Cancellation Policy

Introduction

Almika Renewable Finance provides a 3-day cancellation window for Borrowers who wish to cancel their solar loan application. This policy outlines the process and responsibilities of all parties involved in the cancellation process.

Borrower Cancellation Policy

Eligibility: Borrowers have 3 calendar days from the date of signing their loan agreement to cancel their loan application without penalty. Requests received after this period will be reviewed on a case-by-case basis.

Request Submission: To request a loan application, Borrowers must submit their request by phone or email. Their request should include their full name, loan ID (if available), and a statement indicating their intent to cancel.

Immediate Processing: Once a cancellation request has been received within the eligible window, the Borrower Servicing Team will begin processing the request.

Communication of Cancellation

Borrower Confirmation: If the Borrower has requested cancellation via email, the Borrower Servicing Team will follow up to confirm the cancellation request and gather any relevant details.

Confirmation Email: Almika will send an email confirmation to the Borrower to acknowledge the cancellation. This email will:

• Confirm the loan application has been cancelled.
• Inform the Borrower that this cancellation applies to the loan application only and that they must contact their Solar Installer directly to cancel the project.
• Include the Dealer and Business Development Team in the CC line for visibility.

Dealer Notification: A separate email will be sent to the Dealer confirming the loan cancellation. This email will include the reason for the cancellation if provided by the Borrower.

Additional Cancellation Considerations

1. Cancellations After the 3-Day Window
   • Requests made beyond the 3-day window, but prior to funding, will be evaluated case-by-case and may require additional documentation or approval.
   • If the loan has been processed beyond the NTP stage, cancellation may be subject to additional terms outlined in the Home Improvement Contract.
   • Loans will not be cancelled after the installation has been claimed.
2. Confirmation of Project Cancellation
   • While Almika’s loan cancellation only applies to financing, we encourage Borrowers to obtain written confirmation from their Solar Installer regarding the project’s cancellation.
   • Almika is not responsible for project cancellations or refunds related to deposits made directly to the Installer.
3. Internal Loan System Updates
   • Once a cancellation is confirmed, all internal records will be updated to reflect the cancellation status.
   • Any pending loan processing steps (e.g. disbursement, invoicing) will be halted immediately to prevent further action on the loan.
4. Dealer Responsibilities
   • Dealers are encouraged to proactively inform Almika if they become aware of a project cancellation.
   • If a Dealer continues a project installation despite loan cancellation, they assume full financial responsibility for project costs.
5. Consumer Protection & Compliance
   • Almika adheres to applicable federal and state consumer protection laws, including Right of Rescission under the Truth in Lending Act where applicable.
   • Borrowers who believe they have been unfairly denied cancellation can escalate their concerns for review.
6. Escalation Process
   • If a Borrower disputes their eligibility for cancellation or expresses dissatisfaction, the case may be escalated to Almika’s Executive Team for review.
   • Legal review may be required in cases of unresolved disputes.

Moving Forward After Cancellation

If a Borrower who has cancelled their loan decides they would like to proceed with their solar project at a later time, they must submit a new loan application. A previously cancelled loan application cannot be reinstated.

Contact Information

For all cancellation-related inquiries, Borrowers can contact:

Email: [e-mail]

Phone: [phone]

This policy is subject to periodic review and updates. Any changes will be communicated accordingly.