AMERICAN CHARGE ACCOUNT
REVOLVING CREDIT ACCOUNT AGREEMENT
1. GENERAL: This Agreement ("Agreement")
governs the use of your American Charge account (your "Account"). Please read
and keep this Agreement for your records. In this Agreement and in your billing statement
("Statement''), "we", "us", and "our" refer to the
Seller identified at the end of this Agreement ("Agreement"), and any assignees
or other holders of this Agreement or your Account. "You" and "your"
refer to all persons who are approved by us to use the Account. "Card" refers to
your American Charge Card. The effective date ("Effective Date") of this
Agreement will be the earlier of (i) the date you sign an Account application that is
approved by us, or (ii) the first date that you or someone authorized by you uses the
Account. You may use your Card to make Purchases on credit from time to time under your
Account, up to any credit limit we may establish for your Account (your "Credit
Limit"). You agree to use your Account only for personal, family or household
purposes.
2. PROMISE TO PAY: When you submit your Application for this
Account, you agree to be bound by this Agreement. You promise to pay us for all credit
that we extend on your Account for purchases (including mail and phone order, if any) of
goods or services ("Purchase(s)") and all other amounts owed to us under the
terms of this Agreement. If your Account is a joint Account, each of you is bound by this
Agreement, and each of you jointly and individually promises to pay us, and may be held
liable for, all amounts owed to us on your Account.
3. SPECIAL PAYMENT PLANS: Regular Purchases accrue Finance
Charges and require Minimum Monthly Payments, as described below. From time to time you
may be offered special promotional terms which (subject to specified conditions) reduce
the cost of credit under this Agreement or otherwise modify the terms of this Agreement
with respect to certain Purchases on your Account ("Special Payment Plans"),
such as those described in this paragraph. The standard provisions of this Agreement apply
to any Special Payment Plan, unless otherwise provided under the Special Payment Plan
offering, and will continue to apply to any and all transactions that are not subject to a
Special Payment Plan. The following additional plans may be offered from time to time as
specified on the sales slips; (a) Deferred Payment Purchasesno payments until month
specified on sales slip, with Finance Charges beginning on date of purchase; (b) Waived
Finance Charge Purchasesno Finance Charges until month specified on sales slip, with
regular monthly payments; (c) Deferred Payment/Waived Finance Charge Purchasesno
payments or Finance Charges until month specified on sales slip; and (d) Equal Payment
Purchasesthe amount of the purchase divided by the number of months shown on the sales
slip and any insurance premiums, with no Finance Charges.
4. GRACE PERIOD FOR AVOIDING FINANCE CHARGE: If the Previous
Balance on your billing statement is zero or is a credit balance, you can avoid paying any
Finance Charge shown on that statement by paying within 26 days after the Billing Date the
New Balance minus the Finance Charge shown on that statement. You can avoid paying a
Finance Charge on your next statement if you pay the New Balance shown on your current
statement and if there is no purchase in the current billing cycle. If you elect to pay
less than the New Balance shown on the statement, a Finance Charge will be imposed on your
next statement on any new purchase or other charge beginning on the date each purchase or
other charge is posted to your Account.
5. FINANCE CHARGE: In Illinois, the monthly periodic rate and
corresponding Annual Percentage Rate will not vary. In Illinois, we will impose a Finance
Charge on the balance subject to Finance Charge at the monthly periodic rate of 1.83000% (ANNUAL PERCENTAGE RATE 21.96%).
