In this Loan Note the words I, Me, Mine and My mean the Borrower named below. The words, You, Your and Yours mean the creditor which is Citibank, N.A. located at 701 East 60th Street North, Sioux Falls, SD 57104.
Borrower (Name and Address):
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Date:
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ANNUAL PERCENTAGE RATE
The cost of my credit as a yearly rate.
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FINANCE CHARGE*
The dollar amount the credit will cost me.
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AMOUNT FINANCED
The amount of credit provided to me or on my behalf.
$
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TOTAL OF PAYMENTS*
The amount I will have paid after I have made all payments as scheduled.
$
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% | $ |
My payment schedule will be | No. of payments | Amount* | When Payments are Due* |
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of $ | Monthly beginning | ||
of $ | Monthly beginning |
*These amounts/dates are estimated and may vary based on the date the loan proceeds are made available to me. |
Late Charge:
If an installment is late, I will be charged a $25 late fee. If I continue to fail to make payments to you for 60 days my annual percentage rate may be increased by 2 percentage points (2.00%).
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Prepayment:
I may prepay this Loan Note in whole or in part without penalty.
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I may refer to the remainder of this Loan Note and security agreement, if any, for additional information about non-payment, default, security interest and any required repayment in full before the scheduled date. |
1) | Application Process - If I initiated my application by telephone or online then, by signing this Loan Note, agreeing to its terms electronically, or endorsing and depositing the loan proceeds check, I confirm that I initiated my application for this loan by telephone or online, and that I did not fill out or sign a written application. I confirm that I authorized you to check my credit history. | ||||||||
2) |
Spanish Language Preference: This section applies if I select Spanish as my preferential language of communication with Citibank. This preference may not be available at all Citibank Branches. a) Loan Note. I will receive for my convenience a Spanish translation along with the English Loan Note. While you have made every effort to ensure that the Spanish translation is correct, it may vary from the English. Therefore, the English version will govern my account. I will keep the official English Loan Note and Spanish translation for my records. b) Account Communications. My billing statement will be in Spanish. An English copy is available upon request. I may receive notices and communications about my account from you written only in English. c) Availability of Products and Services in Spanish. Some products and services provided by Citibank may be available only in English with English documents. d) Customer Service. I can receive customer service in Spanish by calling CitiPhone Banking® at the following number(s): In New York, New Jersey, or Connecticut, call 1-800-627-3999; in Texas, call 1-888-248-4226; in all other markets, call 1-800-274-6660. |
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3) |
Protections For Active Service Members and their Dependents: Federal law provides important protections to members of the Armed Forces and their dependents relating to extensions of consumer credit (See Covered Borrower below). In general, the cost of consumer credit to a member of the Armed Forces and his or her dependent may not exceed an annual percentage rate of 36 percent. This rate must include, as applicable to the credit transaction or account, any application fee charged (other than certain application fees for specified credit transactions or accounts) and any participation fee charged. However this Loan Note does not have any such fees.
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4) | Borrower's Promise to Pay - In return for the loan I have received, I promise to pay you the Amount Financed as shown above plus interest from the date of this Loan Note at the Annual Percentage Rate shown above until my loan is paid in full. I understand that you may transfer this Loan Note. Anyone who takes this Loan Note by transfer and who is entitled to receive payments under this Loan Note will succeed to all rights and responsibilities of the creditor under this Loan Note. | ||||||||
5) | Interest - I will pay interest on the Amount Financed at the Annual Percentage Rate shown above until my loan is paid in full. The Simple Interest Rate on my loan is %. Interest will be calculated based on a year of 365 days (366 during a leap year) and the actual number of days elapsed. | ||||||||
6) |
Terms of Repayment
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7) |
Borrower's Failure to Pay as Required
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8) | Prepayment - I may prepay this Loan Note in full or in part without penalty. | ||||
9) | Credit Reports - I authorize you to obtain credit information about me, including credit bureau reports, and/or to request updated financial information from me at any time in order to update your information, or in order to determine my eligibility for additional credit or other products. I also understand that you may report information about this loan to credit bureaus. Late payments, missed payments, or other defaults on this loan may be reflected in my credit report. | ||||
