pci
RETAIL CHARGE AGREEMENT/SECURITY AGREEMENT
MN01-R
Preferred Credit, Inc. 628 Roosevelt Road, St. Cloud, 56301 ZIP Line: 877-878-1079 Customer Service: 800-972-0825
FYOU ARE MARRIED. YOU MAY APPLY FOR CREDIT SEPARATELY AS INDIVIDUAL
PCIConsumer. Account No.
TYPE OF CREDIT REQUESTE APPROPRIATE BOX):
WE INTEND TO
INDIVIDUAL NYOUR NAME RELYING ON YOUR OWN INCOME COMPLETE BUYER INFORMATION.
APPLY FOR
JOINT CREDIT
APPLICANT/
CO-APPLICANT/
JOINT WITH ANOTHER PERSON COMPLETE BUYER AND CO-BUYER INFORMATION.
BUYERINITIALS
CO-BUYERINITIALS
IDENTIFICATION VERIFICATION
Verify Customer's
Applicant's Driver's License/ID #
State
Expiration Date
Government Issued I.D.
Co-Applicant's Driver's License/LD. #
State
ExpirationDate
**** APPLICANT INFORMATION ****
Last Name
First Name
Middle Init.
Date of Birth
Social Security
Home Phone #
Cell Phone #
Physical Address
Apt./Lot#
Mailing Address (If different from Physical Address)
City/State
ZIP
Years There
Email Address
Primary Income Type
Monthly Gross Income
Other Income Type(s) (Check ALL that apply): Alimony, child support and maintenance payments need not be disclosed if you do not
Full-Time
Self-Employed
wish us to consider them in determining your credit worthiness.
Part-Time
Retired
$
Employer/Primary Source of Income
Years There
Full-Time
Self-Employed
Military Pay Grade
Monthly Gross Other Income
Part-Time
Retired
Other
$
Job Title
Employer Phone
Business Ext
OWNS
RENTS
HOUSE
APT
CONDO
Monthly Housing Payment
PROVIDED
OTHER
MOBILE
LIVES WITH FAMILY
$
Employer Location (City, State)
Bank Accounts
CHECKING
SAVINGS
Please Check ALL that Apply:
CO-APPLICANT INFORMATION:
SPOUSE
CO-BUYER:
RELATIONSHIP:
MN01-R
Last Name
First Name
Middle Init.
Date f Birth
Social Security
Home Phone #
Cell Phone #
Physical Address
Apt./Lo
City/State
ZIP
Years There
Primary Income Type
Monthly Gross Income
Other Income Type(s) apply): Alimony, child support and maintenance payments need not be disclosed if you do not
Full-Time
Self-Employed
Military Pay Grade
wish us to consider them in determining your credit worthiness.
Part-Time
Retired
Other
$
Employer/Primary Source of Income
Years There
Full-Time
Self-Employed
Military Pay Grade
Monthly Gross Other Income
Part-Time
Retired
Other
$
Job Title
Employer Phone
Business Ext
OWNS
RENTS
HOUSE
APT
CONDO
Monthly Housing Payment
PROVIDED
OTHER
MOBILE
LIVES WITH FAMILY
$
Employer Location (City, State)
Bank Accounts
CHECKING
SAVINGS
Please Check ALL that Apply:
**** REFERENCES
(1) Name of Nearest Relative Not Living With You
City/State
Relative's Phone
Relationship
(2) Name of Nearest Relative Not Living With You
City/State
Relative's Phone
Relationship
By signing below you (a) apply for credit (b) agree that, to the best of your knowledge, al information contained in the application above IS complete and accurate; (c) recognize that we may obtain consumer
reports on you in connection with your application and may obtain and use subsequent reports in connection with an update, renewal or extension of credit for which you may apply, and other uses not prohibited
by law; (d) expressly authorize any third party (i.e. creditor, bank, or financial institution, employer, landlord, etc. to release whatever information that may request concerning you, (e) agree that we may monitor
and record telephone calls regarding your account for quality assurance and for other reasons not prohibited by law; (f) expressly consent and agree to us using written, electronic or verbal means to contact you
as
not otherwise prohibited by law including, but not limited to, contact by manual calling methods, prerecorded or artificial voice messages, text messages, emails, and/or automatic dialing systems and do SO
using
any
email
address,
or
telephone
number
you
provide,
now
or
in
the
future,
including
a
number
for
a
mobile
phone
or
other
wireless
device
regardless
of
whether
you
may
incur
charges
as
a
result
(g)
acknowledge that the terms and conditions of this Agreement are subject to credit approval; (h) acknowledge this instrumenti is based upon a home solicitation sale, which is subject to the provisions of the Home
Sale
Disclosure
law
set
forth
under Additional Terms and Disclosures in paragraph 17 "Home Sale Disclosure Laws"; (i) grant us a purchase money security interest in the goods you purchase under
this
Agreement which a described any order, invoice or similar document issuedby the Seller (as provided below) which becomes parto this Agreement; and (k) acknowledge that this instrumentis not negotiable
NOTICE TO THE BUYER: Do not sign this agreement before you read it or if it contains any blank spaces.