In Iowa, Michigan and Wisconsin, we impose a
Finance Charge on the balance subject to Finance Charge at a monthly periodic rate
("periodic rate") and corresponding Annual Percentage Rate that will vary. We
will adjust such rates from time to time based on the highest bank prime loan rate as
published in The Wall Street Journal in its Money Rates section ("prime
rate") on the last business day of each calendar month. When the prime rate on any
such day is 8% or less per year, we will apply a periodic rate of 1.83000% (ANNUAL
PERCENTAGE RATE 21.96%). When the prime rate on any such day is greater than 8% per
year, the Annual Percentage Rate will vary. In that case, the periodic rate will be 1/12th
of the total of (1) the prime rate on such day and (2) 14%, and this total will be the
Annual Percentage Rate. When we make a change to the periodic rate (and corresponding
Annual Percentage Rate) to correspond to a change in the prime rate, the new rate will be
applied starting with the first complete billing period after the last business day of the
previous calendar month. There are no limits on the amount of the rate adjustment, except
in no event will the periodic rate (and corresponding Annual Percentage Rate) exceed the
maximum rate permitted by applicable law (in Michigan, 25% APR). There are no minimum
increments of adjustments, and the periodic rate will be rounded up or down to the nearest
1/1,000th of 1%. When the periodic rate (and corresponding Annual Percentage Rate)
increases, the increased periodic rate (and corresponding Annual Percentage Rate) will
apply both to new purchases and to the existing balance of your Account. If
the periodic rate (and corresponding Annual Percentage Rate) increases, the amount of the
Finance Charge, the Minimum Payment, and the number of payments may increase.
The periodic rate under the above formula as of June 2000 was 1.95833% and the
corresponding ANNUAL PERCENTAGE RATE was 23.50%. If the actual periodic rate
in effect as to the date you submitted your Application is different from the rate stated
above, we will disclose it to you on or with this Agreement, in a form you can keep,
before your first transaction is charged to your Account.
A minimum FINANCE CHARGE of $.50
will be assessed for any billing period in which a Finance Charge that results from
application of the periodic rate is less than $.50.
6. BALANCE SUBJECT TO FINANCE CHARGE: The balance subject to
Finance Charge is your Average Daily Balance. To get this balance, we first determine the
daily balances for the billing period by taking the opening balance each day, which
includes any unpaid Finance Charge from the previous billing period, subtracting any
payments and credits, and adding any new purchases. We then add all the daily balances and
divide this total by the number of days in the period, which gives us your Average Daily
Balance.
Late Payment Fees, Returned Check Fees and insurance
premiums are not included in the balance subject to Finance Charge.
7. RECLASSIFICATION TO REGULAR PURCHASES OF WAIVED FINANCE CHARGE
PURCHASES AND/OR UNPAID EQUAL PAYMENT PURCHASES: If you fail to pay at least the
Minimum Monthly Payment when due for two consecutive billing periods, any unpaid balance
of Equal Payment Purchases and/or Waived Finance Charge Purchases may be treated as
Regular Purchases thereafter and may be subject to Finance Charges during the billing
period which follows the billing period in which the Minimum Monthly Payment is missed.
8. PAYMENTS: You agree to pay a Minimum Monthly Payment each time
we send you a billing statement showing a Minimum Monthly Payment due. To determine the
Minimum Monthly Payment amount we first calculate a payment due for each of the amounts
showing on your statement as the balance at the end of the billing period ("New
Balance") for each plan that requires a payment. The payment due will be 3% of the
New Balance, rounded up to the next whole dollar amount divisible by $5, plus any past due
amount(s). We then add each of these amounts together plus the amount of any Equal Payment
Purchases divided by the number of months shown on the sales slip to determine the Minimum
Monthly Payment. When the result of this calculation is less than $15, the Minimum Monthly
Payment will be $15. When your entire account balance is less than $15, the Minimum
Monthly Payment will be equal to the entire balance.
You may at any time pay more than the Minimum
Payment, or the entire balance in full. All payments, except disputed payments, must
be mailed or delivered to us at the address shown on your Statement (the "Payment
Address"). Any payments received after 10:00 a.m. Eastern Time on any business day
will be credited on the next business day. Credit to your Account may be delayed up to
five days if payment is (a) not received at the Payment Address, (b) not made in U.S.
dollars drawn on a U.S. financial institution located in the U.S., or (c) not accompanied
by the top portion of your Statement. Delayed crediting may cause you to incur a Late
Payment Fee or additional Finance Charges. You agree that any payments on your Account
made at an American store are handled by American as a convenience for you and are not
deemed received or accepted by us until actually received by us. Except as specified in
paragraph 9 below with respect solely to the determination of the extent of our purchase
money security interest and subject to any requirements of applicable law, we reserve the
right to select the method by which payments are allocated to your Account in our sole
discretion. The particular payment allocation method selected by us may cause you to pay
more in finance charges depending on the transactions on your Account, including the
amount and timing of payments you make. Although we post your payments in the manner
described above, your available Credit Limit may not be restored for up to seven (7) days
after we receive your payment. In rare circumstances, restoring the credit available to
you by reason of your payments may be further delayed. All credits for payments to your
Account are subject to final payment by the institution on which the item of payment was
drawn.
