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Borrower Authorization Form Template for Singapore

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Key Requirements PROMPT example:

Borrower Authorization Form

"I need a Borrower Authorization Form for our Singapore bank branch that includes comprehensive data sharing permissions with our international offices and credit reporting agencies, with specific emphasis on cross-border data transfers and digital banking services."

Document background
The Borrower Authorization Form is a critical document in Singapore's lending landscape, required whenever a borrower applies for any type of loan or credit facility. This document is essential for compliance with Singapore's strict banking and data protection regulations. The form typically includes comprehensive authorization for credit checks, personal data collection, and information sharing with relevant third parties. It ensures that lenders have the necessary permissions to process loan applications and manage ongoing lending relationships while protecting borrower privacy rights. The document must adhere to the requirements of the Banking Act, PDPA, and other relevant Singapore legislation.
Suggested Sections

1. Borrower Information: Full legal name, identification details, contact information, and address of the borrower

2. Authorization Scope: Detailed description of specific actions and information being authorized by the borrower

3. Data Usage Consent: Explicit consent clauses for collection, use, and disclosure of personal information in compliance with PDPA

4. Duration of Authorization: Clear specification of the period for which the authorization remains valid

5. Signature and Declaration: Formal declaration of truth and accuracy, with space for borrower signature, date, and witness details if required

Optional Sections

1. Third Party Authorization: Additional authorization for sharing information with third parties, included when loan involves multiple parties or service providers

2. Electronic Communication Consent: Specific authorization for electronic notices and communications, included for digital transactions

3. Credit Report Authorization: Specific permission to obtain and review credit reports, included when credit assessment is required

4. Foreign Property Declaration: Additional declarations required under the Residential Property Act for foreign borrowers, included when applicable

Suggested Schedules

1. Schedule A - List of Authorized Third Parties: Comprehensive list of entities authorized to receive borrower information

2. Schedule B - Data Protection Notice: Detailed information about data protection practices, rights, and obligations under PDPA

3. Schedule C - Required Documentation Checklist: List of supporting documents required to be submitted along with the authorization form

4. Schedule D - Terms and Conditions: Detailed terms and conditions governing the authorization and its usage

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions






















Clauses




















Industries

Banking Act (Cap. 19): Primary legislation governing banking institutions and their operations in Singapore. Contains critical provisions regarding banking secrecy and the disclosure of customer information. Must be considered for any banking-related authorizations.

Personal Data Protection Act 2012 (PDPA): Key legislation governing personal data handling in Singapore. Requires explicit consent for data collection and usage, and mandates transparency in data handling practices. Essential for authorization forms involving personal information.

Moneylenders Act (Cap. 188): Regulates moneylending practices in Singapore. Contains specific provisions about borrower protection and information disclosure requirements. Particularly relevant if the loan is from a licensed moneylender.

Electronic Transactions Act (Cap. 88): Provides legal framework for electronic transactions in Singapore. Establishes legal recognition of electronic records and signatures, crucial for digital authorization forms.

Residential Property Act (Cap. 274): Governs matters relating to residential property in Singapore. Contains specific requirements for foreign borrowers and property-related loans. Relevant if the loan involves residential property.

Consumer Protection (Fair Trading) Act: Ensures fair practices in consumer transactions and protects borrowers from unfair practices. Sets standards for fair dealing in consumer financial services.

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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