NOTE: The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin,
sex, marital status, age (provided that the applicant has the capacity to enter into a binding contract); because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that administers compliance with the law concerning this creditor is Federal Trade Commission, Equal Credit Opportunity, Washington D.C. 20580.
Please advise the Cooperative if you wish any credit information regarding this account to be reported in the names of both spouses.
This agreement made and entered into on the date first above stated by the Patron and the above-named Cooperative Association (Cooperative), pursuant to the Consumer Credit Protection Act (Federal Truth in Lending Act) (Public Law 90-321; 82 Stat.146) and the Kansas Uniform Consumer Credit Code (KSA 16a-1-101 et seq.).
Credit Patron agrees to regularly patronize the Cooperative and promises to pay for all goods and services so purchased as follows:
All purchases made on credit during the month that are reflected on the periodic billing statement for such month are due and payable upon receipt of
billing statement.
If all credit purchases on patron’s account are paid in full before the last day of the month following the month of purchase, the account shall not be subject to any FINANCE CHARGE.
Any balance not paid before the last day of the month following the month of purchase shall be subject to a FINANCE CHARGE of 1.75% per
month on the unpaid balance of the account, which is an ANNUAL PERCENTAGE RATE OF 21%. Said FINANCE CHARGE to apply to the unpaid balance on the account on the last day of the billing cycle carried over from the prior month.
The Cooperative reserves the right to terminate credit sales to the credit patron at any time. In addition thereto, no additional credit
purchases shall be allowed on an account that is over 30 days past due.
This agreement may be changed by the Cooperative after thirty (30) days notice before the effective date of the change in accordance with
KSA 16a-3-204 or as hereafter amended.
Any purchase(s) made pursuant to this agreement shall be secured by a security interest and lien in any investment the patron may
have in the Cooperative. Investment means any stock, stock or membership credit, or revolving fund or patronage ledger credit. The credit patron does not have the right to demand offset of such investment on his account. Such an offset may be made only at the discretion of the Cooperative’s Board of directors.
COLLECTION ATTORNEY FEES:
Credit patron agrees to pay the reasonable costs of collection, including, but not limited to, attorney and collection agency fees
(but not both), and court costs, but such fees may not exceed 15% of the unpaid debt after default, in accordance with KSA 16a-2-507 or as hereafter amended.
Until notified in writing to the contrary by the credit patron, the Cooperative may assume that the credit patron’s spouse, children over the age of sixteen years, and any employees, if any, are authorized to purchase goods or services and charge them to the credit patron’s account.