10) |
Governing Law
If I (1) applied for the Loan at one of your Branches (ATMs are not Branches) or (2) reside in , , , , , , , , , , or , on the date I applied for the Loan; thenThis Loan Note is governed by Federal Law and the laws of the State of South Dakota for all matters related to interest and the exportation of interest. For all other matters, this Loan Note is governed by Federal Law and to the extent not preempted by Federal Law or otherwise inapplicable, the laws of the state in which the Citibank Branch where I applied for the Account is located, or, if not applied for at a Citibank Branch, the state in which I reside on the date I applied for the Account. In either case, state conflict of law provisions will not apply. Without limiting the foregoing: (a) to the extent Maryland law applies, this Loan Note is governed by Title 12, Subtitle 10 of the Maryland Commercial Law Article; and (b) to the extent New Jersey law applies, this Loan Note is governed by the Market Rate Consumer Loan Act. If I reside in states other than those listed above on the date I applied for the Loan, and I did not apply for the Loan at one of your Branches (ATMs are not branches); then This Loan Note is governed by and interpreted in accordance with Federal Law and to the extent Federal Law does not apply, by the laws of the State of South Dakota except for its conflict of law provisions. |
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11) | Loan Note Modification - I cannot change any of the terms of this Loan Note without your prior written consent. | ||||
12) | Delay in Enforcement - You can delay enforcing any of your rights under this Loan Note without losing them. | ||||
13) | Change of Name or Address - I agree to notify you of any change in my name or address. I may do so on the front of the payment ticket of my billing statement, or by other written notice sent to you at the address shown on the front of the payment ticket of my billing statement. I understand that notices sent elsewhere (for example, to any of your Branches) may not reach you. | ||||
14) | Severability - Except as otherwise provided herein, should any provision of this Loan Note be determined by a court of competent jurisdiction to be invalid or unenforceable under any law, rule or regulation, that determination will not affect the validity or enforceability of any other provision of the Loan Note. | ||||
15) | Arbitration |
RESOLUTION OF DISPUTES BY ARBITRATION: THIS SECTION CONTAINS IMPORTANT INFORMATION ABOUT THIS LOAN NOTE AND THE SERVICES RELATED THERETO. IT PROVIDES THAT EITHER BORROWER OR CITIBANK CAN REQUIRE THAT ANY DISPUTES BE RESOLVED BY BINDING ARBITRATION. ARBITRATION REPLACES THE RIGHT TO GO TO COURT, INCLUDING THE RIGHT TO A JURY TRIAL AND THE RIGHT TO PARTICIPATE IN A CLASS ACTION OR SIMILAR PROCEEDING. IN ARBITRATION, THE DISPUTE IS SUBMITTED TO A NEUTRAL PARTY, AN ARBITRATOR, INSTEAD OF A JUDGE OR JURY. ARBITRATION PROCEDURES ARE SIMPLER AND MORE LIMITED THAN RULES APPLICABLE IN COURT.
Agreement to Arbitrate Disputes. I agree that by opening my loan with you, either you or I may elect, without the other's consent, to require that any dispute between us concerning my Loan Note and the services related thereto, except for those disputes specifically excluded below, be resolved by binding arbitration.
Disputes Covered by Arbitration. Any claim relating to or arising out of my loan, this Loan Note, or our relationship will be subject to arbitration. All disputes are subject to arbitration, no matter what legal theory they are based on or what remedy (damages, or injunctive or declaratory relief) they seek. Disputes include any unresolved claims concerning any services relating to my loan. Disputes include not only claims made directly by me, but also made by anyone connected with me or claiming through me, such as a joint account holder, account beneficiary, employee, representative, agent, predecessor, or successor, heir, assignee, or trustee in bankruptcy. Disputes include not only claims that relate directly to you, but also your parent, affiliates, successors, assignees, employees, and agents, and claims for which you may be directly or indirectly liable, even if you are not properly named at the time the claim is made. Disputes include claims based on any theory of law, contract, statute, regulation, tort (including fraud or any intentional tort), or any other legal or equitable ground, and include claims made as counterclaims, cross-claims, third-party claims, interpleaders or otherwise and claims made independently or with other claims. A party who initiates a proceeding in court may elect arbitration with respect to any dispute advanced in that proceeding by any other party. Disputes include claims made as part of a class action, private attorney general, or other representative action, it being expressly understood and agreed to that the arbitration of such claims must proceed on an individual (non-class, non-representative) basis, and the arbitrator may award relief only on an individual (non-class, non-representative) basis. Disputes also include claims relating to the enforceability or interpretation of any of these arbitration provisions. Any questions about whether disputes are subject to arbitration shall be resolved by interpreting this arbitration provision in the broadest way the law will allow it to be enforced.
Disputes Excluded from Arbitration. Disputes filed by me or by you individually in a small claims court are not subject to arbitration, so long as the disputes remain in such court and advance only an individual (non-class, non-representative) claim for relief.
