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What makes a credit card account a written contract instead of an open account in Alabama if that is possible?
Wiki User
∙ 16y ago
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 > SUB SECTION 1602 s/s 1602. Definitions and rules of construction (i). The term "open end credit plan" means a plan under which the creditor reasonably contenplates repeated trans actions, 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. This would be a Federal Law pertaining to all 50 states. Go to: CREDIT INFOCENTER http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml
Wiki User
∙ 16y ago
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How to switch Microsoft account to local account instead. Do not tell me click on using local account instead or disconnect with Microsoft account?
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When a business have a unionized Workforce they do not negotiate Employment contract directly with the workers what do they use instead to govern the relationship between the union and the company?
labor contract
Which is error in Sale goods to Ali is wrongly debited to Uzair Account instead of Ali account?
Rectify entry: [Debit] Ali Account [Credit] Uzair Account