By
your
initial(s)
below,
you
hereby
acknowledge:
You are entitled to an exact copy of the agreement you sign. Under the law you have the right, among
You have read, understand and agree to
others, to pay in advance the full amount due and to obtain under certain conditions a partial refund of the
the terms and conditions as set forth in this
finance charge. Keep this agreement to protect your legal rights.
ApplicantBuyer
CoApplicantCoBuyer
Agreement.
You have read and understand that Interest
Date
/
/
Charges will be imposed in amounts or
Buyer'sSignature
ApplicantBuyer
CoApplicantCoBuyer
rates not to exceed 18% APR.
You will pay any advances made under this
Date
/
/
Agreement according to its terms.
ApplicantBuyer
CoApplicantCoBuyer
YOU. THE BUYER MAY CANCEL THIS TRANSACTION AT ANY TIME PRIOR TO MIDNIGHT OF THE THIRD BUSINESS DAY AFTER THE DATE OF THIS TRANSACTION. SEE THE
ATTACHED NOTICE OF CANCELLATIO FORM FOR AN EXPLANATION OF THIS RIGHT.
SELLER):
SALE:
PROMOTIONAL CREDIT if applicable):
CompanyName:
Consultant:
Seller's initials
Address:
PCI Client No.:
AUTHORIZATION PAYMENTS
By signing below, I hereby request and authorize Preferred Credit, Inc. (PCI) to initiate entries to debit my account on the due date for the minimum monthly payment amount shown on my monthly periodic
statement of account (or the next business day f the due date falls on a weekend or holiday) and as otherwise described below. This authority storemain infull force and effect until PCI is paid infull, or PCI
has
received written notification of its termination at 628 Roosevelt Road, St. Cloud, MN 56301 or have notified my financial institution at least three business days before the scheduled payment In addition to the
payment amount, request and authorize PCI to initiate entries to debit my account to collect any incidental fees or charges that may be due on the Agreement following maturity, as permitted by applicable law.
Bank/Financial Institution Name:
Location (City, State, Zip):
Check WhichOne Applies:
CHECKING
SAVINGS
Routing Number:
Account Number:
Name (Print):
Signature:
NOTICE OF CANCELLATION
NOTICE OF CANCEL LLATION
(Date of transaction)
Date of transaction)
You may CANCEL this transaction, without any penalty or obligation, within THREE BUSINESS You may CANCEL this transaction, without any penalty or obligation, within THREE BUSINESS
DAYS from the above date.
DAYS from the above date.
If
you cancel, any property traded in. any payments made by you under the Contract or Sale.
and If you cancel, any property traded in. any payments made by you under the Contract or Sale, and
any negotiable instrument executed by you will be returned within 10 BUSINESS DAYS following any negotiable instrument executed by you will be returned within 10 BUSINESS DAYS following
receipt by the Seller of your cancellation notice, and any security interest arising out of the
receipt by the Seller of your cancellation notice, and any security interest arising out of the
transaction will be canceled.
transaction will be canceled.
