Changes to RIC terms are coming on February 28, 2023. RIC 2.0 will incorporate changes including:
The amount financed will begin to accrue interest when M3 is complete (In-Service Date)
Finance charges will accrue on the Amount Financed beginning on the In-Service Date. Finance charges will continue to accrue until all amounts owed under this Agreement are paid in full.
Eliminated $0 first invoice and will invoice customer 30 days after In-Service Date
Previously the myeverbright portal invitation was included with the $0 invoice. It will now be sent out on when the In-Service date task is completed in M3
Combined EverOwn and EverOwn Plus agreements (1 document includes solar plus battery/storage)
Added language to allow monitoring of equipment
Homeowner consents to Everbright collecting monitoring data either remotely or by accessing the property
Customers who sign up for ACH and electronic statements will receive a lower APR (annual percentage rate)
If, after opting in to recurring ACH payments, the customer later elects to opt out and pay via check EverBright reserves the right to increase the applicable APR from the ACH Rate to the Base Rate.
Eliminated transfer fee ($250), credit check exemption fee ($250), payment by phone fee ($9.00), and payment processing fee ($7.50)
Updated cancellation notice to 10 business days across all states
You, the buyer, may cancel this transaction at any time prior to midnight of the TENTH business day after the date of this transaction. See the attached Notice of Cancellation form for an explanation of this right.
Added language regarding the Military Lending Act
The Military Lending Act (“MLA”) provides important protections to members of the Armed Forces and their dependents (“Covered Borrowers”) relating to extensions of consumer credit. In general, the cost of consumer credit to a Covered Borrower may not exceed a “Military APR” of 36%. The Military APR must include, as applicable, the costs associated with credit insurance premiums; fees for ancillary products sold in connection with the credit transaction; any application fee charged (with certain exceptions); and any participation fee charged (except for a credit card account). EverBright has not charged you any of the aforementioned costs and fees in this Agreement.
The Military Lending Act (“MLA”) FAQ
Q. Who qualifies under the MLA?
A. The MLA applies to active-duty service members (including those on active Guard or active Reserve duty).
Q. Which dependents are protected by MLA?
A. Spouses, children younger than 21 years old, and full-time students younger than 23.
Q. Can my annual percentage rate go over 36%?
A. No
Q. I co-signed with a parent (Non-Active Military Service) living in the same household, is my agreement protected under MLA as an active military member?
A. Need Assistance.
Q. Are there any prepayment penalties?
A. No
Q. I took out this loan prior to being an active military member, do I qualify for The Servicemembers Civil Relief Act (SCRA) and get my interest rate to be 6% or under?
A. Need Assistance.
RIC 2.0 Milestone Workflow Guide
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