All written communications concerning disputed
amounts, including any check or other payment instrument that (i) indicates that the
payment constitutes "payment in full" or is tendered as full satisfaction of a
disputed amount, or (ii) is tendered with other conditions or limitations, must be mailed
or delivered to us at the address for billing inquiries shown on your Statement, not
the Payment Address.
9. SECURITY INTEREST: Except where limited or prohibited by
applicable law, you grant us a purchase money security interest in each item of
merchandise purchased on your Account to secure its unpaid purchase price until such
merchandise is paid in full. Solely for the purpose of determining the extent of our
purchase money security interest in each such item of merchandise, and subject to the
requirements of applicable law, your payments will be allocated first to Finance Charges
on the Account, and then to pay off each Purchase on the Account in the order in which the
Purchase was made (if more than one item was purchased on the same day, your payments will
be allocated to pay off the lowest priced item first). Additionally, if you made a
Purchase pursuant to a credit promotion involving the avoidance of Finance Charges and
that Purchase is included on Statements during the promotional period, we also will
allocate to such promotional Purchase the same payments referred to in the immediately
preceding sentence if those payments are received during the period starting with the
initial billing of the promotional Purchase until the expiration of the promotional
period. For purposes of determining the amount owing on your Account, payments will be
credited only once at the time of payment to the then-outstanding balance of your Account.
We agree that no security interest is or will be retained or acquired under this Agreement
in any real property which is used or is expected to be used as your dwelling.
10. TERMINATION/CHANGE IN TERMS: You may at any time terminate this
Agreement. We may, at any time and subject to applicable law: (a) terminate this
Agreement; (b) terminate your right to make future Purchases; (c) change your Credit
Limit; or (d) change or delete any term or condition of, or add new terms to, this
Agreement relating to your Account. Unless prohibited by applicable law, we may apply any
changed or new terms to any outstanding balance of your Account on the effective date of
the change and to any future balances created after that date. When required by applicable
law, we will mail a notice of any change(s) or addition(s) to you. Upon any termination of
this Agreement you will continue to be obligated to pay all amounts owing under, and to
otherwise perform the terms and conditions of, this Agreement.
11. DEFAULT: Subject to the limitations of applicable law, we may
declare that you are in default under this Agreement if you (a) fail to make at least the
Minimum Payment when due (in Iowa, if you don't make the Minimum Monthly Payment within 10
days of its due date and in WI, when you fail to make the Minimum Monthly Payment on two
occasions within any 12-month period); (b) violate any other term of this Agreement; (c)
become the subject of bankruptcy or insolvency proceedings; or (d) exceed the Credit Limit
on your Account. After your default or your death, and subject to the limitations of
applicable law, including any notice to you and right to cure default required by state
law, we have the right to: (i) reduce your Credit Limit; (ii) terminate your Account, in
which case the terms of this Agreement will apply until full payment is received of the
amount owing on your Account, including Finance Charges which we will continue to impose
to the date of full payment; (iii) require immediate payment of your entire Account
balance, including Special Payment Plan balances, all accrued but unpaid Finance Charges,
and all fees and other charges listed in this Agreement; (iv) bring an action to collect
all amounts owed; and (v) take any action allowed by law. Unless prohibited by applicable
law, the Finance Charge will continue to accrue on the outstanding unpaid Account balance
as described above at the applicable Finance Charge rate(s) shown above until the Account
balance is paid in full. We may also repossess any merchandise which has not been paid in
full, to the extent permitted by law. Except in Iowa and Wisconsin, if, after your
default, we refer your Account for collection to an attorney who is not our salaried
employee, we may, to the extent permitted by applicable law, charge you or collect from
you our collection costs, including court costs and reasonable attorneys' fees.
