Ag Plus Credit Policy
All credit applications are subject to review and approval by Ag Plus Cooperative. By applying for credit, customers agree to abide by the terms and conditions set forth by Ag Plus Cooperative. Here, you’ll find all the details about our credit terms, payment options, and policies tailored to help you do business with us. For more information, please contact our credit department.
Credit Terms & Reg Z Disclosure
Applicant agrees that the following terms along with the Regulation Z Disclosure, to the extent that Regulation Z applies, and Ag Plus Cooperatives credit policy will govern any purchases made that are charged to any account that Applicant may have with Ag Plus Cooperative.
1. In this agreement “Applicant” and “Applicants” are the person(s) or business identified on the front side of this Credit/Membership Application and Agreement (“Agreement”) and ”Ag Plus” is Ag Plus Cooperative.
2. Credit is available to the Applicant on a convenience basis only. The billing date for credit purchases is the last day of the month in which the purchase was made. Applicant agrees to pay the entire balance showing on Applicant’s account statement or invoice by the Payment Due Date. The Payment Due Date of the account is the 20th of the following month after the date of purchase. If any portion of Applicant’s balance remains unpaid beyond the Payment Due Date, credit privileges may be suspended or revoked.
3. Applicant agrees that an interest or finance charge of 1.5% per month, which is an annual percentage rate of 18% per year, will be applied to that part of any balance that resulted from purchases made during a calendar month, but not paid before the Payment Due Date, plus any previous balance, that remains unpaid. The minimum charge is $1.50 per month.
4. Products and services eligible for discounts must be paid for at the time of delivery or by the 20th of the month following the month of purchase.
5. Legal action may be taken to collect any PAST DUE accounts. Applicant shall be liable for all collection costs, court costs, expenses, and attorney’s fees incurred by Ag Plus to collect payment of amounts owed by Applicant.
6. The terms and conditions of this Agreement may be amended in writing by the agreement of all parties. Such amendments shall not affect charges or other debt incurred prior to the amendment.
7. If applying for a Joint Account, all Applicants agree to be bound by the terms of this Agreement and each Applicant agrees to be jointly and severally liable for payment of all purchases or charges made under this Agreement.
8. Applicant has the right to limit or terminate Applicant’s charge account, but termination will not affect your obligation to pay any balance existing at the time of termination, plus continuing finance charges. We may, at Ag Plus’s sole discretion, declare the entire balance on Applicant’s account due and payable at any time.
9. Ag Plus’s Bylaws, which are incorporated by reference, give Ag Plus a first lien on any equities Applicant earns from patronizing Ag Plus. Ag Plus may, at Ag Plus’s sole discretion, offset Applicant’s equities (based on current value) against accounts that it considers uncollectible.
10. Ag Plus Cards may only be used at Ag Plus’s Convenience Stores/pump locations. Applicant shall be provided a card with instructions upon approval of Applicant’s application. Ag Plus cards may be locked out on past-due accounts or when credit limits are exceeded. You agree to notify Ag Plus immediately if any card issued on your account is lost, stolen, or otherwise used in a manner not authorized by you. Applicant will be liable for the unauthorized use of Applicant’s card.
11. Applicant must inform Ag Plus of any change of address. If Ag Plus is unable to reach the Applicant at the address provided by the Applicant, Ag Plus may deem any equity Ag Plus previously allocated to the Applicant and not redeemed as equity contributed from the Applicant’s equity account to Ag Plus’s unallocated reserve.
12. This Agreement shall be construed as having been delivered in the State of Minnesota and shall be construed in accordance with the laws of the State of Minnesota. All parties hereto expressly agree that venue shall be in the State of Minnesota, County of Lyon only, and the undersigned hereby consents to the jurisdiction of the Courts of the State of Minnesota, County of Lyon, and the U.S. District Court for the District of Minnesota.
13. This Agreement may be executed in counterparts, including counterparts provided by facsimile or email attachment or executed by or electronic or digital signature, each of which shall be deemed an original but together shall constitute but one and the same instrument.
14. The information provided by Applicant in this Agreement is true and correct.
AG PLUS SPECIFICALLY DISCLAIMS ANY WARRANTY OF MERCHANTABILITY AND OF FITNESS FOR A PARTICULAR PURPOSE AND ANY LIABILITY FOR SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES ARISING OUT OF THE USE OF THE GOODS PURCHASED BY APPLICANT. THE MAXIMUM LIABILITY OF AG PLUS SHALL BE LIMITED TO THE PURCHASE PRICE OF THE GOODS PURCHASED.
What is the annual percentage rate (APR) for account balances not paid within 30 days?
Ag Plus charges an APR of 1.5% per month (18% per annum) on all account balances not paid within 30 days.
Are there other charges in addition to the finance charge?
Yes. A $30 charge is assessed for checks that are returned for non-sufficient funds. Ag Plus is also permitted to recover its attorney’s fees and other costs associated with collecting amounts owed Ag Plus.
Does Ag Plus take a security interest?
Usually not, but there are cases when Ag Plus will request a perfected interest either in the things you are purchasing and/or in other collateral you have an interest in. If additional security is requested, it will secure previous credit extended plus credit extended in the future.
Does Ag Plus have a first lien on your equity in Ag Plus and the right to offset against it?
Yes, it does. Part of Ag Plus’s earnings are distributed to qualifying patrons in the form of equities, which are eventually revolved according to policies established by Ag Plus’s Board of Directors. Ag Plus’s bylaws give Ag Plus a first lien on any equities you earn from patronizing Ag Plus. Ag Plus routinely offsets those equities against accounts that it considers uncollectible. Ag Plus reserves the right to discount your equities if it exercises its right of offset. If you do not keep Ag Plus informed of address changes, your allocated equity, if any, will be deemed contributed to Ag Plus’s unallocated surplus.
Is there a point where your payment terms will be cash on delivery (COD) if your account is not paid?
Yes. Accounts must be paid in full within 90 days after the closing date, and if the account is not paid, you may be required to pay cash for purchases thereafter. In addition, Ag Plus reserves the right to place any account holder on immediate COD anytime Ag Plus has reasonable belief that repayment will not be made in accordance with the credit policy, or if Ag Plus does not want to extend credit for any reason that is not otherwise unlawful.
Is there a minimum amount due?
Yes, Ag Plus is not in the business of providing financing to its customers. Ag Plus provides convenience credit, and the credit policy requires payment of the account in full by the 20th of the month following the closing date. Ag Plus may but is not obligated to, continue extending credit to those who do not pay for their account in accordance with the Ag Plus Coop credit policy. Send payments to Ag Plus, 1100 E. Main Street, Marshall, MN 56258.
L.P. Gas Tank Lease Cross Default
Any default in payment of the credit extended by Ag Plus will trigger an immediate cross-default in Applicant’s LP Gas Tank Lease, if any, in existence at the time of the default.
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Corporate Office
1100 East Main Street
Marshall, MN 56258
(507) 532-9686
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