A non-variable annual percentage rate of 0.0% applies to your Secured Line of Credit Account until the first anniversary of your account opening date (corresponding daily periodic rate of 0.0000%). After the first anniversary, a non-variable annual percentage rate of 0.0% applies to your Secured Line of Credit Account (corresponding daily periodic rate of (corresponding daily periodic rate of 0.0%).
As of the last day of each Billing Cycle, we will determine the Minimum Payment due for your Secured Line of Credit Account and disclose it on your Statement for that Billing Cycle. The Minimum Payment you must pay us by the due date after each Billing Cycle shall be 50% of the New Balance of your Secured Line of Credit Account.
This Section defines several terms used in the Agreement. Other terms are defined above or, in some cases, with our first use of the term.
Advances: The amounts we advance from your Secured Account to pay the issuer of a Linked Card.
Billing Cycle: The interval between the days or dates of the regular periodic statements for your Secured Account, typically between 28 and 32 days.
Business Day: Monday through Friday, excluding days when commercial banks are closed.
Collateral: All Security Deposit funds in your name deposited to the Collateral Account.
Collateral Account: Security Deposit funds for you and others will be commingled and deposited in a Collateral Account we have established at Evolve Bank, which is FDIC insured to the extent permitted by law and for which we will maintain sub account records in your name. Your Security Deposit funds in the Collateral Account will secure your Obligations to us in connection with your Secured Account, as explained in the Security Agreement section of this Agreement.
Credit Limit: The maximum amount of the Secured Account credit we permit to you at any time.
Linked Card: An eligible credit card account with a bank or other card issuer that you register with us and link to your Secured Account.
Linked Card Balance: The unpaid balance due to the card issuer for a Linked Card.
Linked Card Minimum Payment: The minimum amount you must pay to the issuer of a Linked Card after the closing date of each monthly billing cycle for that Linked Card.
Obligations: Any and all of your obligations to us that result from or are connected with your Secured Account.
Periodic Statements: The statements we provide to you after Billing Cycles to disclose information about Advances, Secured Account balances, interest charges and fees.
Security Deposit: A security deposit in U.S. dollars that you must maintain in the Collateral Account.
You promise to do everything the Agreement requires of you so long as your Secured Account has an unpaid balance, remains open to future Advances, or both. You promise to pay us all amounts due on your Secured Account, now and in the future. This promise applies any time the Secured Account is used by you, on your behalf or for your benefit. The amount you promise to pay in connection with your Secured Account includes all Advances made by you, on your behalf or for your benefit, plus all Interest Charges as described and required by the Agreement.
3. Use of our Website or Mobile App; Secured Account Information
You must use our website or mobile app to register any credit card account you want to make a Linked Card. If a credit card account is never linked to this Secured Account, or if it becomes unlinked for any reason, you must use our website or mobile app to register the credit card account and make it a Linked Card before we will pay it with Advances from your Secured Account. We will do our best to notify you through your Secured Account dashboard about credit card accounts that become unlinked. You can help avoid this problem by using our website or mobile app to keep your credit card account information up to date. You promise to regularly monitor and review all Periodic Statements, Secured Account notices and Secured Account information we provide and display to you through our website or mobile app. You must use our website or mobile app to receive or provide all information that applies to your Secured Account, the Linked Cards, and the Advances we make to pay your Linked Cards. You promise that all of the information you provide to us is correct and complete, including, but not limited to, your state of residence. If any information about you that relates to the Secured Account changes, including, but not limited to, your state of residence, you promise to give us prompt notice about these changes using our website or mobile app or otherwise in writing.
You may use your Secured Account and the Advances to pay your Linked Cards. You may not use your Secured Account or obtain Advances for any other purpose. Your Secured Account is a revolving line of credit (open-end credit). Your Secured Account will remain open until you or we close the Secured Account to future Advances. This means we expect to make Advances from time to time and you must pay Interest Charges based on Secured Account balances that are outstanding from time to time. This also means the credit we extend while your Secured Account is open for new Advances, up to your current Credit Limit, is generally available to the extent you repay the outstanding Secured Account balances.
5. Authorized Advances from Your Secured Account
You may instruct us to make Advances, up to your Credit Limit, that you select through our website or mobile app. You may instruct us to make Advances to pay the Minimum Monthly Card Payment for a Linked Card, to pay off the entire balance outstanding for a Linked Card with an APR higher than your Secured Account APR, or to pay some other amount for a Linked Card based on other factors, such as the credit available in your Secured Account and the Linked Card APR or status.
