Credit Card Agreements

Anonymous · ‎10-28-2018

Looking for credit card agreements from the time period of when the credit cards were charged off. This is for my friend who I've been helping with these c/o's.

The 3 financial institutions that I'm looking for are Citibank, Chase and Discover and the card agreements I'm looking for would be 2/2015 for all 3 credit institutions. That way I can see what was in force at the time of charge off which includes any and all addendums. I have looked at the most current credit card agreements on the CFPB website but I would like to get the ones for 2/2015.

Also, the Discover card was obtained in 9/1994 when he was living in Colorado. He moved to Iowa in 2002 and still lives there.

Would he be able to utilize Colorado using the borrowing statute or choice of law matters, if the 2/2015 card agreement allows for a shorter SOL than the 5 years in Iowa?

Right now Colorado has a 6 year SOL for open credit card debt. Of course, this is all speculative until I see what the 2/2015 Discover credit card agreement tells me.

Basicly I'm looking for SOL for the State each financial institution will be governed by law verbiage at the time of default. For instance, Citi is strict at 6 years for credit card debt in South Dakota in most recent agreement but maybe it wasn't as strict in 2/2015. Discover on the other hand is Delaware which is 3 years SOL but has additional verbiage that if in default under $75,000 it will place the governance of law in the State that defendant is getting sued in, which would be Iowa if Discover sues. Chase is 3 years SOL for Delaware which means that account is past the SOL, where Date of first delinquency is 8/2014 for all 3 financial institution accounts. So for Chase I'm interested in double checking to make sure nothing changed in the 2/2015 agreement.

Thanks for any and all help in hunting down these 3 credit card agreements for 2/2015.

vntrsc · ‎10-28-2018

https://www.consumerfinance.gov/credit-cards/agreements/

The 2015 agreements are not available, but you could check the 2014 and 2016 agreements.

In in regard to the statute of limitations, you must determine if Iowa has a statute that would allow the statute of limitations of a state other than the forum state (Iowa).

Anonymous · ‎10-28-2018

The CFPB website has the 2018 credit card agreements for the financial institutions I mentioned above but nothing around the time my friend defaulted.

Anonymous · ‎10-28-2018

Iowa does have a borrowing statute I could use although it's known through out this and other forums as not a well written statute. Where do you find the 2014 and 2016 credit card agreements? They weren't in the archives of CFPB when I searched there unless there is a step I'm missing to get different years. Thanks for any response in advance.

Anonymous · ‎10-28-2018

???

vntrsc · ‎10-28-2018

They are on the very first page in the link.

What is the Iowa statute?

Anonymous · ‎10-28-2018

Iowa

614.7 Bar in foreign jurisdiction.
When a cause of action has been fully barred by the laws of any country where the defendant has previously resided, such bar shall be the same defense here as though it had arisen under the provisions of this chapter; but this section shall not apply to causes of action arising within this state.

I found the 4th quarter for 2014 but spend an hour trying to open it up. It showed numbers which I wrote down of files I thought would be Discover, Chase and Citi, but I haven't had any luck opening anything close to an agreement up. Also it won't allow Acrobat to

open those files. Any tips of how to use that site?

vntrsc · ‎10-28-2018

@Anonymous wrote:
Iowa

614.7 Bar in foreign jurisdiction.
When a cause of action has been fully barred by the laws of any country where the defendant has previously resided, such bar shall be the same defense here as though it had arisen under the provisions of this chapter; but this section shall not apply to causes of action arising within this state.
I found the 4th quarter for 2014 but spend an hour trying to open it up. It showed numbers which I wrote down of files I thought would be Discover, Chase and Citi, but I haven't had any luck opening anything close to an agreement up. Also it won't allow Acrobat to
open those files. Any tips of how to use that site?

The statute you cited shows that the cause of action had to have arisen in the previous state. You indicated that your friend moved to Iowa in 2002. If the cause of action (default) arose in Iowa, then the Iowa SOL will be applied.

I’ve never had to use the archives on the CFPB site. Perhaps the site offers tips or another member here can help.

gdale6 · ‎10-28-2018

Creditor can also choose to use the Statues in the state that they are incorporated in so be sure to check those out too, they would only do this if that state has a longer SOL.

If the CFPB doesnt have them then you are going to have to go to the creditor and request them for those accounts that were defaulted.

Anonymous · ‎10-28-2018

I found 2 credit card statements from 2014 for both Discover and Chase that have 3 year SOL's on open credit card accounts and contracts. They both state under Governing Law that "This agreement and your account will be governed by federal law, as well as the law of Delaware, and will apply no matter where you live or use this account." Does this mean I won't have to rely on the borrowing statute in Iowa which is a pretty weak statute and go with what Discover and Chase seem to demand. Or is the borrowing statute something I need to have in place to initiate Jams arbitration. Both institutions provide both JAMS and AAA in these 2014 agreements so that is great plus Discover will forward the defendants arbitration fee if requested. Has anyone gone through this?