If
you cancel, you must make available to the Seller at your residence, in substantially as good
If you cancel, you must make available to the Seller at your residence, in substantially as good
condition as when received, any goods delivered to you under this Contract or Sale: or you may if condition as when received, any goods delivered to you under this Contract or Sale; or you may
if
you wish, comply with the instructions of the Seller regarding the return shipment of the goods at you wish, comply with the instructions of the Seller regarding the return shipment of the goods at
the Seller's expense and risk.
the Seller's expense and risk.
f you do make the goods available to the Seller and the Seller does not pick them up within 20 days you do make the goods available to the Seller and the Seller does not pick them up within 20 days
of
the date of your Notice of Cancellation, you may retain or dispose of the goods without any of the date of your Notice of Cancellation, you may retain or dispose of the goods without
any
further obligation. If you fail to make the goods available to the Seller, or if you agree to return the further obligation. If you fail to make the goods available to the Seller, or if you agree to return the
goods
to the Seller and fail to do so, then you remain liable for performance of all obligations under goods to the Seller and fail to do so, then you remain liable for performance of all obligations under
the Contract.
the Contract
To
cancel this transaction, mail or deliver a signed and dated copy of this cancellation notice or any
To cancelthis transaction, mail or deliver signed and dated copy of this cancellation notice or any
other written notice, or send a telegram, to:
other written notice, or send a telegram, to:
at
at
(Seler/Company Name
(Seler/Company Name)
Physical Address-Street City, State, , Zp)
(Physical Address-Street City, State,
NOT LATER THAN MIDNIGHT OF
/
IHEREBY CANCEL THIS TRANSACTION.
NOT LATER THAN MIDNIGHT OF
HEREBY CANCEL THIS TRANSACTION.
(Date)
(Date)
/
/
/
(Buyer's Signature)
(Date)
(Buyer's Signature)
(Date)
H.O. COPY-WHITE
CUSTOMER COPIES-YELLOW & PINK
Page of 4
CUSTOMER PRIVACY
FACTS
WHAT DOES PREFERRED CREDIT, INC. ("PCI") DO WITH YOUR PERSONAL INFORMATION?
Rev. 10/19
Why?
Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires
us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.
What?
The types of personal information we collect and share depend on the product or service you have with us. This information can include: (1) Social Security Number and
income; (2) account balances and payment history; and (3) credit history and credit scores.
How?
All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can
share their customers' personal information; the reasons PCI chooses to share; and whether you can limit this sharing.
Reasons we can share your personal information
Does PCI share?
Can you limit this sharing?
For our everyday business purposes such as to process your transactions, maintain your account(s), respond to court
Yes
No
orders and legal investigations, or report to the credit bureaus
For our marketing purposes to offer our products and services to you
Yes
No
For joint marketing with other financial companies
No
We don't share
For our affiliates' everyday business purposes information about your transactions and experiences
No
We don't share
For our affiliates' everyday business purposes information about your creditworthiness
No
We don't share
For our affiliates to market to you
No
We don't share
For nonaffiliates to market to you
Yes
Yes
To
limit our Complete the opt-out election form below.
sharing
Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we
continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?
Call 320-255-9784 or go to www.preferredcredit.com
What we do
How does PCI protect my personal information? To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These
measures include computer safeguards and secured files and buildings. We continually evaluate and access new technology for protecting your nonpublic personal information.
How does PCI collect my personal information? We collect personal information, for example, when you (1) apply for financing or give us your contact information; (2) provide account
information or pay your bills; and (3) show your government-issued ID. We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing? Federal law gives you the right to limit only (1) sharing for affiliates everyday business purposes (i.e. information about your creditworthiness); (2) affiliates from
using your information to market to you; and (3) sharing for nonaffiliates to market to you. State laws and individual companies may give you additional rights to limit sharing. See below for
more on your rights under state law.
What happens when I limit all sharing for an account hold jointly with someone else? Your choices will apply to everyone on your account unless you tell us otherwise.
Definitions
Affiliates Companies related by common ownership or control. They can be financial or nonfinancial companies. PCI does not share with our affiliates.
Nonaffiliates Companies related by common ownership or control. They can be financial and nonfinancial companies. Nonaffiliates we share with can include direct marketing companies
and the retailer named on your account.
Joint Marketing A formal agreement between nonaffiliated financial companies that together market financial products or services to you. PCI does not jointly market.
Other Important Information
We follow state law if state law provides you with additional privacy protections.
Opt-out
Mark if you wish to limit how we share your personal information with nonaffiliates:
Election
Applicant Co-Applicant
Do not share my personal information with nonaffiliates to market their products and services to me.