You authorize us to make Advances each month to pay at least the Minimum Monthly Card Payment by the payment due date for a Linked Card, up to the Credit Limit of your Secured Account, and subject to any different instructions you give us through our website or mobile app and other conditions described in the Agreement. For a Linked Card with an APR lower than your Secured Account, you agree that we may make only the Minimum Monthly Card Payment for this type of Linked Card, unless you expressly instruct us to make larger Advances to pay this type of Linked Card. For Advances we make to pay Linked Cards with APRs higher than the Secured Account, you authorize us to use our automated systems to calculate the Advance amount best suited for you and your needs, up to the Credit Limit for your Secured Account. You agree that the factors our automated system may consider and apply in determining these Advances include, but are not limited to, whether a Linked Card has an APR higher than another Linked Card; whether a Linked Card you use more often than other Linked Cards is nearing its credit limit; your performance in making Minimum Payments due to us for the Secured Account; and other factors that may change and become relevant in the future, in terms of how our automated systems set priorities and make Advances up to the Credit Limit that are believed to be in your best interest. When you give us instructions for these Advances, you must provide all of the information and make all the choices we request about your Linked Cards, the Advances you want made to pay your Linked Cards, and your Secured Account payments to us.
If you do not pay a Minimum Payment in the amount and by the date it is due to us after any Billing Cycle, you understand and agree that we may reverse any Advance made from your Secured Account within the seven (7) days before the date on which your Minimum Payment was due to us.
7. Statements and Billing Cycles
The information your Periodic Statement contains after a Billing Cycle will disclose important information about your Advances, Secured Account payments, Secured Account balances, and Interest Charges. The time between your regular Periodic Statements is generally equal (approximately 30 days), but may vary slightly in length from Billing Cycle to Billing Cycle. Your Secured Account will continue to have Billing Cycles, even if we do not need to send a Periodic Statement after any Billing Cycle.
You must keep track of your Credit Limit, Advances, Secured Account balances, and available credit. You agree not to allow your Secured Account to exceed its current Credit Limit. We may, at our discretion, make or reject your requested Advances if your Secured Account balance exceeds your current Credit Limit (or would exceed the Credit Limit if we made the Advance). If we make an Advance in excess of your Credit Limit, this will not increase your Credit Limit and you must pay us the full amount of the over limit Advances and all associated interest charges. You understand and agree that we may change the Credit Limit at any time and for any reason, subject to any notices we may be required by law to provide through your Periodic Statements or other Secured Account notices.
We will charge Interest Charges to your Secured Account as described in the Agreement, your Account Opening Disclosures and Periodic Statements. The Account Opening Disclosures provided with this Agreement include important information about the Interest Charges that apply to your Secured Account.
We figure the Interest Charges on your Secured Account by applying the daily periodic rate to the “daily balance” of your Secured Account for each day in the Billing Cycle. To get the “daily balance,” we take the beginning balance of your Secured Account each day, add any new Advances, exclude any unpaid Interest Charges and fees, and then subtract any payments or credits. This gives us the daily balance (including current Advances). Then, we determine the daily Interest Charges by multiplying the daily balance by the daily periodic rate. After that, we add these daily Interest Charges together to determine your total Interest Charges for the Billing Cycle.
You must pay Interest Charges on each Advance from the date it is made from your Secured Account, because there is no grace period for Advances. You must pay Interest Charges on the unpaid balance of your Secured Account until it is paid in full.
10. Minimum Payments of Your Secured Account
As of the last day of each Billing Cycle, we will determine the Minimum Payment due for your Secured Account and disclose it on your Statement for that Billing Cycle. Your Account Opening Disclosures explain how we will determine the Minimum Payment due after each Billing Cycle. You must pay at least the Minimum Payment by the due date after each Billing Cycle. We may round the Minimum Payment up to the nearest whole dollar amount. We may also require you to make immediate payment of your entire New Balance if an event of default occurs as described in the Agreement. In addition to the Minimum Payment, you may pay all or part of the total balance of your Secured Account at any time. You must still pay at least the Minimum Payment after each Billing Cycle, even if you paid more than the Minimum Payment due for any previous Billing Cycle.