12. LATE PAYMENT FEE: You agree to pay a Late Payment Fee of $15
in Iowa and $20 in Wisconsin if we do not receive your Minimum Payment by the Payment Due
Date shown on your Monthly Billing Statement. You agree to pay a Late Payment Fee of $10
in Illinois and $15 in Michigan if your Minimum Payment is not received within 10 days of
the Payment Due Date shown on your Monthly Billing Statement.
13. RETURNED CHECK FEE: You agree to pay a Returned Check Fee if
any check or other instrument sent to us for payment on your Account is returned to us
unpaid. In Illinois and Wisconsin, this charge will be $25. In Iowa, this charge will be
$20. In Michigan this charge will be $10.
14. LIABILITY FOR UNAUTHORIZED USE: The Card is issued to you by
us at your request and you agree to destroy it upon demand. You may be liable for the
unauthorized use of the Card. You agree to promptly notify us if your Card is lost or
stolen or of possible unauthorized use of your Card by writing to P.O. Box 508, Bethel, CT
06801 or by calling us at 1-800-766-1323. You will not be liable for unauthorized use that
occurs after you notify us of the loss, theft, or possible unauthorized use and, in any
case, your liability for unauthorized use will not exceed $50 (in NY, you will have no
liability for unauthorized use of the Card prior to the Effective Date). If you orally
give us notice concerning loss or theft, you agree to confirm it in writing. You agree
that unauthorized use does not include use by a person whom you have given authority to
use the Account or Card and that you will be liable for all use by such a person. To
terminate that authority, you must notify us at 1-800-766-1323.
15. CREDIT REPORTS AND ACCOUNT INFORMATION: You give us
permission to request information and to make whatever inquiries we consider necessary and
appropriate (including obtaining information from third parties and requesting consumer
reports from consumer reporting agencies) for the purpose of considering your application
for this Account and subsequently, in connection with any updates, renewals or extensions
of credit or reviewing or collecting your Account. You also authorize us to report
information concerning you or your Account, including information about your performance
under this Agreement, to consumer reporting agencies and others who may properly receive
such information. If you believe that we have reported inaccurate information about you
to a consumer reporting agency, please contact us at P.O. Box 29116, Shawnee Mission, KS
66201-1416. In doing so, please identify the inaccurate information and tell us why you
believe it is incorrect. If you have a copy of the credit report that includes the
inaccurate information, please send a copy of that report to us as well. You are hereby
notified that a negative credit report reflecting on your credit record may be submitted
to a consumer reporting agency if you fail to fulfill the terms of this Agreement.
16. ASSIGNMENT: We may assign this Account and our rights under
this Agreement at any time. It is expected that this Agreement, your Account and purchases
made on it will be submitted for approval to General Electric Capital Corporation
("GE Capital"), 570 Lexington Avenue, New York, NY 10022 without further notice
to you, and, if approved, will be assigned to GE Capital. All of our rights under this
Agreement will apply to GE Capital or any assignee or holder of this Agreement.
17. TELEPHONE MONITORING: We treat every customer call
confidentially. To ensure our customers receive quality service, we randomly select phone
calls for monitoring. These calls, between our customers and employees, are evaluated by
Supervisors. This is to guarantee that prompt, consistent assistance, and accurate
information is delivered in a professional manner.
18. NO WAIVER BY US: We reserve the right, at any time and in our
sole discretion, not to impose part or all of any fee or other amount imposed pursuant to
this Agreement or not to exercise any of our other rights under this Agreement and, should
we do so, we will not waive our right to impose such fee or other amount or exercise the
right as set forth in this Agreement in the future. Without limiting the foregoing, we
may, at our option: (a) accept late or partial payments or checks or money orders marked
"payment in full" or tendered with other conditions or limitations, (b) agree to
extend the due date of any payment due under this Agreement for any length of time, (c)
release any security interest we have in connection with this Agreement, and/or (d)
release any other person responsible under this Agreement, without notifying you and
without releasing you from your obligation to pay all amounts owing under this Agreement
in full, or to otherwise perform the terms and conditions of this Agreement.