Assignment by Seller ("Assignment"): FOR VALUE RECEIVED: Seller sells and assigns this Retail Charge Agreement (the "Agreement") to Preferred Credit, Inc.,
628 Roosevelt Road. St Cloud, MN56301, the assignee, its successors and assigns, including all of Seller's rights, title, and interest in this Agreement. Assignee has full power
to take all legal and other actions, which Seller could have taken under this Agreement. The undersigned acknowledges that this Assignment incorporates by reference
the terms of the Finance Agreement between the undersigned and Preferred Credit, Inc. including but not limited to the representations, warranties, liabilities, conditions
and obligations of the undersigned contained therein.
(Corporate, Firm or Trade Name of Seller)
(Owner, Officer or Firm Member)
THIS DOCUMENT IS SUBJECT TO A SECURITY INTEREST IN FAVOR OF US BANK NATIONAL ASSOCIATION.
REVISED 10-01-2019 PRINTED 10-15-2019
MN01-R
1990-2019 Preferred Credit, Inc. ALL RIGHTS RESERVED. Duplication of this document without the copyright owner's prior written consent is strictly prohibited.
Page of 4
RETAIL CHARGE AGREEMENT: ADDITIONAL TERMS AND DISCLOSURES
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING NEW the funding terrorism and money la undering activities, Federal law requires all
financial institutions to obtain. verify, and record information that identifies each opens an account What this means you: When you open an account, we ask for your name, address, date of
birth, and other information that allow us to identify you. We may ask your driver's license or other documents.
Interest Rates and Interest Charges
Annual Percentage Rate (APR) for Purchases
18%.
See your account agreement for more details.
How to Avoid Paying Interest
Your due date is at least 25 days after the close of each billing cycle. We wil not charge you any interest on purchases if you pay your entire balance by
the due date each month
Minimum Interest Charge
f you are charged interest, the charge will be less than $0.50. See your account agreement for more details.
For Credit Card Tips from the Consumer
To
learn more about factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection
Financial Protection Bureau
Bureau at http://www.consumerfinance.gov/leammore.
Fees
Transaction Fees
None.
Penalty Fees
Late Payment
The greater of $8.56 or 5% of the payment. See your account agreement for more details.
Return Payment
$30. See your account agreement for more details.
How We Will Calculate Your Balance: We use method called "average daily balance (excluding purchases). See your account agreement for more details.
Billing Rights: Information on rights to dispute transactions and how exercise provided in account agreement.
Definitions: In this Agreement The word "Account established with the Seller, and their successors or assigns, that the subject of this Agreement
words "you" and Application for the Account authorized use the Account The words "we," and "our the Seller. and any of
the
Seller.
The words "Acceptable Orders, orders from website. long as are signed (physically or electronically) or otherwise verbally
or
electronically
authenticated.
The
words
Minnesota.
Agreement
The
words
"Purchase
document
the
Account: This Agreement applies and services from US. The amount initial purchase from Seller govern the amount of the initial credit limit your Account,
the
may
make
from
the
Seller
Seller's
by
provide
the
cash
price
of
the
purchased.
By
future
Acceptable
Documentation
those purchases thereby confirmed this Agreement You agree that orders which exceed the credit limit established with your initial order are subject to credit approval.
We
any
3.
Promise
to
Pay: In'retum extending time time. each of you for purchases any charge n this Account and all other charges mentioned below,
according
the terms of this Agreement terms and conditions this Agreement, which include the cost of credit disclosures required
by
Law. This Agreement be Application, provides any disclosures required by the federal Truth Lending Act and then, after that, only
someone
that
purchase.
Billing:
You
be
purchases
from
as
shown
Purchase
you
completed
at
your
"direction),
and
for
any
previous
unpaid
balance
as
required
by
Applicable
Law. You will receive a monthly periodic statement of account for any month in which you have an outstanding balance of more than $1.00 or on which an Interest Charge has been imposed. Your monthly
statement account any new purchases you have made since your last monthly periodic statement of account, and your Minimum Monthly Payment Your credit
also
shown
your
monthly
of
5. Payment: You have the right to pay your entire balance in or more than the Minimum Monthly Payment at any time. Otherwise, you agree to pay at least the Minimum Monthly Payment, which
includes
Interest
Charges.
payment
U.S.
Dollars,
with
a
draft,
money
order,
or
check
drawn
on
a
U.S.
Bank
or
the
U.S.