Your Secured Account payments to us must be in United States dollars and made by electronic fund transfers from a deposit account held in your name at a depository institution in the United States. You must either authorize a one-time electronic fund transfer for each Secured Account payment or, at your option, enroll in recurring electronic fund transfers that can be automatically made from your deposit account. You are not required to enroll or stay enrolled in recurring electronic fund transfers to make your Secured Account payments.
12. Security Agreement; Collateral Account and Security Deposit Funds.
As security for your Obligations to us in connection with your Secured Account, you agree to provide Security Deposit funds in U.S. dollars that can be commingled and deposited in the Collateral Account we maintain at Evolve Bank. All of your Security Deposit funds must be held in the Collateral Account. We will maintain separate sub account records in your name for your Security Deposit funds. The Collateral Account is insured by the Federal Deposit Insurance Corporation (“FDIC”), to the extent permitted by law. You will be the beneficial owner of the Security Deposit funds held in your name for purposes of FDIC insurance, to the extent permitted by law and subject to this Security Agreement.
You understand and agree that no interest will be owed to you by any party or paid to you by any party in connection with your Security Deposit funds in the Collateral Account. You understand and agree that no deposit statements will be due to you from any party or provided to you by any party in connection with your Security Deposit funds in the Collateral Account.
You are not permitted to initiate electronic fund transfers to or from the Collateral Account. We may allow you to provide us with additional Security Deposit funds for deposit to the Collateral Account, for purposes of maintaining or increasing the Credit Limit of your Secured Account, subject to our express approval and conditions for increasing your Security Deposit funds in the Collateral Account. Deposits made to us by check or money order must be from a U.S. funding source and payable in U.S. dollars. You may not withdraw or transfer your Security Deposit funds from the Collateral Account, other than by our refund to you of your Security Deposit funds that remain in the Collateral Account after: (i) your Secured Account is closed to all future transactions; (ii) your Secured Account has no outstanding balance; and (iii) we determine that all amounts you owe for Secured Account or under the Agreement are paid in full.
To secure performance of your Obligations, you assign, pledge, and grant to us a security interest in all your Security Deposit funds that are deposited in or added to the Collateral Account (the “Collateral”), as of the date such Security Deposit funds are credited to the Collateral Account. You irrevocably and unconditionally relinquish possession and control over the Collateral. You pledge and assign all of your right, title, and interest in the Collateral as security to us for your Obligations. You must take any action we request to perfect or protect our first lien position security interest in the Collateral. You waive the benefit of any homestead or other exemptions in the Collateral.
If you are in default of any Obligation under the Agreement, or your Secured Account is closed for any reason, you authorize us to withdraw Collateral from the Collateral Account and apply such amounts to the Secured Account, without sending you notice or demand for payment. We may do this in addition to any other rights we have under the law or the Agreement. The application of Security Deposit funds to your Secured Account will not change your minimum payment amount. You are responsible for the repayment of any Obligation that is not satisfied by the application of Collateral. We may take up to 60 days to return any excess Collateral to you.
You represent that there are no current lawsuits or bankruptcy proceedings that might affect our interest in the Collateral. You represent that you have not and will not attempt to transfer any interest in the Collateral to any other person or offer the Collateral as security for any other obligation. If any other person seeks to attach the Collateral (for example, by legal garnishment), you agree we may treat the balance of the Secured Account as immediately due and payable and apply the Collateral as payment of the Obligations. If there is no activity with respect to your Collateral Account for a prescribed period of time (generally five years), the Collateral may be presumed to have been abandoned. If this happens, the Collateral may be remitted to and become the property of the state of your last residence, subject to any notice that may be required by applicable law.
13. Disputed Transactions; Unauthorized Use.
You should promptly inspect each Periodic Statement you receive and tell us about any errors or questions you have, as described in the “Billing Rights” section of your Statement and this Agreement. If you do not notify us as provided in these disclosures, you agree we may assume all information in the Statement is correct. You must take reasonable steps to prevent the unauthorized use of your Secured Account. If you notice any possible unauthorized use of your Secured Account, you should contact us immediately using the information we provided on your most recent Periodic Statement. You will not be liable for any unauthorized use that occurs after you notify us. You may, however, be liable for unauthorized use that occurs before your notice to us.