19. USE OF INFORMATION ABOUT YOU AND YOUR ACCOUNT: FROM TIME TO TIME,
SUBJECT TO APPLICABLE LAW, WE MAY USE OR FURNISH TO THIRD PARTIES INFORMATION ABOUT YOU OR
YOUR ACCOUNT. FOR EXAMPLE, APPLICABLE LAW PERMITS US TO SHARE WITH THIRD PARTIES
INFORMATION ABOUT YOU OR YOUR ACCOUNT, INCLUDING OUR EXPERIENCES OR TRANSACTIONS WITH YOU,
AND ALSO PERMITS US TO SHARE ADDITIONAL INFORMATION ABOUT YOU AND YOUR ACCOUNT (SUCH AS
INFORMATION FROM CONSUMER REPORTING AGENCIES) WITH THOSE THIRD PARTIES WHO ARE RELATED TO
US BY COMMON CONTROL OR OWNERSHIP ("AFFILIATES"). YOU AGREE TO THIS USE AND
DISCLOSURE OF INFORMATION. YOU CAN REQUEST THAT WE DISCONTINUE FURNISHING TO OUR
AFFILIATES INFORMATION ABOUT YOU OR YOUR ACCOUNT THAT DOES NOT RELATE SOLELY TO OUR
EXPERIENCES OR TRANSACTIONS WITH YOU BY WRITING TO US AT P.O. BOX 508, BETHEL, CT 06801.
You may also request exclusion from lists we may make available to other third parties
from time to time for the purpose of offering products or services to you, by writing to
us at P.O. Box 508, Bethel, CT 06801 or by calling us toll-free at 1-800-766-1323.
20. CHANGE OF ADDRESS AND GOVERNING LAW: You agree to notify us
promptly if you move. Until we receive written notice of your new address, we will
continue to send billing statements and correspondence to the address we have in our file.
This Agreement will be governed by the law of your
state of residence if you live in the State of Illinois, Iowa, Michigan or Wisconsin. If
you live in or move to any other state, to the extent permitted by that state's laws and
unless otherwise noted, the fees and charges applicable to residents of the State of
Wisconsin will apply to your Account. If any provision of this Agreement is invalid or
unenforceable under applicable law, that provision shall be considered totally ineffective
to that extent, but the remaining provisions of this Agreement shall not be affected.
21. ENTIRE AGREEMENT: This Agreement, together with any
application you signed or otherwise submitted in connection with the Account (which is
hereby incorporated by reference in this Agreement), constitutes the entire agreement
between you and us relating to your Account and supersedes any other prior or
contemporaneous agreement between you and us relating to your Account. This Agreement may
not be amended orally. It may only be amended in accordance with the provisions of this
Agreement.
22. ARBITRATION PROVISION: This Arbitration Provision sets forth
the circumstances and procedures under which Claims (as defined below) may be arbitrated
instead of litigated in court.
As used in this Arbitration Provision, the term
"Claim" means any claim, dispute or controversy between you and us arising from
or relating to this Cardholder Agreement (the "Agreement"), any prior agreement
that you may have had with us or the relationships resulting from the Agreement or any
prior agreement, including the validity, enforceability or scope of this Arbitration
Provision, the Agreement or any prior agreement. "Claim" includes claims of
every kind and nature, including but not limited to initial claims, counterclaims,
cross-claims and third-party claims and claims based upon contract, tort, fraud and other
intentional torts, statute, common law and equity. The term "Claim" is to be
given the broadest possible meaning and includes, by way of example and without
limitation, any claim, dispute or controversy that arises from or relates to (a) the
credit card account ("Account") created by the Agreement or any prior agreement,
or any balances on the Account, (b) advertisements, promotions or oral or written
statements related to the Account, goods or services financed under the Account or the
terms of financing and (c) your application for the Account.
