If the new law went into effect on Jan 1, 2004 does the time lapse start from the last point of contact or last payment, even if the payment[ nov 18,2004] was 17 mthspast the maturaty date of the loan [june2003]

if the new law went into effect on Jan 1, 2004 does the time lapse start from the last point of contact or last payment, even if the payment[ nov 18,2004] was 17 mthspast the maturaty date of the loan [june2003]



It's from the last activity on the account - last payment, last partial payment, last use of the card.

(It's Statute of Limitation, not Statue.)

For your information a limitation period can be restarted if a debtor makes another payment or signs an acknowledgement of the debt.

If you could somehow arrange for the debtor to make another payment of sign such an acknowledgement this may resolve your possible limitation problem.