|A party may request details from the TPA, within 14 days of the ruling. Upon such request, the TPA will explain the ruling in writing.|
Summary of key terms
Lender: First Electronic Bank, member FDIC c/o ViaBill, 43 West 23rd Street, New York, NY 10010 929-242-1110
Payments: Generally, four payments of one-fourth of the Purchase Price, payable today and on the last banking day of the next three calendar months. A modified schedule will apply if you have an outstanding loan at a time we make a new loan to you.
Interest Rate: 0%
Late charge: For any late payment, the lesser of $15 or the amount of your scheduled payment.
Arbitration Notice: EXHIBIT A IS AN ARBITRATION CLAUSE WHICH WILL APPLY TO YOU UNLESS YOU REJECT IT AS PROVIDED IN EXHIBIT A. IF APPLICABLE, THE ARBITRATION CLAUSE WILL SIGNIFICANTLY AFFECT YOUR RIGHTS IF A DISPUTE ARISES BETWEEN YOU AND US. FOR EXAMPLE, YOU WILL NOT BE ABLE TO BRING OR PARTICIPATE IN A CLASS ACTION RELATING TO MATTERS ARISING UNDER THIS AGREEMENT.
By choosing to pay for your purchase of goods and/or services (“Products”) from a participating merchant (“Merchant”) with a ViaBill Free Installment Loan Agreement from First Electronic Bank, member FDIC (“Bank”), you agree to the terms of this ViaBill Free Installment Loan Agreement, including the Arbitration Clause in Exhibit A (the “Agreement”). In this Agreement, the words “you,” “your” and “yours” mean the purchaser of the Products, who elected to pay for the Products in part through the proceeds of a loan under this Agreement (the “Loan”); the terms “Lender,” “we,” “us” and “our” mean Bank and/or its successors and assigns; and “ViaBill” means ViaBill, Inc., a company that assists Bank in connection with the Loan. This Agreement applies to each purchase you make with a loan from us. Please keep a copy of the Agreement for your records and read it carefully.
1. Loan; Promise to Pay; Add-On Purchase; Freeze of Credit Card or Debit Card Funds:
(a) In order to obtain a Loan, you must electronically sign our Recurring Online Payment Authorization (the “Payment Authorization”), which authorizes us to initiate payments from the debit or credit card account you have identified (the “Payment Account”). You must also electronically authorize our service provider, Plaid Technologies, Inc. or any substitute provider (“Plaid”), to obtain, and provide to us, data about the Payment Account from the issuer/provider of the Payment Account. We will not approve a Loan unless Plaid advises that the Payment Account has sufficient funds available to pay the Loan in full and we are able to initiate a successful payment of the amount due on the purchase date, as provided below.
(b) We will separately review each Loan request you make. Our approval of one Loan, even if you decide to obtain a smaller Loan, does not mean we will approve a subsequent Loan. If we approve you for a Loan, we will make the Loan to you by paying the Merchant for the Products you are purchasing. You promise to pay us the purchase price for the Products, including applicable taxes and/or shipping and handling charges (the “Purchase Price”), pursuant to the Payment Authorization.
(c) If we agree to make a new Loan when you do not owe us any money on an outstanding Loan for a purchase made in a month that is prior to the month in which the new Loan is made (a “Prior Month Loan”), you must pay us in four substantially equal payments, payable on the day of the purchase and on the last banking day of each of the following three calendar months. For example, if you do not have a Prior Month Loan and make a $200 purchase on June 15, your payment schedule would be $50 on June 15, $50 on July 31, $50 on August 31 and $50 on September 30 (assuming these last three dates are all banking days).
(d) If we agree to make a new Loan for a new purchase when you do owe us money on a Prior Month Loan, the new Loan will provide funds for the new purchase and refinance any Prior Month Loan to the extent it has a balance after any payment originally due on the Prior Month Loan is made on the last banking day of the same month as the purchase. In this case, you will pay us one-fourth of the Purchase Price of the new purchase on the day of the purchase. You will also pay us the payment originally due on your Prior Month Loan on the last banking day of the same month as such purchase. On the first day of the following month, we will take any remaining balance on your Prior Month Loan, add the remaining amount(s) due on any new purchase(s) not included in your Prior Month Loan balance and determine the amounts needed to pay off this sum in three substantially equal additional payments. These three payments are payable on the last banking day of each of the following three calendar months. For example, if you have $180 outstanding on Prior Month Loan from a prior $240 purchase and make a new $120 purchase on June 15, you will pay $30 on June 15 (i.e., one-fourth of $120), $60 on June 30 (i.e., one-fourth of the original $240), and then three payments of $70 (i.e., the sum of the $120 balance remaining on the Prior Month Loan and the $90 remaining on the new purchase divided by three) on July 31, August 31 and September 30 (assuming the last days of June, July, August and September are banking days).
