Well, according to this site, the Governor has now signed HB 2412 into law.
This version of the statute of limitations makes substantive changes to the rights of creditors and debtors, and doesn't "clarify" anything; it changes those rights, in a way hostile to debtors and favorable to credit card companies.
Previously, if there was a written contract, the statute of limitations was six years, and if no contract existed or was produced, the statute of limitations was three years on the "open account".
This version of the statute of limitations makes substantive changes to the rights of creditors and debtors, and doesn't "clarify" anything; it changes those rights, in a way hostile to debtors and favorable to credit card companies.
Previously, if there was a written contract, the statute of limitations was six years, and if no contract existed or was produced, the statute of limitations was three years on the "open account".
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