Post
Office.
We
may
accept late
payment,
partial
payments,
or
any
payments
marked
payment
any
of
this
Agreement
Applicable
Law.
Interest Charges: Unless are offered a described below, and as not otherwise prohibited by Applicable Law, Interest Charges will begin to accrue delivery of the
merchandise the of the date shipment the the date the merchandise. No Interest be imposed on purchases,
however,
there
was
beginning
purchase
the
period
in
which
you
make
your
purchase
this
and
the
monthly
that
period
may
be
due).
We
figure
the
Interest
your
periodic
to
daily
balance
Account
(excluding
transactions)
and
the
result
by
the
number
of
days
the billing period. the the and subtract payments credits We do not add purchases. This the daily
balance. Then. we the daily balances for the billing cycle and divide the total by the number of days in the billing cycle. This gives us the "average daily balance. Your daily periodic rate and the
corresponding Annual are indicated The daily periodic rate will be the annual divided by 365 (366 in a leap year).
Applicable
Daily
Corresponding
Law
Periodic Rate
ANNUALPERCENTAGERATE
MN
0.0493%
18%
Notwithstandi the above. receive payment the outstanding balance Account as shown the billing statement, within days after the end p period, impose Interest
Charges for the period. The portion of balance the sale goods which are returned be the as of the date the goods
7.
Minimum
Monthly Interest Charge: the Interest Charge that results from the application of the above stated daily periodic (the Calculated Interest Charge"), less
than $0.50, we impose monthly INTEREST CHARGE of $0.50
8.
Minimum
Monthly
Payment:
You
will
the Minimum Monthly Payment as periodic statements of account. Your total Minimum
Monthly
Payment consist amounts, Payment The Minimum Monthly Payment be equal greater of. (a) the regularly
scheduled
Minimum
Order,
2.50%
the
the
Account
9.
Promotional
Credit
Plans:
In
addition
accrue
Interest
Charges
monthly
payments
as
described
previously
this
Agreement,
part
this
Account
Promotional
Credit
Plans
offeredt time totime onspecific buyers Purchases these Promotional required
payments. A Promotional Credit Plan IS strictly limited by its terms and the terms and conditions of the promotion to which relates. addition. the benefits of a Promotional Plan
expire
and
al
accrued Interest Charges these plans added to pay the promotional balance by the endo the promotional period or you are default a period more days during the
promotional period. The special promotions may be offered
9.a.
Same as Cash Plan: you pay the full purchase price before the expiration date of a Same as Cash Plan. as indicated on your monthly periodic statement of account, and pay the Minimum Monthly
Payment period when no Interest Charges be the purchase payments are not made, Interest date of delivery will be added to your Account either when
youfail
to
make
payment
the
Same
Cash
the
outstanding.
9.a.1 How Payments Are Applied When Same as Cash Plan Is In Effect: Unless otherwise Law, the two immediately preceding expiration of the Same as Cash
amount
nexcess
the
Same
as
Cash
and
any
portion
ny
other
balances.
We
may
offer
Same
as
Cash
Plan
periods
months.
9 months,
12
months
or
of
different
that
we
time
to
time.
10. Application of Payments: Unless otherwise required by payments payments, shall be applied first to past due Minimum Monthly Payments, beginning with the oldest, then to
current Minimum Monthly Payment, and then to other fees, costs and fees ansing under this Agreement.
11. Other Charges:
11.a. Late Fees: Youw pay the maximum late fee allowed the balance not made time. calculated as Applicable allows. The statutory
period
for
imposition
of
Fee
days
after
the
payment
not
received'on
the
Due
Date.
Currently,
the
maximum
fee
allowed
is5%
of
the
amount
of
the
payment or whichever greater. Notwithstanding the preceding provisions, you will not be charged more than the amount of the required minimum periodic payment due immediately prior to the
assessment of the late payment
11.b. Returned Check Charge: aretumed (which to the balance due Account) any check, negotiable order of withdrawal. share draft. or item you give
us
payment
under
the
Agreement
dishonored
the
bank
drawn.
the
maximum retumed
check
charge
as
Applicable
Law
allows.
Currently,
amount
is
$30.
withstanding
the
preceding,
not
be
than
$25
for
the
first
any
violation
cycles
of
a
previously
dishonored
payment.
in
addition, you w not charged the amount periodic date on which the payment or otherwise dishonored.
