Loans will be made only to members who have a good payment record with RCEC and a credit rating of good report.

Loans will require the approval of the entire Board of Trustees at their regular monthly meeting.

Payment by RCEC on the loan agreement will be made only at the completion of the project.

An inspection upon completion of the work performed may be required. Disbursement of checks will be made at the conclusion of the inspection.

RCEC will issue checks payable to both the member and the contractor/supplier for materials and/or labor.

If the member installs the materials, the loan will be limited to the financing of materials only. No checks should be endorsed by the member until all work is completed and the borrower is completely satisfied with all materials and workmanship.

RCEC reserves the right to bill the monthly payment as a part of the monthly electric bill or as a separate monthly billing.

The contractor/supplier should provide a bond and a written guarantee-warranty for both the products used and the workmanship involved.

A mortgage on the property will be required as security on each loan made.

Proof of insurance will be required on each loan made.

The cost off credit checks, filing fees, and other charges necessary for initiating the loan will be charged to the borrower at the time of application. This charge is $100.00.

Maximum repayment on loans is 7 years at the annual percentage rate of 5% on each loan.