4 Years | 5 Years | 6 Years | 4 Years |
Nevada | 4 Years | 6 Years | 3 Years | 4 Years |
New Hampshire | 3 Years | 3 Years | 6 Years | 3 Years |
New Jersey | 6 Years | 6 Years | 6 Years | 6 Years |
New Mexico | 4 Years | 6 Years | 6 Years | 4 Years |
New York | 6 Years | 6 Years | 6 Years | 6 Years |
North Carolina | 3 Years (New 2009 laws READ) | 3 Years | 5 Years | 3 Years |
North Dakota | 6 Years | 6 Years | 6 Years | 6 Years |
Ohio | undefined/written contract apply | 15 Years | 15 Years | 6 Years |
Oklahoma | 3 Years | 5 Years | 5 Years | 3 Years |
Oregon | 6 Years | 6 Years | 6 Years | 6 Years |
Pennsylvania | 4 Years | 4 Years | 4 Years | 4 Years |
Rhode Island * | 10 Years | 10 Years | 10 Years | 15 Years |
South Carolina * | 3 Years | 3 Years | 3 Years | 3 Years |
South Dakota | 6 Years | 6 Years | 6 Years | 6 Years |
Tennessee | 6 Years | 6 Years | 6 Years | 6 Years |
Texas | 4 Years | 4 Years | 4 Years | 4 Years |
Utah | 4 Years | 6 Years | 6 Years | 4 Years |
Vermont | 6 Years | 6 Years | 5 Years | 6 Years |
Virginia | 3 Years | 5 Years | 6 Years | 3 Years |
Washington | 3 Years | 6 Years | 6 Years | 3 Years |
West Virginia | 5 Years | 10 Years | 6 Years | 5 Years |
Wisconsin | 6 Years | 6 Years | 10 Years | 6 Years |
Wyoming | 8 Years | 10 Years | 10 Years | 8 Years |
Statutes of limitations for enforcement on debt. To see a complete list of state rules click on the state's name
Differences between "Open ended Accounts" and "Written Contracts" |
The truth is that contract law states that 'performance' is to be considered an implied contract, this is normally the situation with credit cards. There is no evidence that the creditor and parties have entered into the agreement only the assertion by the original creditor that the agreement was sent to the consumer and unless the creditor enclosed the agreement in the same envelope where the credit card was sent and they can prove that it is their usual practice, there is no way for them to prove that such agreement was ever received. As a rule, only extensions of credit with precise fixed terms will fall under the statute of limitations for written contracts. This includes loans such as car loans and mortgages.... Any loans where you sign a promissory note or contract, and usually pay back in installments. If a third party such as a debt collector attempts to enter a credit card agreement into evidence, the assertion that the OC did send exactly that credit card agreement to the defendant the assertion that the defendant did receive and read that agreement and the assertion that the defendant agreed and therefore is bound to the terms and conditions (Meting of the minds is a requirement on all contracts) of the agreement is hearsay. Keep in mind that usually the maximum interest rate for collections allowed by state law is much lower than the default interest rate listed on those agreements, even if they can provide documents to prove that they are entitled to receive any payments (Documents such as their purchase agreement or proof of assignment) you could also challenge the amount claimed by the debt collector. So, a credit card agreement is a written agreement not a written contract. Also, a credit card account is an open-end account as defined on TILA and the statute of limitations for open-ended accounts applies. In addition, a credit card agreement when entered by a debt collector its very likely to suffer from potential fatal defects due to lack of foundation and hearsay. |
NOTICE AND DISCLAIMER This web site is made available by BCR Consulting for educational purposes only as well as to give information and a general understanding of the law, It is not intended to provide any kind of legal advice and we give no guaranties of the accuracy of the information provided. The information contained on this site should not be used as a substitute for competent legal advice from a licensed professional attorney in your state. Use at your own risk Last updated on Dec/12/2009 |