11.c. Phone Payment Processing Fee: You the current phone payment processing fee (which you agree we will add to the balance due on your Account) for each expedited payment you make by
phone.
The
phone
$11.75.
12 Security Agreement: interest this Account ("Goods' extent prohibited by Applicable Law (including the Uniform
Commercial Code). You will, take al requested by us to preserve and protect the Goods and our security interest in the Goods. You agree to take reasonable actions
requested by us to establish. determine priority of. perfect, the perfection terminate security interest in the under this Agreement In addition to other we
may have
under
this
Agreement.
make
security
interest
take
actions
prohibited
by
interests
in
the
Goods.
You
agree
to keep the Goods installed at the provided in your application and notremove alter the Goods written consent. may lose the Goods if you your obligations
Agreement.
Default: to make any payment due, or if the prospect of payment, performance or our realization of collateral significantly impaired to the extent not prohibited by Applicable Law,
and
notice defar may declare the immediately payable. We may also repossess any article of merchandise
which
we
retain
a
security
peacefully
and
the
law
allows
the
preceding
in
the
event
late
payment
or
nonpayment
we
will
not
déclare
the
remaining
balance
immediately
due
and
any
article
in
Paragraph
above,
we
receive
payment
with
any
late
fees.
pay
within
the
declare
the
and
payable,
to
the
extent
permitted
by
Law.
Unless
we
are
by
Applicable
provide
you
a
that
do
you notice
that
we
demand
are
demanding
immediate
payment
you owe.
If the
Accountis
referred
who
IS
and
collect
amount
and
are
the
prevailing
party,
fees
and
court
curred
the
collateral,
holding
not
prohibited
by
Applicable
14.
Canceling
or
Reducing
Your
Wehave
time
terminate
the
Some
purchases
be
identification.
system
unavailable,
may
not
be
able
to
transaction,
even
have
We be liable to you this happens. We are not responsible for the refusal of anyone to accept or honor an addition to this Account. In addition, even if you cancel the use of your Account, you are
responsible
for
any
incurred
15. Change in Térms: You agree that we amend the terms of this Agreement, subject to any notice required by Applicable Law. To the extent not prohibited by Applicable Law, any new terms may be
existing on
the
time
the
16. No Verbal or Oral Modifications: You agree are by any or verbal or oral modifications to this Agreement,
17.
Delay
in
Taking
Action:
We
under this Agreement fwe delay for any reason. To the extent not prohibited by Applicable Law, we may take other action not described
in this
Agreement,
and
by
doing
this
Agreement.
18.
Severability:
the prohibited of this Agreement found to be unenforceable, all other provisions shall remain force and effect
19. Applicable Law: The law Agreement defined in this Agreement paragraph 1. Definitions.
20. Telephone Recording: our mutual protection we may électronically record any of your telephone conversations conducted with Seller or Seller's assigns, including
Preferred
Credit,
Inc.
(PCI),
the
parties
to
such
conversations.
These
telephone
conversations
include
conversations
between
you
and
Seller
or
assigns
communicated
traditional wire and wireless devices and phones. You and consent to the of and use of recordings by Seller or Seller's assigns, their employees,
representatives and agents of recorded conversation settling programs
21.
Communications:
You
expressly
address,
you
provide
at
any
time,
for
any
lawful
purpose.
The
ways
in
which
we
may
contact
live
operator,
automatic
message,
text
message,
fax,
or
email.
Such
include.
but
are
not
limited
to:
obtaining
matters;
suspected
identity
theft
collection
on
the
Account
and
providing
information
and services. You agree to pay any fee(s) or charge(s) that you may incur for incoming communications from us or outgoing communications to us, to or from any such (number, or email address, without
Page of 4
reimbursement from US.
22.
Credit Investigation and Reporting: You agree that may investigate your credit in connection with the initial extension, review, or collection of your Account You agree that we may examine employment
and income records, verify your credit references, and report to credit reporting agencies, merchants, and other creditors the status and payment history of your Account. negative may be submitted
to a credit reporting agency you fail the terms of your credit obligations.
ARBITRATION PROVISION
This Arbitration Provision significantly affects your rights in any dispute with us. Please read this Arbitration Provision carefully before you sign it.
