My question involves collection proceedings in the State of: Georgia
How can that be when the federal Truth In Lending defines credit cards as open accounts?Quoting DoubleDawg3:
For those who search on here trying to determine whether a 4 or 6 year SOL applies to credit card suits in Georgia, you should be aware that on Jan. 24, 2008 the Court of Appeals of Georgia ruled that a contract between a customer and credit card company constituted a simple contract in writing subject to the six-year statute of limitations for written contracts. Hill v. American Express, 2008 WL 204623 (Ga. App.) - Westlaw temporary cite.
So - looks like a 6 year SOL.
"(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." (TITLE 15 > CHAPTER 41 > SUBCHAPTER I > Part A > § 1602)

