SOL

It stands for Statue of Limitations and it varies from state to state on collection of debts. KYSIDE38

I'll elaborate on kyside's explanation a little further.

The SOL is the amount of time that a creditor or collection agency has to file a lawsuit to obtain payment. Doing so after the SOL has expired may result in the dismissal of the suit (if the debtor invokes the SOL as a defense), and I think a counter claim for an FDCPA violation. I also believe that 2 or 3 states may prohibit attempting to collect a debt after the SOL has run out, but I'm not sure.

It could also be used to refer to the amount of time entries may remain on a credit report.

For criminal matters, it refers to the amount of time the government has before it cannot file charges for a crime.

How do I find out what the SOL is for the state of California?? Pls HELP

In CA, sol on written agreements is 4 years from the date of the last payment / breach of contract.

Oral agreements: 2 years.

The SOL gets renewed with the latest payment date.

Thank You Morningstar!!!! I appreciate it very much. You know your stuff on these issues. I thankfully never had issues with credit cards. Payday Loans I am the Queen Bee or at least a worker bee. LOL KYSIDE38

can someone tell me where I can find the laws for Internet Payday loans in the state of RI.