CHOCTAW ELECTRC COOPERTIVE, INC.
Storm Shelter Loan Application Guidelines
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
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.
STATEMENT OF NON-DISCRIMINATION
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).