1. EITHER YOU OR WE MAY CHOOSE TO HAVE ANY DISPUTE BETWEEN US DECIDED BY ARBITRATION AND NOT IN COURT.
2. IF A DISPUTE IS ARBITRATED. YOU AND WE WILL EACH UP OUR RIGHT TO TRIAL BY THE COURT OR AJURY TRIAL
3.
IF A DISPUTE IS ARBITRATED, YOU WILL GIVE UP YOUR RIGHT TO PARTICIPATE AS A CLASS REPRESENTATIVE OR CLASS MEMBER ON ANY CLASS CLAIM YOU MAY HAVE
AGAINST US.
4. THE INFORMATION YOU AND WE MAY OBTAIN IN DISCOVERY FROM EACH OTHER IN ARBITRATION IS GENERALLY MORE LIMITED THAN IN A LAWSUIT.
5. OTHER RIGHTS THAT YOU AND WE WOUL HAVE IN COURT MAY NOT BE AVAILABLE IN ARBITRATION.
6.
EVEN A DISPUTE IS ARBITRATED, WE CAN STILL REPOSSESS YOUR MERCHANDISE IF YOU DO NOT HONOR YOUR AGREEMENT AND YOU OR WE MAY SEEK PROVISIONAL
REMEDIES FROM A COURT.
Any claim or dispute, whether in contract, tort or otherwise (including the interpretation and scope of this dause and the arbitrability of any issue), between you and us or our employees, agents, successors or
assigns, who which do arises not sign out the of or Agreement) relates in any shall, manner at to or the our purchase election and (or the financing election of of the merchandise such third party), under the be resolved Agreement by or neutral, any resulting binding transaction arbitration and or relationship not by a court (including action. any Any claim relationship or dispute with is to third be
parties
your
any
arbitrated on an individual basis and not as a class action, and you expressly waive any right you may have to arbitrate a class action (this is called the "class action waiver"). You may choose the
applicable rules of either the American Arbitration Association (1-800-778-7879), JAMS (800-352-5267) or any other nationally recognized arbitration organization, subject to our approval, and if the arbitration
organization selected by you is unwilling to serve, we shall select the arbitration organization. We waive the right to require you to arbitrate an individual (as opposed to a class) claim if the amount you seek to
recover, including attorneys fees and expenses, is less than $7,500 or the maximum jurisdiction the venue of a state court providing for the resolution of small claims. You may obtain a copy of the rules of these
organizations by calling the numbers indicated or by visiting their web sites.
The arbitrators shall be attorneys or retired judges and shall be selected in accordance with the applicable rules. The arbitration award shall be in writing, but without a supporting opinion. The arbitration hearing
shall be conducted in the federal district in which you reside you demand arbitration first, you pay one half of any arbitration filing fee. We will pay the rest of the filing fee, and the whole filing fee if we demand
arbitration first or if the arbitrator determines that applicable law requires us to do SO or that you are unable to do SO or that we must do SO in order for this Arbitration Provision to be enforceable. We will pay the
arbitration and fees for the first day of arbitration, up to maximum of eight hours. We will also pay any fees and charges that the arbitrator determines that we must pay in order to assure that this
Arbitration Provision is enforceable. The arbitrator shall decide who shall pay any additional costs and fees.
The
arbitrator's award shall be final and binding o all parties, excepti the event where either there a "take nothing" award or the award is in excess of $100,000 either party may request a new arbitration under
the rules of the arbitration organization by a three-arbitrator panel.
This Arbitration Provision relates to a contract that evidences a transaction involving interstate commerce. Any arbitration under this Arbitration Provision shall be governed by the Federal Arbitration Act (9 U.S.C.
1 et seq.) If a court should determin that the transaction did not involve interstate commerce, the parties agree that this Arbitration Provision shall be governed by state law.
any part of this Arbitration Provision other than the Class Action Waiver is found by a court or arbitrator to be unenforceable, the remainder shall be enforceable. This Arbitration Provision shall survive the
termination of any contractual agreement between you and US, whether by default repayment full.
