Choctaw Electric Cooperative Storm Shelter Loan Application Guidelines

Storm Shelter Loan Application Guidelines
Loan Eligibility:

     1. Depending upon the availability of funds, storm shelter loans may be made to members           
         in good standing with the cooperative.
     2. Any member in good standing with the Cooperative is eligible for a “CEC Storm Shelter           
         Loan” subject to certain guidelines outlined on the loan application.

            a. The member must have a prompt pay history with the Cooperative.
            b. An “A” or “B’ credit rating with the Cooperative is required for immediate approval.                 
                A “C” credit rating will be reviewed prior to being approved/denied.
            c. The member must own the real estate and structure to which the storm shelter is to                 
                be installed and may be asked to provide proof of ownership.
            d. Must be a Choctaw Electric Cooperative member for a minimum of one (1) year.

Loan Application Process:

      1. The member must complete the loan application and return to a
Choctaw Electric Cooperative office.

      2. Upon receipt of the application, the cooperative will determine approval of the
Storm Shelter loan.

      3. Upon approval the member will be required to sign:
             a. A promissory note.

             b. An agreement that if full payment is not made on the electric bill, the
loan payment will be
                 deducted first.

      4. When all necessary forms have been signed, an appointment will be made to have the               
          storm shelter installed.

              a. The cooperative will notify the member of the date and time of installation.
              b. Installation of Storm Shelters will be at the discretion of the Contractor, due to                         
                  the types of terrain throughout Choctaw Electric Cooperatives system.

Loan Terms and Conditions:

      1. The maximum scheduled repayment will not exceed five (5) years, sixty (60) months.
      2. Interest rate on Storm Shelter Loans will be eight percent (8%).
      3. The monthly payment will be added to the member’s electric bill.

             a. The due date of the first payment will be established by the Customer
Service Department and will
                 be dependent upon the member’s billing cycle.

      4. The cooperative will inform the member of the interest paid on the Storm Shelter Loan             
          by January 31st of each year.

I understand that if I sell or vacate the premises, or if I disconnect this account, CEC shall bill me for the remaining unpaid balance of the storm shelter loan.
Choctaw Electric, Inc.

The Cooperative will not discriminate against any member in a protected category (race, color, religion, sex, national origin, age, disability or certain classifications based on genetic information, or any other characteristic protected by federal, state, or local law).
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