This Arbitration Provision will not apply to Claims
previously asserted, or which are later asserted, in lawsuits filed before the effective
date of this Arbitration Provision. However, this Arbitration Provision will apply to all
other Claims, even if the facts and circumstances giving rise to the Claims existed before
the effective date of this Arbitration Provision.
Any Claim shall be resolved, upon the election of you
or us, by arbitration pursuant to this Arbitration Provision and the Code of Procedure
("Code") of the National Arbitration Forum ("NAF") in effect at the
time the Claim is filed. (If for any reason the NAF is unable or unwilling or ceases to
serve as arbitration administrator, another nationally recognized arbitration organization
utilizing a similar code of procedure will be substituted by us.) With respect to Claims
covered by this Arbitration Provision, a party who has asserted a Claim in a lawsuit in
court may elect arbitration with respect to any Claim(s) subsequently asserted in that
lawsuit by any other party or parties.
IF ARBITRATION IS CHOSEN BY ANY PARTY WITH RESPECT TO
A CLAIM, NEITHER YOU NOR WE WILL HAVE THE RIGHT TO LITIGATE THAT CLAIM IN COURT OR HAVE A
JURY TRIAL ON THAT CLAIM, OR TO ENGAGE IN PRE-ARBITRATION DISCOVERY EXCEPT AS PROVIDED FOR
IN THE NAF CODE. FURTHER, YOU WILL NOT HAVE THE RIGHT TO PARTICIPATE AS A REPRESENTATIVE
OR MEMBER OF ANY CLASS OF CLAIMANTS PERTAINING TO ANY CLAIM SUBJECT TO ARBITRATION. EXCEPT
AS SET FORTH BELOW, THE ARBITRATOR'S DECISION WILL BE FINAL AND BINDING. NOTE THAT OTHER
RIGHTS THAT YOU WOULD HAVE IF YOU WENT TO COURT MAY ALSO NOT BE AVAILABLE IN ARBITRATION.
The Code, rules and forms of the NAF may be obtained
by calling (800) 474-2371, or by visiting NAF's website at http://www.arb-forum.com. All
Claims shall be filed at any NAF office or at Post Office Box 50191, Minneapolis,
Minnesota 55405.
There shall be no authority for any Claims to be
arbitrated on a class action basis. Furthermore, Claims brought by or against one
cardholder (or joint cardholders) may not be joined or consolidated in the arbitration
with Claims brought by or against any other cardholder. Any arbitration hearing that you
attend shall take place in the federal judicial district of your residence. At your
written request, we will temporarily advance up to $500 towards the filing, administrative
and/or hearing fees for any Claim which you may file against us, after you have paid an
amount equivalent to the fee, if any, for filing such a Claim in state or federal court
(whichever is less) in the judicial district in which you reside. At the conclusion of the
arbitration, the arbitrator will decide who will ultimately be responsible for paying the
filing, administrative and/or hearing fees in connection with the arbitration. Unless
inconsistent with applicable law, each party shall bear the expense of that party's
attorneys', experts' and witness fees, regardless of which party prevails in the
arbitration.
This Arbitration Provision is made pursuant to a
transaction involving interstate commerce, and shall be governed by the Federal
Arbitration Act ("FAA"), 9 U.S.C. Sections 1 et seq. The arbitrator shall
apply applicable substantive law consistent with the FAA and applicable statutes of
limitations and shall honor claims of privilege recognized at law. Judgment upon the award
rendered by the arbitrator may be entered in any court having jurisdiction. The
arbitrator's decision will be final and binding, except for any right of appeal provided
by the FAA and except that, if the amount in controversy exceeds $100,000, any party can
appeal the award to a three-arbitrator panel administered by the NAF which shall
reconsider de novo any aspect of the initial award requested by the appealing
party. The decision of the panel shall be by majority vote. The costs of such an appeal
will be borne by the appealing party regardless of the outcome of the appeal.
As solely used in this Arbitration Provision, the
terms "we" and "us" shall for all purposes mean General Electric
Capital Corporation; all of its parents, wholly or majority owned subsidiaries,
affiliates, predecessors, successors, and assigns; and all of their independent
contractors, agents, employees, directors and representatives.
