Terms of use

1. General provisions

The present Terms of use of «Legion Community» (hereinafter referred to as Rules) are developed according to the laws and regulations of Canada, being an integral part of rules and procedures of use of «Legion Community» (hereinafter referred to as Agreement), and regulate relations between service Users concerning the signing and implementation of Terms of use and Debt warrant signed between Users via the use of Service. The present rules are obligatory for Users.

The section FAQ is located on the site of Service and it is a supplement to the present Rules. Users can get answers to all their questions arising during the use and examination of site.

2. Terms and definitions

In the present Rules, there are used the following terms and definitions:

Contractor means "LEGION OF RICHARD HART UNITED LP" providing functional possibilities of the Service.

User means any legally capable physical person or legal entity, who according to the acts stipulated by the present Rules, has entered into Agreement with the Borrower using Contractor’s Service.

Borrower means Service User, who is intended to receive or has received a loan from any registered Lender.

Lender means Service User, who is intended to issue or has issued a loan to the Borrower.

Parties are jointly referred to as the Borrower and Lender.

Service «Legion Community» (hereinafter referred to as Service) means hardware-software complex, owned by the Contractor, providing informational and technological interaction between the Contractor and the Users as well as between Users and allowing users to exchange messages (documents) signed with Digital signature. Obligatory order and rules of use of Digital signature, procedure for conclusion of agreements signed with Digital signature for Users are set in Debt warrant and present Rules

Service site is https://legion-community.com

Application for procurement of a loan (hereinafter referred to as Application) means Borrower’s offer with the signed Debt warrant posted on Service site, to sign a loan agreement with any other registered User. Application is posted by the Borrower under its unique number (ID) and is a document signed with Digital signature (DS).

Debt warrant means Loan agreement signed between the Lender and the Borrower via acceptance of the Borrower’s Application for procurement of a loan by the Lender and exchange of documents signed with DS using the Service. The procedure for signing of Debt warrant (procedure of application acceptance and procedure of exchange of electronic documents) is determined by the present Terms of use and Debt warrant.

Time of calculations mean in order to avoid any disputes related to the difference in time during calculations within the Service by the Users, who are in different time zones, all calculations within the Service should be carried out at Greenwich Mean Time.

User Internet data means e-mail address, Password.

Personal User data means contact information, passport data and other information provided by the User to the Contractor in order to sign agreements (contracts) between registered Users of the Service and implementation of obligations according them.

Questionnaire means personal data provided by the User concerning himself, place of work, etc. including (but not exclusively) passport data, place of residence, contact information (home, mobile, work) necessary for operation of Service, fulfillment and implementation of transactions carried out between Users via Service according to the Rules of Service and requirements of the Contractor. The procedure of use of User personal data is set by the legislation of Canada and International law, Debt warrant and present Rules.

    Legion Trust means a complex system of Personality identification and borrower’s financial solvency oriented to assessment of his financial situation and possibility to service a loan. This rating is determined by the totality of passed stages of personalization, income and Borrower’s credit history.

 

Service Guarantee fund means Contractor’s Guarantee fund formed from the received income in the amount of 10% (Service share) from the issued loans to Users and used for repayment of delayed payment by the Borrower to the Lender.



 

Loan terms mean List of loan conditions posted on Service site by the Users and being the conditions of loan agreement.

Credit history means Information about issued loans and history of their repayment.

Service payment system means one of money transfer systems connected to the Contractor’s site and is used by the Service for mutual settlements between Users. The Borrower independently chooses the Payment system, to which there will be carried out the withdrawal of received loans from the Lender. The Service takes over all obligations for transfer of funds from the Lender to the Borrower and vice versa. In case when payment systems of the Parties do not match, the Contractor carries out exchange operations at his own expense.

Acceptance means a series of successive actions of the Lender or the Borrower aimed at approval of conditions of chosen loan conditions stipulated by the Service. Application is considered accepted after approval of loan terms by the Lender and the Borrower.

