Quote Quoting GAMama
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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)

Such "definitions" only apply to the enforcement of the Act itself, and has no bearing on what limitations of actions a state wishes to assign to a claim or term it.

You will find that the same "word/phrase" for "purposes of this section/chapter" in reference, will/may have a different meaning in another legislative act, as we see in the prefatory sentence of the act:


(a) The definitions and rules of construction set forth in this section are applicable for the purposes of this subchapter.


http://www4.law.cornell.edu/uscode/s...2----000-.html

I can't pull up the decision online, but pay a visit to the law school law library of a nearby College/University and look it up for the legal reasoning behind it.