14. Default, Remedies and Collection Costs
After we give any notice and wait any time period that may be required by applicable law, we may consider you in default of your Agreement with us if:
(A) you do not make at least the Minimum Payment due after a Billing Cycle by its due date;
(B) any payment you make or attempt is rejected, not paid or cannot be processed;
(C) you exceed an assigned credit limit;
(D) a bankruptcy or other insolvency proceeding is filed by or against you;
(E) you die or are legally declared incompetent or incapacitated;
(F) we determine that you made a false, incomplete or misleading statement on any of your Secured Account documentation, or you otherwise tried to defraud us;
(G) you do not comply with any term of this Agreement;
(H) you permanently reside outside the United States or any state where we do not offer Secured Accounts; or
(I) a garnishment, attachment or other levy is received on your Collateral in the Collateral Account or your Collateral in the Collateral Account is subject to any other legal proceeding.
Paying the Interest Charges and Fees charged in connection with a default will not, by itself, cure the default. Unless the law requires us to notify you and wait before we may take action, you understand and agree that we may, after any event of default and without advance notice to you, take any one or more of the following actions:
(i) close or suspend your Secured Account;
(ii) lower your Credit Limit;
(iii) increase your Minimum Payment;
(iv) demand that you immediately pay the entire balance owing on your Secured Account;
(v) continue to charge you Interest Charges as long as your Secured Account balances remain outstanding;
(vi) exercise rights and remedies set forth in the Security Agreement, including the withdrawal of Security Deposit funds deposited in the Collateral Account pledged to us and apply the withdrawn amounts in payment of the Secured Account; and/or
(vii) exercise any rights and remedies the law allows to creditors following a default, which includes the filing of a lawsuit against you.
You agree to pay us all of our collection expenses to the extent permitted by applicable law, including but not limited to reasonable attorney’s fees that we incur after referring your Secured Account to an attorney who is not our salaried employee.
15. Your Consent for Communications
By providing the number of your telephone landline, mobile phone or other wireless device and your email address, you authorize us to call you, using an automatic telephone dialing system or otherwise, leave a voice, prerecorded or artificial voice message for you, or send a text, email or other electronic message to you, for any purpose related to the servicing and collection of the Secured Account or for other informational purposes relating to your Secured Account and other accounts with us (each, a “Communication”). You agree we may call or text you at any telephone number associated with the Secured Account or your other accounts with us, including mobile telephone numbers, and many send an email to any email address associated with the Secured Account or other accounts with us that you provide now or in the future. You also agree we may include your personal information in a Communication. You understand we will not charge you for a Communication, but your service provider may. You also understand and agree that we may always communicate with you in any manner permitted by law that does not require your prior consent. You agree we may monitor and record telephone calls with you to assure service quality or for other legitimate business reasons.
We may provide information about you and the Secured Account to consumer reporting agencies. We may also provide information about you and the Secured Account to others as described in our privacy notices. Information we provide about the Secured Account may appear on credit reports about you. This could include negative information, if you do not comply with the terms of this Agreement. We may obtain and use credit and income information about you from consumer reporting agencies and others, as the law allows. If you believe we have reported inaccurate information about you to a consumer reporting agency, notify us in writing at: Bright Money, Attn: Credit Reporting Disputes, 795 Folsom Street, San Francisco, CA 94107. In doing so, identify yourself, your Secured Account, the information you believe is inaccurate, and tell us why you believe the information is incorrect. If you have supporting documents or information, such as a copy of a credit report that includes information you believe is inaccurate, please send the supporting documents and information too.
17. Changes in Your Account or This Agreement
You may not change the Agreement unless one of our authorized officers expressly agrees to do so in a writing signed by that officer. We may, at any time, add, delete or change any term of this Agreement, unless the law prohibits us from doing so. We will give you any notice and wait any time period the law requires before changing the Agreement and Secured Account terms. If we notify you of changes, we will send you a separate notice or inform you on your Periodic Statement. We may send this notice to you electronically, as permitted by law. Our notice will tell you when and how the changes will take effect and describe any options or rights you have in connection with the changes. You agree that, except to the extent limited by applicable law, continued use of the Secured Account may be treated as your acceptance of the changes to your Secured Account and this Agreement.
