|STATEMENT OF CREDIT TERMS AND DISCLOSURE
OF FINANCE CHARGES EFFECTIVE SEPTEMBER 25, 2003
Terms are cash for amount of purchase. Convenience open account credit is
available to customers with approved credit.
Convenience open account credit is defined as follows:
1. Statement of account shall be rendered to all customers at the end of
each month. The balance of the statement is due and payable in full by the
10th of the month following statement (10 days) to avoid finance charges.
PAST DUE ACCOUNTS
1. Accounts not paid by the 15th of the month following the statement date
will be put on cash basis. All other accounts pertaining to that person or
business will also be on a cash basis until all are paid to date.
2. Accounts not paid by the 15th of the month following the third statement
date, unless payment arrangements have been made with general manager, will
be submitted to a collection agency or lawyer for collection.
3. Accounts that are delinquent twice in a twelve month period are subject
to a credit limit, this limit will be enforced for one year. If purchaser
shows a good payment history for that term he may request to be placed on
4. Accounts delinquent three times in a 12 month period will be closed and
must reapply for credit.
A FINANCE CHARGE OF 1.5% per month shall be charged to accounts on the 15th
day of each month on the amount of the previous unpaid balance. This FINANCE
CHARGE is equivalent to an ANNUAL PERCENTAGE RATE OF 18%.
The Federal Regulation commonly referred to as “Truth in Lending” requires
that you be advised of any possible security interest on your property
arising out of a credit sale.
The articles and by-laws of your cooperative provide that your cooperative
has secured interest to any individual patron’s equities up to the amount of
that individual’s indebtedness to the cooperative.