Commencing Arbitration. The party filing an arbitration must choose one of the following neutral arbitration forums and follow its rules and procedures for initiating and pursuing an arbitration: American Arbitration Association or JAMS. If I initiate the arbitration, I must notify you in writing at Citibank, N.A., C/O Legal Services Intake Unit, 701 East 60th Street North, Mail Code 1 2 5 1, Sioux Falls, SD 57117. If you initiate the arbitration, you will notify me in writing at my last known address on file. I may obtain a copy of the arbitration rules for these forums, as well as additional information about initiating arbitration by contacting these arbitration forums:
The arbitration shall be conducted in the same city as the U.S. District Court closest to my home address, unless the parties agree to a different location in writing.
Administration of Arbitration. The arbitration shall be decided by a single, neutral, arbitrator. The arbitrator will be a lawyer with at least ten years experience or a retired or former judge, selected in accordance with the rules of the arbitration forum. The arbitrator shall follow procedures and rules of the arbitration forum in effect on the date the arbitration is filed unless those rules and procedures are inconsistent with this arbitration provision, in which case this arbitration provision will prevail. Those procedures and rules may limit the discovery available to you or me. The arbitrator will take reasonable steps to protect customer account information and other confidential information if requested to do so by you or me. The arbitrator shall decide the dispute in accordance with applicable substantive law consistent with the Federal Arbitration Act and applicable statutes of limitations, will honor claims of privilege recognized at law, and will be empowered to award any damages or other relief provided for under applicable law. The arbitrator will not have the power to award relief to, or against, any person who is not a party to the arbitration. An award in arbitration shall determine the rights and obligations between the named parties only, and only in respect of the claims in arbitration, and shall not have any bearing on the rights and obligations of any other person, or on the resolution of any other dispute. You or I may choose to have a hearing and be represented by counsel. The decision rendered by the arbitrator shall be in writing; however, the arbitrator need not provide a statement of his reasons unless one is requested by you or me.
Costs. The party initiating the arbitration shall pay the initial filing fee. If I file the arbitration and an award is rendered in my favor, you will reimburse me for my filing fee. If there is a hearing, you will pay the fees and costs for the first day of that hearing. All other fees and costs will be allocated in accordance with the rules of the arbitration forum. However, you will advance or reimburse filing and other fees if the arbitrator rules that I cannot afford to pay them or finds other good cause for requiring you to do so, or if I ask you and you determine there is good reason for doing so. Each party shall bear the expense of their respective attorneys, experts, and witnesses and other expenses, regardless of who prevails, but a party may recover any or all expenses from another party if the arbitrator, applying applicable law, so determines.
No Class Action or Joinder of Parties. You and I agree that no class action, private attorney general or other representative claims may be pursued in arbitration, nor may such action be pursued in court if either you or I elect arbitration. Unless mutually agreed to by you and me, claims of two or more persons may not be joined, consolidated, or otherwise brought together in the same arbitration (unless those persons are joint account holders or beneficiaries on my Loan Note, or parties to a single transaction or related transaction); this is so whether or not the claim may have been assigned.
Right to Resort to Provisional Remedies Preserved. Nothing herein shall be deemed to limit or constrain your right to resort to self-help remedies, such as the right of set-off or the right to restrain funds in an account, to interplead funds in the event of a dispute, to exercise any security interest or lien you may hold in property, or to comply with legal process, or to obtain provisional remedies such as injunctive relief, attachment, or garnishment by a court having appropriate jurisdiction; provided, however that you or I may elect to arbitrate any dispute related to such provisional remedies.
Arbitration Award. The arbitrator's award shall be final and binding unless a party appeals it in writing to the arbitration forum within fifteen days of notice of the award. The appeal must request a new arbitration before a panel of three neutral arbitrators selected in accordance with the rules of the same arbitration forum. The panel will consider all factual and legal issues anew, follow the same rules that apply to a proceeding using a single arbitrator, and make decisions based on the vote of the majority. Costs will be allocated in the same way they are allocated before a single arbitrator. An award by a panel is final and binding on the parties after fifteen days has passed. A final and binding award is subject to judicial intervention or review only to the extent allowed under the Federal Arbitration Act or other applicable law. A party may seek to have a final and binding award entered as a judgment in any court having jurisdiction.
Governing Law. You and I agree that our relationship includes transactions involving interstate commerce and that these arbitration provisions are governed by, and enforceable under, the Federal Arbitration Act. To the extent state law is applicable, the laws of the state governing this Loan apply.
Severability, Survival. These arbitration provisions shall survive (i) termination or changes to my Loan Note, or any related services you provide; (ii) the bankruptcy of any party; and (iii) the transfer or assignment of my Loan Note or any related services you provide. If any portion of this arbitration provision is deemed invalid or unenforceable, the entire arbitration provision shall not remain in force. No portion of this arbitration provision may be amended, severed or waived absent a written agreement between you and me.