18. Closing or Suspending Your Account
You may ask us to close your Secured Account by contacting our customer service as described on your Periodic Statement. If you do, we may provide you with additional details about this process and request certain information from you, including payment information. If Advances or charges post to your Secured Account after you ask us to close it, we may keep your Secured Account open or reopen it. We may close or suspend your Secured Account and your right to obtain credit from us. We may do this at any time and for any reason to the extent permitted by law, even if you are not in default. For example, we reserve the right to not allow or make specific Advances, to suspend Secured Account use, or to close the Secured Account for our legitimate business and risk management reasons, unless applicable law expressly requires us to notify you and wait any period of time before taking these actions. We may restrict Secured Account transactions and the availability of Secured Account credit to protect you and us against potential fraud, unauthorized transactions, Secured Account misconduct or misuse, or for our risk management and business reasons. Our suspension of your Secured Account might be permanent or temporary. If your Secured Account is closed or suspended for any reason, you must stop using your Secured Account immediately and no more Advances may be requested or made after your Secured Account is suspended or closed. You must still pay us all amounts you owe on the Secured Account, even those amounts that may be charged after your Secured Account is closed or suspended.
This Agreement is governed by federal law, by the laws of the state where you lived when we opened the Secured Account, and only with regard to collection and servicing of your Secured Account if you move to a different state after your Secured Account is opened, by the laws of the state where you move. If any part of this Agreement is deemed invalid or unenforceable, you and we agree that the rest of it will remain in effect.
New Jersey Residents: The section numbers and headings are the Table of Contents for the Agreement.
21. Waiver and Assignment
We will not lose any of our rights if we delay taking any action for any reason or if we do not notify you. For example, we may waive your Interest Charges without notifying you and without losing our right to charge them in the future. We may always enforce our rights later and may take other actions not listed in this Agreement if the law allows them. You do not have to receive notice from us of any waiver, delay, demand or dishonour.
This Agreement will be binding on, and benefit, any of your and our successors and assigns. You may not transfer your Secured Account or Agreement to someone else without our written permission. We may transfer your Secured Account, our rights and responsibilities under this Agreement, and/or the unpaid balances of your Secured Account to another company or person at any time, without your permission and without advance notice to you. If this happens, any such company or person will take our place under this Agreement. You must pay them and perform all of your obligations to them and not us. If you pay us after you are informed or learn that we have transferred your Secured Account or this Agreement, we can handle your payment in any way we think is reasonable. This includes returning the payment to you or forwarding the payment to the other company or person.
Certain members of the Armed Forces and their dependents (“Covered Borrowers”) are protected by the Military Lending Act, 10 U.S.C. §987, and its implementing regulations, 32 C.F.R. Part 232 (“MLA”). This section applies only to Covered Borrowers. If you want more information about whether this section applies to you, please contact us at +1 (669) 223 8217. If you are a Covered Borrower as defined by the MLA, any waiver of your right to legal recourse under any state or federal law, and any other provision in this Agreement that is unenforceable against you under the MLA, does not apply to you.
Statement of MAPR: Federal law provides important protections to members of the Armed Forces and their dependents relating to extensions of consumer credit. In general, the cost of consumer credit to a member of the Armed Forces and his or her dependents may not exceed an Annual Percentage Rate of 36%. This rate must include, as applicable to the credit transaction or account: (1) the costs associated with credit insurance premiums; (2) fees for ancillary products sold in connection with the credit transaction; (3) any application fee charge (other than certain application fees for specified credit transactions or accounts); and (4) any participation fee charged (other than certain participation fees for a credit card account).
Oral Disclosures: To hear important MLA disclosures and payment information provided in this Agreement, please call (669) 223 8217.
The following Arbitration Section of the Agreement does not apply to you if you are a member of the active military, or a spouse or dependent of a member of the active military, and your Secured Account is subject to the Military Lending Act, 10 U.S.C. § 987, and its implementing regulations, 32 C.F.R. § 232.1, et seq.
PLEASE NOTE THAT, BY SIGNING THE AGREEMENT, YOU ARE AGREEING TO WAIVE YOUR RIGHT TO A JURY TRIAL, TO PARTICIPATE IN A CLASS ACTION, AND TO SEEK PUNITIVE AND/OR EXEMPLARY DAMAGES.
