
Quoting
GAMama
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?
"(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)