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FranThe new credit card laws impose stricter regulations on credit card companies when marketing to students, including limiting the issuance of credit cards to individuals under the age of 21. This ensures that students are not targeted for credit cards without the means to repay the debt. Additionally, it prohibits certain aggressive marketing tactics on college campuses.
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What is the law for credit card debt?
In the US there are several laws governing credit card debt. Some of the more interesting include that it is unsecured debt so that it may be discharged in bankruptcy, that you must be given an interest free payment window for purchases, and that a card holder's liability is capped at $50 USD for a lost card.
Is there any way that an emancipated minor can establish credit?
Sorry, no. Financial transactions such as credit cards, personal loans, etc. are not legally binding if made with someone under the age of 18. Some states have laws prohibiting anyone under the age of 21 from making specified financial contracts.
When a credit card company files a lawsuit how do they determine jurisdiction the credit card was opened in Florida the collection agency is in Massachussetts and you live in South Carolina?
Jurisdiction in a credit card lawsuit typically depends on where the contract was formed (Florida in this case) and where the debtor (you) resides (South Carolina). However, laws can vary, so it's best to consult with a legal professional.
What are the estate laws in California concerning credit card debt?
Credit card debts are one of the primary reasons someone should open an estate. The estate has to pay off the debts. If the estate doesn't have the assets to do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
Is eighteen or twenty-one legal age for debt?
In most places, the legal age to enter into a contract, including taking on debt, is typically 18. However, certain types of debt, such as credit cards, may require you to be 21 due to the Credit CARD Act of 2009. It's important to check the specific laws in your location.