A. Governing Law. You and we agree the Agreement involves interstate commerce and this Arbitration Section is governed by the Federal Arbitration Act, 9 U.S.C. Sect. 1 et seq., ("FAA"), as amended. You and we agree that the arbitrator must strictly apply applicable substantive law and applicable statutes of limitation consistent with the FAA and must honor claims of privilege recognized at law.
B. Mandatory Arbitration. Unless otherwise stated in this Arbitration Section, any "Dispute" between you and us shall, at the election of you, us, or our respective heirs, successors, assignees or related third parties (together, the "Parties"), be resolved by a neutral, binding arbitration, and not by a court of law. This procedure includes any Dispute over the interpretation, scope, or validity of this Agreement, the Arbitration Clause or the arbitrability of any issue, with the sole exception of the Parties' waiver of any right to bring a class action or to participate in a class action as provided for under paragraph G shall be solely determined by the appropriate court, if necessary. The Arbitration Clause applies to the Parties, including their respective employees or agents, as to all matters which arise out of or relate to this Agreement or are in any way connected with the extension of credit set forth in this Agreement, or any resulting transaction or relationship.
C. Dispute: In this Arbitration Clause, the word “Dispute” has the broadest possible meaning. “Dispute” means any action, dispute, claim, or controversy of any kind arising out of, in connection with or in any way related, even indirectly, to the Agreement or the extension of credit set forth in the Agreement. Accordingly, and by way of example only, “Dispute” includes claims related to: your application; information you have provided to us; information and disclosures we have provided to you; any prior agreements between you and us; extensions; renewals; refinancings; payment plans; servicing; collections; privacy; and customer information. The term "Dispute" also includes, without limitation: claims under federal or state consumer protection laws; claims in tort or contract; claims under statutes or common law; claims at law or in equity; other past, present or future claims, counterclaims, cross-claims, third party claims, interpleaders or otherwise; and any claim relating to the interpretation, applicability, enforceability or formation of this Arbitration Clause, including, but not limited to, any claim that all or any part of this Arbitration Clause, except paragraph G, is void, voidable or unconscionable.
D. Facts About Arbitration. In arbitration, a neutral third party (“Arbitrator”) resolves Disputes, instead of a judge or jury. You and we waive the right to go to court. The Arbitrator will conduct a hearing, which is private and less formal than a court trial. Each side will have the opportunity to present some evidence to the Arbitrator. The Arbitrator may limit the Parties’ ability to conduct fact-finding prior to the hearing, called “discovery.” Other rights that the Parties might have in court might not be available in arbitration. Following the hearing, the Arbitrator will issue an award. The Arbitrator’s decision is final, and a court may then enforce the award like a court judgment. Courts rarely overturn an Arbitrator’s award.
E. Pre-Arbitration Resolution. Before commencing arbitration, you can call us at (669) 223 8217and attempt to resolve the Dispute. If we are unable to resolve the Dispute by phone, you may mail us notice of your Dispute, within 90 days of the Dispute date to: Bright Money, Attn: Arbitration Notices, 795 Folsom Street, San Francisco, CA 94107. You may call us or use certified mail to confirm receipt. In your notice, tell us the details and how you want to resolve it. We will try to resolve the Dispute. If we make a written offer (“Settlement Offer”), you may reject it and arbitrate. If we do not resolve the Dispute, either party may start arbitration. No party will disclose settlement proposals, including a Settlement Offer, to the Arbitrator.
F. Rules and Procedures. Either party may start arbitration by mailing the other a notice of arbitration, even if a lawsuit has been filed. This notice must be given by certified mail, return receipt requested. Notice to you shall be sent to the address you provided when you entered into this Agreement or any later address you provided to us by sending an email at firstname.lastname@example.org. Notice to us, our assignees or related third parties must be sent to Bright Money, Attn: Arbitration Notices, 795 Folsom Street, San Francisco, CA 94107. The party initiating the arbitration must set forth in the notice the nature and factual basis of the Dispute, the names and addresses of all other Parties, the amount involved, and the specific relief requested. The responding party must mail a response within 20 days, and may also set forth any counter-Disputes. If you start the arbitration, you may choose to use either the American Arbitration Association (“AAA”) (800-778-7879 or http://www.adr.org) or JAMS (800-352-5267 or
http://www.jamsadr.com). Or, your notice may propose a local attorney, retired judge or Arbitrator in good standing with an arbitration group. If we do not agree to the Arbitrator you propose, or your notice does not choose an arbitration group or propose a local Arbitrator, we will choose the group. The Arbitrator must arbitrate under the AAA or JAMS consumer rules, a copy of which are available on the websites set forth above. Any rules that conflict with any of our agreements with you will not apply. If no Arbitrator is available under the foregoing procedures, the Parties agree that an arbitrator may be appointed by a court in accordance with the FAA. Such Arbitrator must enforce your agreements with us, as they are written. The Arbitrator must conduct the arbitration hearing within 30 miles of your home or where the transaction occurred.