Applicability. Arbitration does not apply if I am a Covered Borrower at the time I applied for this loan. See Section 3 of this Loan Note for more details.
Right to Reject the Resolution of Arbitration of Disputes by Arbitration. I MAY CHOOSE TO REJECT THE ABOVE RESOLUTION OF DISPUTES BY ARBITRATION BY SENDING YOU WRITTEN NOTICE AS DESCRIBED BELOW:
Agree to the Resolution of Disputes by Arbitration:
One) | If I agree to be bound by the above Resolution of Disputes by Arbitration provision, then no action is needed on my part. |
two) | If I take no action, then effective immediately I will be bound by the above Resolution of Disputes by Arbitration provision. |
Reject the Resolution of Disputes by Arbitration:
One) |
If I do not agree to be bound by the above Resolution of Disputes by Arbitration provision, I must send you written notice that I reject the Resolution of Disputes by Arbitration within 30 days of account opening.
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ii) | If I reject the above Resolution of Disputes by Arbitration provision, then this will apply to any existing Personal Loan account(s), as well as any Citibank Deposit, Secured Personal Loan, Checking Plus (variable rate), Checking Plus, Ready Credit, Secured Ready Credit and/or Custom Credit Line account(s) I may have with you. |
You reserve the right to cancel the terms of this Citibank Auto Deduct Authorization if there are insufficient funds in my bank account for any three consecutive scheduled debits or if any payment is 60 days in arrears. You also reserve the right to change the terms and conditions of this Citibank Auto Deduct Authorization after 21 days prior notice to me.
If the account number, bank name and ABA number are filled in below, I have authorized you to automatically deduct my monthly payment from my bank account. (If the withdrawal is to be made from a Citibank account, only the account number and type of account will be filled in).
Account Number: Indicate type of account: [] Checking / Money Market [] Savings
By signing below (if I am executing this Loan Note in one of your Branches), accepting the terms of this Loan Note electronically (if I am viewing this Loan Note online), or by endorsing and depositing the proceeds check (if I have received this Loan Note through the mail), I agree to the terms of this Loan Note, including the arbitration provision above (except the arbitration provision shall not apply if I am a "Covered Borrower") and, if applicable, the terms for Citibank Auto Deduct as delineated in this Loan Note, and acknowledge receipt of a copy of this Loan Note and the included Federal Disclosure Statement completely filled in. I direct you to pay the proceeds of this loan in the manner indicated in the 'itemization of Amount Financed' section of this Loan Note.
Borrower Signature:
FACTS |
WHAT DOES CITIBANK DO WITH YOUR PERSONAL INFORMATION? |
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Why? |
Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
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What? |
The types of personal information we collect and share depend on the product or service you have with us. This information can include:
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How? |
All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Citibank chooses to share; and whether you can limit this sharing. |
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Reasons we can share your personal information |
Does Citibank share? |
Can you limit this sharing? |
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For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus |
Yes |
No |
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For our marketing purposes — to offer our products and services to you |
Yes |
No |
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For joint marketing with other financial companies |
Yes |
No |
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For our affiliates’ everyday business purposes — information about your transactions and experiences |
Yes |
No |
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For our affiliates’ everyday business purposes — information about your creditworthiness |
Yes |
Yes |
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For our affiliates to market to you |
Yes |
Yes |
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For nonaffiliates to market to you |
Yes |
Yes |
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To limit |
Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
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Questions |
Call 1-888-214-0017 |
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Who we are |
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Who is providing this notice? |
This notice is provided by Citibank, N.A. for individual clients of its retail banking business in the United States. |
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What we do |
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How does Citibank protect my personal information? |
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |
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How does Citibank collect my personal information? |
We collect your personal information, for example, when you
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
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Why can’t I limit all sharing? |
Federal law gives you the right to limit only
State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
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What happens when I limit sharing for an account I hold jointly with someone else? |
Your choices will apply to everyone on your account—unless you tell us otherwise. |
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Definitions |
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Affiliates |
Companies related by common ownership or control. They can be financial and nonfinancial companies.
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Nonaffiliates |
Companies not related by common ownership or control. They can be financial and nonfinancial companies.
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Joint marketing |
A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
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Other important information |
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For Vermont Residents: We will not share information we collect about you with nonaffiliated third parties, except as permitted by Vermont law, such as to process your transactions or to maintain your account. In addition, we will not share information about your creditworthiness with our affiliates except with your authorization. |