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What does SOL mean? |
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SOL stands for Statute Of Limitations. (Actually it can stand for something else but that may or may not be applicable in this forum). Each state has laws regulating the length of time that a debt is considered valid and can be collected. For example: MO. has a 5 year SOL on CC debt. If no action has been taken within that time, (such as a lawsuit) the debt is considered invalid. The SOL varies according to state and the type of financial transction.
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Sadley Otta Luck
First answer by Nikki. Last edit by ID3628180103. Question popularity: 28 [recommend question]
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