You may elect to opt-out of the arbitration provision only by notifying us in writing at Preferred Credit, Inc., 628 Roosevelt Road, St Cloud, MN 56301 within 30 days from the date in which you signed this
Agreement, and including in the notice your name, address and account number and a dear statement that you do not wish to resolve disputes through arbitration. Nó one else may sign the rejection notice for
you. Your rejection notice also must not be sent with any other correspondence. Rejection of arbitration will not affect your other righ or responsibilities under this Agreement. you reject arbitration. neither you
nor we will be subject to the arbitration provisions for this Agreement Rejection of arbitration for this Agreement will not constitute rejection of any prior or future arbitration provision between you and US.
Your Billing Rights. Keep This Notice For Future Use. This notice contains important information about your rights and our responsibilities under the Fair Credit Billing Act.
What To Do If You Find A Mistake On Your Statement
If
you think there is an error on your statement, write to us at Preferred Credit, Inc., 628 Roosevelt Road, St. Cloud, MN 56301.
In your letter, give us the following information:
Account information: Your name and account number.
Dollar amount The dollar amount of the suspected error.
Description of problem: If you think there is an error on your bill, describe what you believe is wrong and why you believe it is a mistake.
You must contact
Within 60 days after the error appeared on your statement
teleast 3 business days before an automated payment is scheduled, if you want to stop payment on the amount you think is wrong.
You
must
notify us of any potential errors in writing. You may call us, but you do we are not required to investigate any potential errors and you may have to pay the amount in question.
What Will Happen After We Receive Your Letter
When we receive your letter, we must do two things:
1.
Within 30 days of receiving your letter, we must tell you that we received your letter. We will also tell you we have already corrected the error.
2.
Within 90 days of receiving your letter, we must either correct the error or explain to you why we believe the bill is correct
While we investigate whether or not there has been an error:
We cannot to collect the amount question, or report you as delinquent on the amount.
The charge in question may remain on your statement, and we may continue to charge you interest on that amount
While you do not have to pay the amount in question, you are responsible for the remainder of your balance.
We can apply any unpaid amount against your credit limit
After we finish our investigation, one of two things will happen:
If we made a mistake: You will not have to pay the amount in question or any interest or other fees related to that amount.
If we do not believe there was a mistake: You will have to pay the amount in question, along with the applicable interest and fees. We will send you a statement of the amount you owe and the date
payment due. We may then report you as delinquenti if you do not pay the amount we think you owe.
If you receive our explanation but still believe your bill is wrong, you must write to us within 10 days telling us that you still refuse to pay. If you do SO, we cannot report you as delinquent without also reporting that
you are questioning your bill. We must you the name of anyone to whom we reported you as delinquent, and we must let those organizations know when the matter has been settled between us.
If we do not follow all of the rules above, you do not have to pay the first $50 of the amount you question even if your bill is correct
Your Rights If You Are Dissatisfied With Your Account Purchases:
If you are dissatisfied with the goods or services that you have purchased with your Account and you have tried in good faith to correct the problem with the merchant, you may have the right not to pay the
remaining amount due on the purchase.
To use this right, all the following must be true:
1.
The purchase must have been made in your home state or within 100 miles of your current mailing address, and the purchase price must have been more than $50. (Note: Neither of these are
necessary your purchase was based on an advertisement we mailed to you, or we own the company that sold you the goods or services.)
2.
You must have used your Account for the purchase. Purchases made with cash advances from an ATM or with a check that accesses your account do not qualify.
3.
You must not yet have fully paid for the purchase.
If
all of the criteria above are met and you are still dissatisfied with the purchase, contactus in writing at Preferred Credit, Inc., 628 Roosevelt Road, St. Cloud, MN 56301.
While we investigate, the same rules apply to the disputed amount as discussed above. After we finish our investigation, we will tell you our decision. At that point, if we think you owe an amount and you do not
pav. we delinquent
NOTICE: ANY HOL LDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT TO ALL CLAIMS AND DEFENSES WHICH THE DEBTOR COULD ASSERT AGAINST THE ELLER OF
GOODS OR SERVICES OBTAINED PURSUANT HERETO OR WITH THE PROCEEDS HEREOF. RECOVERY HEREUNDER BY THE DEBTOR SHALL NOT EXCEED AMOUNTS PAID BY
THE DEBTOR HEREUNDER.
REVISED 10-01-2019 PRINTED 10-15-2019
MN01-F
1990-2019 Preferred Credit, Inc. ALL RIGHTS RESERVED. Duplication of this document without the copyright owner's prior written consent is strictly prohibited.