(e) If we agree to make a new Loan for a new purchase when you [owe us any money] on an outstanding Loan for a purchase made in a month that is the same as the month in which the new Loan is made (a “Same Month Loan”), the new Loan will provide funds for the new purchase and refinance the remaining portion of any Same Month Loan. In this case, you will pay us one-fourth of the Purchase Price of the Same Month Loan on the day of the applicable purchase and one-fourth of the Purchase Price of the new purchase on the day of its purchase. On the first day of the following month, we will take any remaining balance on your Same Month Loan, add the remaining amount(s) due on any new purchase(s) not included in your Same Month Loan balance and determine the amounts needed to pay off this sum in three substantially equal additional payments. These three payments are payable on the last banking day of each of the following three calendar months. For example, if you have $180 outstanding on a Same Month Loan after the initial payment from a prior $240 purchase on June 1 and make a new $120 purchase on June 15, you will pay $30 on June 15 (i.e., one-fourth of $120) and then three payments of $90 (i.e., the sum of the $180 balance remaining on the Same Month Loan and the $90 remaining on the new purchase divided by three) on July 31, August 31 and September 30 (assuming the last days of June, July, August and September are banking days).
(f) If any payment date falls on a weekend or holiday, a payment made by the next business day will be treated as timely.
2. Late Charges: If you fail to make any payment by its due date, you agree to pay us on demand in the maximum amount of up to $15, the amount of your scheduled payment, or the maximum amount permitted by applicable law, whichever is the least.
3. Prepayment: You may prepay the Loan in whole or in part at any time without penalty. A partial prepayment will not reduce upcoming payments until the Loan is paid in full.
4. Irregular Payments: We may accept late payments, partial payments, disputed payments or payments marked with restrictive writing, such as “Paid in Full” or similar language, without losing any of our rights under this Agreement. If you wish to make a payment in satisfaction of a disputed amount or balance, you must send it to First Electronic Bank at the address set forth at the top of the first page of this Agreement, as such address may be modified by notice to you (the “Notice Address”), Attn: Legal Department, with a letter of explanation. Despite any such language, we may deposit any such payment without such deposit satisfying the amount in dispute or otherwise affecting our right to receive payment in full. You may not use a post-dated check as a payment. If you do, we may return or deposit such check without waiting for the date found on the check. We are not liable to you for any expense or loss you incur arising from the actions we may take with respect to a post-dated check.
5. Returns and Exchanges: Any return, cancellation or exchange of the Products is a matter between you and Merchant, subject to Merchant’s return policy. It will not impact the amount you owe under this Agreement.
6. Product Questions and Issues: Please contact Merchant with any questions regarding the Products.
7. Events of Default: To the extent permitted by applicable law and subject to any restrictions under Section 17, we may declare you to be in default under this Agreement if you fail to make any payment when due and, in such event, (a) declare the entire Loan to be immediately due and payable; (b) deny you credit in the future; and/or (c) charge you all reasonable collection expenses we incur, including attorneys’ and collection agency fees and charges.
8. Transfer of Rights and Obligations: We may transfer or assign this Agreement and/or any of our rights under this Agreement at any time and without notice to you. You may not transfer or assign your rights or obligations under this Agreement.
9. Credit Reports and Reporting; Identity Theft: 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 credit and subsequently in connection with any product upgrades or offers or the collection of your Account. You also authorize us to report information concerning you or this Agreement, including information about your performance under this Agreement, to consumer reporting agencies and others who may properly receive such information. We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit bureau report. If you believe that any information that we have reported to a credit bureau is inaccurate or incomplete, you may write to us at the Notice Address. In your letter, (a) provide your name, (b) the date of this Agreement, (c) identify the specific information that is being disputed, (d) explain the basis for the dispute, and (e) provide any supporting documentation you have that substantiates the basis of the dispute. We will investigate the matter. If our investigation shows that you are right, we will contact each credit reporting agency to which we reported the information and will request they correct the report. If we disagree with you after our investigation, we will tell you in writing.
If you believe that you have been the victim of identity theft, submit an identity theft report and affidavit to us at the Notice Address.
10. Change of Contact Information: You agree to notify us promptly if you change your name, address, email address, telephone number or any other contact information. You also agree that if the U.S. Postal Service or one of its agents notifies us of a change in address for you, we may change your address based on this information. We will have no liability to you for changing your address based on such information, even if the information provided by the U.S. Postal Service or one of its agents is in error.
11. Telephone Communication Monitoring and Contacting You: You agree that your telephone communications with us, ViaBill and each of our and its representatives, affiliates, agents and service providers (the “Communicating Parties”) may be monitored, recorded and retained by any of them, although they have no obligation to do so. You expressly authorize the Communicating Parties to contact you at any telephone number you provide to the Communicating Parties now or in the future, or any number you have previously provided to the Communicating Parties, using an autodialer, pre-recorded messages, and/or text messages, in order to provide alerts and other information regarding your current or future applications, agreements and accounts for all products you have had, currently have, or may have with us. Message and data rates may apply. You also expressly consent to the Communicating Parties sending email messages to your email address, including emails delivered to a cell phone or mobile device. You agree that you will accept calls at your home, place of business or on a mobile telephone regarding this Agreement. You understand and agree that because calls may be automatically dialed and that a message may be automatically delivered or played, calls and messages may be read or listened to by anyone with access to your telephone or email account, and that such calls are not “unsolicited calls” for purposes of any state or federal law, and you expressly consent to receive such calls and messages. You agree that the Communicating Parties are not liable for any resulting breach of privacy or for any charges or costs you incur in connection with text messaging, emails or other communications that the Communicating Parties may send you. You agree that this authorization constitutes a bargained for exchange and that, unless applicable law permits you such a right, you may not unilaterally revoke this authorization. To the extent you have a right to unilaterally revoke this authorization, you agree you may so only by writing to us at the Notice Address or by sending an email to us at firstname.lastname@example.org.
