ONECAP
A Nevada Corporation
Exhibit 10 b.
Service Agreement with Executive Reporting Services,
Signed September 15, 1999
Executive Reporting Services
10920 SW Barbur Blvd Suite 150
Portland, OR 97219
Phone 503-244-6660
Fax 703-244-4529
SERVICE AGREEMENT
This agreement is made and entered into between EXECUTIVE
REPORTING SERVICES (hereinafter "ERS") and OneCap
(hereinafter the "Customer").
NOW, therefore in consideration of the covenants hereinafter
set forth, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:
1) ERS provides the Customer credit reporting services
through Experian (formerly TRW), TransUnion, and Equifax
(formerly CBI) credit bureaus.
2) CUSTOMER RESPONSIBILITIES - The Customer hereby agree,
represents, and warrants that in using ERS services the will
comply with the following:
a) Customer shall comply with all provisions of 15 U.S.C.
1681 et esq. (Fair Credit Reporting Act, hereinafter
"FCRA") and aggress that services will be requested only for
the Customer's exclusive use. Failure to comply with the
FCRA can result in state or federal enforcement actions, as
well as private lawsuits (Section 616, 617, and 621). In
addition, any person who knowingly and willfully obtains a
consumer report under false pretenses may face criminal
prosecution (Section 619). The FCRA requires other
responsibilities of consumer reports from consumer reporting
agencies. Those responsibilities are attached and made part
hereof Appendix A to this agreement.
b) Customer shall acquire credit information for the
permissible purpose of real estate transactions involving
the subject of the report. The Customer shall not obtain
credit information for credit counseling, employment
screening, private investigation, detective services, or
legal services.
c) Customer is responsible for attaining proper
authorization and consent from the subject before credit is
accessed, as well as consent from the subject if any charges
will be billed to a consumer's credit or debit card account.
Record of that authorization must be maintained for twenty-
four (24) months, and upon request. Customer will provide a
copy of said authorization to ERS.
d) Customer agrees to exercise due diligence in obtaining
credit information and its uses. Customer also agrees to
accept responsibility for the action of any of its
employees, agents, or brokers. The Customer will
immediately notify ERS should they suspect use of credit on
their account.
3) The Customer aggress that credit information is
provided to assist in the decision to grant credit. It is
based upon information from credit grantors reported in good
faith to credit bureaus. ERS shall use good faith in
obtaining and assembling such information. The accuracy of
the same however, is in now way guaranteed. ERS shall not
be responsible or liable for any loss caused by said
information, or the neglect or act of any of its servants,
agents, attorneys, clerks, or employees in procuring,
collecting and communicating any information furnished by or
to Customer. Customer agrees to hold ERS harmless and
indemnify them from any and all claims, losses, and damages
arising out of the issuance of such reports. Customer
acknowledges that the accuracy of the report is dependent on
the information they supply to ERS.
4) ERS may provide Customer additional services including
but not limited to closing document preparation, flood
certificates, and appraisal services. The terms and
provisions of this agreement shall be extended to those
services. Customer acknowledges that ERS serves only as a
conduit for those services and shall not be held responsible
or liable for any losses caused by said information and
agrees to hold ERS harmless and indemnify ERS from any and
all claims, losses, and damages arising from such services.
5) ERS may provide the Customer proprietary communication
software that enables the Customer to access credit and
other services. This software and all rights remain the
sole property of ERS or the respective owner, and it shall
not be reproduced, reverse engineered, or distributed
without written consent to ERS.
6) CHARGES - Customer shall receive a monthly invoice from
ERS or its affiliates, for services performed. Terms are
net 30 and Customer aggress to pay accordingly. Past due
account shall accrue interest at the rate of 1.5% per month.
Any accounts becoming 60 days delinquent will be placed on
credit hold, and will be denied access to all services
including work in progress. A credit in the amount of the
infile report will be applied towards a final Residential
Mortgage Credit Report should it be ordered within 30 days
from the original inquiry date. Customer agrees to pay
accordingly the effective pricing established by ERS.
Should Customer suspect fraudulent use of their account,
they shall contact ERS immediately by phone and in writing.
Customer agrees to pay reasonable attorney or collection
costs should the account become delinquent.
7) DURATION OF AGREEMENT - This agreement is for a term of
twelve months and shall remain in force and be renewed
automatically for successive terms of twelve months each,
subject to cancellation by either party upon thirty days
written notice. ERS may immediately terminate this
Agreement if it determines that the requirements of the
Agreement or any law have not been met.
8) ENTIRE AGREEMENT - This Agreement is the entire
agreement between parties, and can only be amended by
written agreement of the parties signed by the party against
whom enforcement is sought.
9) GUARANTEE & AUTHORIZATION TO INVESTIGATE - The
understood does hereby authorize ERS to investigate credit,
business, and personal background to establish credit
worthiness. Further, the understood personally guarantees
payment of any debts incurred to ERS or its partners. N/A
/s/
10) LICENSING - The customer must conform to all state,
federal, and regulatory licensing and compliance. Customer
further agrees to maintain a commercial business office
conducive to the nature of their business. Licenses are as
follows and Customer certifies that they are current,
active, and in good standing.
Business License # 000187-565-1 County/City/State Clark/Las
Vegas/Nevada
Mortgage Banker/Brokers License State: Nevada
#MB00344
Principals/Officers: Steven SSN: ###-##-####
Molsaky
Signed this 15 day of September 1999
CUSTOMER OneCap EXECUTIVE REPORTING SERVICES, INC.
By: /s/ By: /s/
TITLE: VICE PRESIDENT TITLE:V.P.
ADDRESS: 1025 East Twian Ave PHONE# 702-794-0554
#3
CITY: Las STATE:NV ZIP: 89109 FAX: 702-794-3551
Vegas
