Connecticut Demand for Payment of an Open Account by Creditor

State:
Multi-State
Control #:
US-0245BG
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Word; 
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Description

An open account is created when the parties intend that the individual items of the account will not be considered independently, but as a connected series of transactions. In addition, the parties must intend that the account will be kept open and subject to a shifting balance as additional related entries of debits and credits are made, until either party decides to settle and close the account. In an open account, there is but one single and indivisible liability arising from the series of related and reciprocal debits and credits. This single liability is to be fixed at the time of settlement, or following the last pertinent entry of the account. Finally, the balance must be mutually agreed on by the parties or implicitly imposed on them by law.

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FAQ

Connecticut has a six-year statute of limitations for debt collection actions resulting from simple and implied contracts (CGS § 52-576; attachment 1).

Regulation F implements the Fair Debt Collection Practices Act (FDCPA), prescribing Federal rules governing the activities of debt collectors, as that term is defined in the FDCPA.

The Bureau of Consumer Financial Protection proposes to amend Regulation F, 12 CFR Part 1006, which implements the Fair Debt Collection Practices Act (FDCPA), to prescribe Federal rules governing the activities of debt collectors covered by the FDCPA.

Ing to debt collection laws in Connecticut, the statute of limitations for medical debt and credit card debt is six years. For auto loan debt, the statute of limitations is four years, and for state tax debt, it is fifteen years.

If you don't pay the judgment, the plaintiff can ask the court for an order called an execution to collect the money from you. Some types of income and assets are protected by law. The plaintiff has 10 years to collect the judgment.

The final rule also requires a debt collector to provide prompts that a consumer can use to dispute the debt, request information about the original creditor, or take certain other actions.

The FDCPA and its implementing Regulation F govern the conduct of ?debt collectors? when they collect ?debt.? The statute and regulation generally define a debt collector as ?any person who uses any instrumentality of interstate commerce or the mails in any business the principal purpose of which is the collection of ...

Connecticut has a six-year statute of limitations for debt collection actions resulting from simple and implied contracts (CGS § 52-576; attachment 1).

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Connecticut Demand for Payment of an Open Account by Creditor