12. Communications under Federal Bankruptcy Code: Any communication with us required or permitted under the Federal Bankruptcy Code must be in writing and must be sent to us at the Notice Address, Attn: Bankruptcy Notice.
13. GOVERNING LAW; CLASS ACTION WAIVER: THE TERMS OF THIS AGREEMENT AND ANY DISPUTES RELATING TO THIS AGREEMENT SHALL BE GOVERNED AND INTERPRETED IN ACCORDANCE WITH FEDERAL LAW AND, TO THE EXTENT STATE LAW APPLIES, THE LAW OF THE STATE OF UTAH, WITHOUT REGARD TO CONFLICT-OF-LAW PRINCIPLES. YOU EXPRESSLY WAIVE YOUR RIGHT TO INITIATE OR PARTICIPATE IN A CLASS ACTION RELATED TO THIS AGREEMENT PURSUANT TO UTAH CODE ANN. § 70C.
14. Waiver of Jury Trial: You acknowledge that the right to trial by jury is a constitutional right but may be waived in certain circumstances. To the extent permitted by law, you knowingly and voluntarily waive any right to trial by jury in the event of litigation arising out of or related to this Agreement. This jury trial waiver shall not affect or be interpreted as modifying in any fashion the Arbitration Clause in Exhibit A, which has its own separate jury trial waiver.
15. Enforceability: Except as otherwise provided in the Arbitration Clause in Exhibit A, if any term of this Agreement is finally determined to be void or unenforceable by a court or government agency of competent jurisdiction, that term will continue to be enforceable to the extent allowed by such court of agency, and the remainder will no longer be a part of this Agreement. All other provisions of this Agreement will remain in effect.
16. Agreement in Writing: This Agreement is the final expression of the agreement between you and us and it may not be contradicted by evidence of an alleged oral agreement.
17. Additional Disclosures and Limitations
CALIFORNIA AND UTAH RESIDENTS: As required by California and Utah law, you are hereby notified that a negative credit report reflecting on your credit record may be submitted to a credit reporting agency if you fail to fulfill the terms of your credit obligations.
IOWA, MISSOURI, NEBRASKA, AND TEXAS RESIDENTS ONLY: ORAL AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR FORBEAR FROM ENFORCING REPAYMENT OF DEBT INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT ARE NOT ENFORCEABLE. TO PROTECT YOU AND US FROM ANY MISUNDERSTANDING OR DISAPPOINTMENT, ANY AGREEMENTS WE REACH COVERING SUCH MATTERS ARE CONTAINED IN THIS WRITING, WHICH IS THE COMPLETE AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN US, EXCEPT AS WE MAY LATER AGREE IN WRITING TO MODIFY IT.
NEW YORK, RHODE ISLAND AND VERMONT RESIDENTS: You understand and agree that we may obtain a consumer credit report in connection with any updates, renewals or extensions of any credit as a result of your application. If you ask, you will be informed whether or not such a report was obtained and, if so, the name and address of the agency that furnished the report. You also understand and agree that we may obtain a consumer credit report in connection with the review or collection of any extension of credit made to you or for other legitimate purposes related to such extension of credit.
WISCONSIN RESIDENTS ONLY: We may declare you to be in default if you permit to be outstanding an amount exceeding one full payment for more than 10 days after its due date or you fail to pay the last payment within 40 days of its scheduled due date.
MARRIED WISCONSIN RESIDENTS: If you are married: (i) you confirm that the Loan is being incurred in the interest of your marriage or family; (ii) no provision of any marital property agreement, unilateral statement, or court decree under the Wisconsin Marital Property Act will adversely affect our interest unless, before the time credit is granted, we are furnished a copy of that agreement or decree or are given complete information about the agreement or decree; and (iii) you understand and agree that we will provide a copy of this Agreement to your spouse for his or her information. If the Loan is granted, you will notify us if you have a spouse by sending your name and your spouse’s name and address to us at the Notice Address.
ARBITRATION CLAUSE—EXHIBIT A
We have put this Arbitration Clause (“Clause”) in question and answer form to make it easier to understand. However, this Clause is part of this Agreement and is legally binding. For purposes of this Clause, “we,” “us,” “our” and related words include the Bank and ViaBill, and our Notice Address is: 43 West 23rd Street, New York, NY 10010.
Background and Scope.
Arbitration Fees and Awards.