Modifies the statute of limitations for certain debts

HB 1509 modifies the statute of limitations for collecting certain debts, specifically setting a two-year limit for credit card debt collection. This means creditors must file lawsuits to recover unpaid credit card debt within two years of the debt accruing, instead of the standard 10-year limit that applies to most other debts like written contracts or property disputes. The bill maintains the existing 10-year statute for most debt collections but explicitly excludes credit card debt from that timeframe. It does not change the two-year limit already in place for wage claims under federal law.