This Arbitration Provision shall survive termination
of your Account as well as the repayment of all amounts borrowed hereunder. If any portion
of this Arbitration Provision is deemed invalid or unenforceable under any law or statute
consistent with the FAA, it shall not invalidate the remaining portions of this
Arbitration Provision or the Agreement. In the event of a conflict or inconsistency
between the NAF Code and this Arbitration Provision, this Arbitration Provision shall
govern.
Notwithstanding anything to the contrary contained in
this Arbitration Provision, American TV & Appliance of Madison, Inc. and its
affiliates shall have no right to arbitrate or be required to arbitrate pursuant to this
Arbitration Provision.
NOTICE TO MICHIGAN RESIDENTS: The seller retains a security interest
in the subject matter of this agreement.
OHIO RESIDENTS: The Ohio laws against discrimination require that
all creditors make credit equally available to all creditworthy customers, and that credit
reporting agencies maintain separate credit histories on each individual upon request. The
Ohio civil rights commission administers compliance with this law.
NOTICE: See accompanying statement for important information
regarding your right to dispute billing errors.
NOTICE: ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT TO ALL
CLAIMS AND DEFENSES WHICH THE DEBTOR COULD ASSERT AGAINST THE SELLER 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.
NOTICE TO APPLICANT(S): (a) DO NOT SUBMIT THE APPLICATION/AGREEMENT
BEFORE YOU READ IT OR IF ANY SPACES INTENDED FOR THE AGREED TERMS ARE LEFT BLANK. (b) YOU
ARE ENTITLED TO A COPY OF THE AGREEMENT. KEEP IT TO PROTECT YOUR LEGAL RIGHTS. (c) YOU MAY
AT ANY TIME PAY OFF THE FULL UNPAID BALANCE UNDER THIS CREDIT AGREEMENT.
Applicant's Signature Date
Joint Applicant's Signature Date
Seller: American TV and Appliance of Madison, Inc.
2404 West Beltline Hwy.
Madison, Wisconsin 53713
By
Len Mattioli
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.
Notify Us in Case of Errors or Questions About Your Bill
If you think your bill is wrong, or if you need more information about a
transaction on your bill, write us at the address shown on your statement. We must hear
from you no later than 60 days after we sent you the first bill on which the error or
problem appeared. You can telephone us, but doing so will not preserve your rights.
In your letter, give us the following information:
- Your name and account number.
- The dollar amount of the suspected error.
- Describe the error and explain, if you can, why you believe there is an error.
If you need more information, describe the item you are not sure about.
Your Rights and Our Responsibilities After We Receive Your Written
Notice
We must acknowledge your letter within 30 days, unless we have corrected
the error by then. Within 90 days, we must either correct the error or explain why we
believe the bill was correct.
After we receive your letter, we cannot try to collect
any amount you question, or report you as delinquent. We can continue to bill you for the
amount you question, including finance charges, and we can apply any unpaid amount against
your credit limit. You do not have to pay any questioned amount while we are
investigating, but you are still obligated to pay the parts of your bill that are not in
question.
If we find that we made a mistake on your bill, you
will not have to pay any finance charges related to any questioned amount. If we didn't
make a mistake, you may have to pay finance charges, and you will have to make up any
missed payments on the questioned amount. In either case, we will send you a statement of
the amount you owe and the date that it is due.
If you fail to pay the amount that we think you owe,
we may report you as delinquent. However, if our explanation does not satisfy you and you
write to us within ten days telling us that you still refuse to pay, we must tell anyone
we report you to that you have a question about your bill. And, we must tell you the name
of anyone we reported you to. We must tell anyone we report you to that the matter has
been settled between us when it finally is.
If we don't follow these rules, we can't collect the
first $50 of the questioned amount, even if your bill was correct.
Special Rule for Credit Card Purchases
If you have a problem with the quality of property or services that you
purchased with a credit card, 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 property
or services.
C120 (9/99) 2316-I APR REV. 06/2000 [6259]
BY SUBMITTING AN ON-LINE OR PRINTED
APPLICATION, YOU ACCEPT THE TERMS AND CONDITIONS OUTLINED ABOVE.