G. Class Action Waiver. The Parties agree to give up any right they may have to bring a class action lawsuit or class arbitration, or to participate in either as a claimant. The Parties agree to give up any right to consolidate or join any arbitration proceeding with the arbitration or others. The Parties give up the right to serve as a private attorney general in any jurisdiction in which such procedure might be permitted. To the extent the Parties are permitted to file small claims under Paragraph K, the Parties agree that any small claim may only be brought on an individual basis and that no small claim may be brought on a class or representative basis. The Parties further agree that if a court or arbitrator decides this Paragraph G is void or unenforceable, this Arbitration Clause shall be void and without effect.
H. Punitive Damage Waiver. The Parties waive any right to seek or recover punitive and/or exemplary damages in any Dispute. No arbitrator shall have the power or authority to award punitive and/or exemplary damages.
I. Fees and Costs. If you request, we shall advance all of the Arbitrator’s fees and expenses, as well as all administrative and filing fees. The Parties shall be responsible for their own attorneys’ fees associated with any arbitration, unless otherwise allowed for under applicable substantive law and awarded by the Arbitrator. If the Arbitrator awards you funds, you will not have to reimburse any arbitration fees and expenses we have advanced. If the Arbitrator does not award you funds, you agree to reimburse us for any arbitration fees and expenses we have advanced. Any such reimbursement will not exceed the filing fees and costs you would have incurred if you had filed a lawsuit in court.
J. Self-Help. Notwithstanding this Arbitration Clause, the Parties retain the right to exercise self-help remedies and to seek provisional remedies from a court, pending final determination of the Dispute by the arbitrator. No Party waives the right to elect arbitration of a Dispute by exercising self-help remedies, filing suit, or seeking or obtaining provisional remedies from a court.
K. Exceptions. The Parties agree this Arbitration Clause does not apply to "small claims," meaning those claims either party is entitled to file and maintain in an appropriate small claims court or any action where the total amount in controversy is $15,000 or less, including any claims for attorney's fees and non-monetary relief. The Parties agree that any appeal from a judgment obtained pursuant to this paragraph shall be appealable only by arbitration according to the procedures set forth in this Arbitration Clause.
L. Severability. If it is determined that any paragraph or provision in this Arbitration Clause is illegal, invalid, or unenforceable, such illegality, invalidity or unenforceability shall not affect the other paragraphs and provisions of this Arbitration Clause. The remainder of this Arbitration Clause shall continue in full force and effect as if the severed paragraph or provision had not been included. Notwithstanding this severability provision, if a court of competent jurisdiction determines that paragraph G is void, illegal, invalid, or unenforceable, the Parties agree that paragraph G shall not be severed and this Arbitration Clause shall be void in its entirety.
M. Survivability of Arbitration Clause. This Arbitration Clause will survive and continue in full force and effect notwithstanding cancellation, termination, amendment, payment in full, discharge in bankruptcy, or other expiration or conclusion of the Agreement or any other contract or transaction between the Parties, unless otherwise agreed in writing. In addition, you understand and acknowledge that the rights and responsibilities afforded to us under this Arbitration Clause survive any assignment of the Agreement by us and that we can enforce this Arbitration Clause in the event a Dispute arises after the assignment of the Agreement.
N. Payment of Arbitrator’s Award. If you sought pre-arbitration resolution as described in Paragraph E, and the Arbitrator’s award exceeds our last Settlement Offer, we will pay 3 amounts. We will pay the award, plus 10% of such amount (“bonus payment”). If the Arbitrator awards you attorneys’ fees, we will pay your attorney the attorney fees conferred, plus 10% of such amount (“attorney premium”). If the Arbitrator orders, we will pay reasonable expert witness costs and other costs you incurred (“cost premium”). If we never made a Settlement Offer, we will pay the bonus payment, attorney premium, and any cost premium. If a law allows you more, this Clause won’t prevent such award. We won’t seek attorney fees and expenses.
