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Authority That Credit Card Debt Is Open Ended, in Iowa

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  • 07-11-2007, 11:45 AM
    msmad
    Authority That Credit Card Debt Is Open Ended, in Iowa
    Can anyone tell me how I can go about possibly finding a case where credit cards were declared to be open ended credit in Iowa?

    I really need help so anything I can get is greatly appreciated.
  • 07-11-2007, 02:09 PM
    Mr. Knowitall
    Re: Authority That Credit Card Debt Is Open Ended, in Iowa
    Iowa statutes include the following definitions:
    Quote:

    Quoting Iowa Code § 537.1301 General definitions
    * * *

    17. "Credit card" means a card or device issued under an arrangement pursuant to which a card issuer gives a cardholder the privilege of purchasing or leasing property or purchasing services, obtaining loans, or otherwise obtaining credit from the card issuer or other persons. A transaction is "pursuant to a credit card" if credit is obtained according to the terms of the arrangement by transmitting information contained on the card or device orally, in writing, by mechanical or automated methods, or in any other manner. A transaction is not "pursuant to a credit card" if the card or device is used solely to identify the cardholder and credit is not obtained according to the terms of the arrangement.

    * * *

    26. "Lender credit card" means a credit card issued by a lender.

    * * *

    31. "Open-end credit" means an arrangement, other than a consumer rental purchase agreement, pursuant to which all of the following are applicable:

    a. A creditor may permit a consumer, from time to time, to purchase or lease on credit from the creditor or pursuant to a credit card, or to obtain loans from the creditor or pursuant to a credit card.

    b. The amounts financed and the finance and other appropriate charges are debited to an account.

    c. The finance charge, if made, is computed on the account periodically.

    d. Either the consumer has the privilege of paying in full or in installments, or the transaction is a consumer credit transaction solely because a delinquency charge or the like is treated as a finance charge pursuant to subsection 21, paragraph "b", subparagraph (1) of this section or the creditor otherwise periodically imposes charges computed on the account for delaying payment of it and permits the consumer to continue to purchase or lease on credit.

    * * *

    42. "Seller credit card" means either of the following:

    a. A credit card issued primarily for the purpose of giving the cardholder the privilege of using the credit card to purchase or lease property or services from the card issuer, persons related to the card issuer, persons licensed or franchised to do business under the card issuer's business or trade name or designation, or from any of these persons and from other persons as well.

    b. A credit card issued by a person other than a supervised lender primarily for the purpose of giving the cardholder the privilege of using the credit card to purchase or lease property or services from at least one hundred persons not related to the card issuer.

  • 07-12-2007, 08:07 AM
    msmad
    Re: Authority That Credit Card Debt Is Open Ended, in Iowa
    I used this in court when trying to defend myself but evidently the judge thought that this didn't constitute an open ended agreement but rather a written agreement.
  • 07-12-2007, 04:11 PM
    Betty3
    Re: Authority That Credit Card Debt Is Open Ended, in Iowa
    More & more states/courts are starting to consider credit cards as written contracts with the longer statute of limitations rather than as open accounts.
  • 07-13-2007, 10:29 AM
    GreatGadsby
    Re: Authority That Credit Card Debt Is Open Ended, in Iowa
    all credit cards are 'open-ended' accts. the difference with SOL is typically whether they are "written" or "open" accts
  • 07-13-2007, 05:43 PM
    Betty3
    Re: Authority That Credit Card Debt Is Open Ended, in Iowa
    The courts in Iowa are apparently considering credit cards as written contracts as opposed to open accounts.
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