3. Register on the site and filling in the questionnaire

User fills in a registration form on Service site specifying Internet data and Personal data.

Service sends verification letter via e-mail for confirmation of User’s e-mail address validity.

After specifying of received code User gets access to Personal account, where he can get acquainted with the provided tools for issuance and receiving of Loan in the corresponding menu of Personal account.

Users, filled in all fields of Questionnaire required for the Borrower in the menu of Personalization according to provided personal data, get the corresponding Legion Trust level. The Contractor has the right to refuse the User in assigning of Trust level without any explanations.

If Users want to increase their Trust level, they can additionally provide information about themselves (scans and/or photocopies of documents, etc.)

Information about User’s Trust level becomes available to all Service Users.

Borrower’s Trust level assigned by the Contractor affects funds available to the Borrower from the Lender.

Borrower’s Trust level assigned by the Contractor is regarded by the Lender as a confirmation of Borrower’s actual financial solvency and involves guarantees to the Lender for fulfillment of debt obligations by the Borrower.

In case of unexpected Borrower’s default, issued loans are refunded to the Lender from the Service Guarantee fund.

4. Placing of Application for procurement of a loan

The Borrower selects the required conditions of loan. Borrower’s application is saved in Service database and becomes available to all Service Users. The Service provides a schedule for loan repayment specifying the amount and date of repayment. Placing Application for procurement of a loan, the Borrower hereby offers to sign a loan agreement with any other registered User on terms specified in Application.

Application for procurement of a loan is signed by the Borrower with his DS in Debt warranty.

The Contractor has the right to set restrictions for the loan amount of placed Borrower’s Applications (as a separate loan and as totality of loans). The Contractor unilaterally has the right to cancel, change and set new restrictions for Applications.

5. Search and acceptance of Applications for procurement of a loan

The Lender implements the search for Service Applications. The following information is available to the Lender: Loan options, Trust level. Lender’s accepted applications are only available to the Lender accepted these applications.

6. Receipt of funds by the Borrower.

The Borrower is informed by the Service about the acceptance of his Application via e-mail. Withdrawn Lender’s funds are accrued to the Balance of Borrower’s personal account, which he can withdraw to payment details specified in Settings of his personal account.

7. Transfer of funds (loan repayment)

Loan repayment is carried out by the Borrower on date specified by the Borrower in menu My loans and Tools, Calendar crediting the required amount to account balance and pressing the button “Repay a loan”.

In the case of improper implementation of Borrower’s obligations, his Personal account is blocked for placement of new applications. Placed and unaccepted Applications are deleted, while placed and accepted Applications are blocked. For each day of delay of implementation of Borrower’s obligations, there is accrued a penalty in the amount of specified interest rate to the Loan within 10 days. Upon expiration of this period, the Borrower should take the corresponding measures confirmed by his Digital signatures in Debt warranty.

8. Receiving of funds by the Lender.

The Lender gets notification from the Service about the repayment of the whole amount of loan placing the corresponding information in Lender’s personal account in Service.

9. Settlement of disputes

Investigation and settlement of disputes arising in process of issuance and repayment of loans are carried out by the Contractor. In case of impossibility to settle the arising disputes in terms of the Service, the Contractor is entitled to go to court for protection of Service and Lender interests in accordance with the present Rules, Debt warranty and current legislation.

All disputes arising between the Service and the Customer are transferred to relevant authorities for pre-trial procedure and in the case of unresolved dispute for consideration by judicial authorities.

Expenses associated with settlement of disputes in the court are recovered from the party, against which there is produced a basic punishment.

The Parties of Agreement and/or loan agreement undertake the obligations to pay the penalties and other sanctions related to the improper implementation of Agreement and/or loan agreement. In case of improper implementation of Borrower’s obligations for repayment of loan, the Contractor transfers to the Lender and publishes all known data about the Borrower on his website on the page “Black list” as well as the documents provided by the Borrower during assigning of Trust level.

Generation Rich Community

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