O. Right to Opt Out. If you do not want this Arbitration Clause to apply, you may reject it by mailing a written notice to us that lists your name, address and account number and states that you are opting out of the Arbitration Clause. Any opt-out notice must be mailed to us at the following address: Bright Money, Attn: Arbitration Notices, 795 Folsom Street, San Francisco, CA 94107. An opt out notice is only effective if it is signed by each borrower, and the envelope that the opt out notice is sent in is postmarked no more than 60 calendar days after the date you sign the Agreement. If you opt out of this Arbitration Clause, it will not affect any other provisions of the Agreement or your obligations under the Agreement. If you do not properly opt out of this arbitration agreement, it will be effective as of the date of the Agreement. If you opt out of this Arbitration Clause, such election shall apply only to this Agreement, and not to any other past, present or future agreements you have with us.FOR ALL DISPUTES COVERED BY THIS ARBITRATION CLAUSE, THE PARTIES HAVE AGREED TO WAIVE THEIR RIGHT TO A TRIAL BY JURY, THEIR RIGHT TO PARTICIPATE IN CLASS ACTIONS, AND THEIR RIGHT TO SEEK PUNITIVE AND/OR EXEMPLARY DAMAGES. EXCEPT FOR DISPUTES AND CLAIMS NOT SUBJECT TO THIS ARBITRATION CLAUSE, ARBITRATION SHALL BE IN PLACE OF ANY CIVIL LITIGATION IN ANY COURT AND IN PLACE OF ANY TRIAL BY JURY.THE TERMS OF THIS ARBITRATION AGREEMENT AFFECT YOUR LEGAL RIGHTS. IF YOU DO NOT UNDERSTAND ANY TERMS OF THIS ARBITRATION AGREEMENT OR THE COST, ADVANTAGES OR DISADVANTAGES OF ARBITRATION, SEEK INDEPENDENT ADVICE BEFORE SIGNING THIS CONTRACT. BY SIGNING THIS CONTRACT, YOU ACKNOWLEDGE THAT YOU HAVE READ, UNDERSTAND AND AGREE TO BE BOUND BY EACH OF THE PROVISIONS, COVENANTS AND STIPULATIONS SET FORTH ABOVE.
YOUR BILLING RIGHTS: KEEP THIS DOCUMENT FOR FUTURE USE
This notice tells you 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: Bright Money, Attn: Billing Notices, 795 Folsom Street, San Francisco, CA 94107. You may also send an email to us at email@example.com. 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 the 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 us:
Within 60 days after the error appeared on your statement.
At least 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 or electronically. You may call us, but if 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:
Within 30 days of receiving your letter, we must tell you that we received your letter. We will also tell you if we have already corrected the error.st contact us:
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 try to collect the amount in question, or report you as delinquent on that 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 applicable interest and fees. We will send you a statement of the amount you owe and the date payment is due. We may then report you as delinquent 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 tell 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.
To the extent permitted by applicable law, you agree to reimburse us from any and all claims, losses, damages, penalties, fines, forfeitures, legal fees (including legal fees incurred in connection with the enforcement of your indemnification obligation) and related costs, judgments, and any other costs, fees and expenses incurred by us caused by, arising from, or relating to your not complying with any terms and conditions of this Agreement or use of your Secured Account to engage in unlawful transactions.
26. Enforcement and Severability
Any failure by us to exercise or enforce any right or term of this Agreement is not a waiver of such right or term. If any provision of this Agreement or its application in a particular circumstance is held to be invalid or unenforceable to any extent, the remainder of this Agreement, or the application of such provision in other circumstances, will not be affected, and each provision will be valid and enforced to the fullest extent permitted by law.
From time to time, our website and other Secured Account services may be unavailable due to forces outside of our control, such as fires, floods, natural disasters, system failures, or other unpredictable events. When this occurs, you may not be able to use your Secured Account or obtain information about your Secured Account. We are not responsible or liable when this occurs.
The headings in this Agreement are for your convenience. They do not define, limit or enlarge the scope of this Agreement.
By signing electronically below, your signature has the same effect as delivery of an executed original of this Agreement. You also agree to use of electronic records and signatures in accordance with the Consent for Use of Electronic Records and Signatures.