Credit Authorization Form for Malaysia

Credit Authorization Form Template for Malaysia

A Credit Authorization Form is a legal document used in Malaysia that establishes formal authorization for credit-related transactions between a financial institution and a customer. The document complies with Malaysian financial regulations, including the Financial Services Act 2013 and Personal Data Protection Act 2010. It captures essential information about the customer, credit arrangement details, payment terms, and necessary authorizations for credit facilities. The form includes provisions for data protection, payment scheduling, and various declarations required under Malaysian law.

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What is a Credit Authorization Form?

The Credit Authorization Form serves as a fundamental document in Malaysian financial transactions, designed to establish and document credit arrangements between financial institutions and their customers. This form is essential when setting up new credit facilities, modifying existing credit arrangements, or establishing recurring payment authorizations. It must comply with Malaysian financial regulations, including the Financial Services Act 2013, Personal Data Protection Act 2010, and relevant Bank Negara Malaysia guidelines. The document typically includes customer information, credit facility details, payment terms, data protection notices, and necessary declarations. It provides legal protection for both the financial institution and the customer while ensuring transparent documentation of credit arrangements.

What sections should be included in a Credit Authorization Form?

1. Customer Information: Complete details of the customer including full name, identification number, contact information, and address

2. Bank/Financial Institution Details: Information about the financial institution receiving the authorization

3. Credit Account Details: Specific information about the credit account(s) involved in the authorization

4. Authorization Statement: Clear and explicit statement of the credit-related authorizations being granted

5. Payment Terms: Details of payment arrangements, including frequency, amount, and method

6. Data Protection Notice: Statement regarding the collection, use, and protection of personal data in compliance with PDPA 2010

7. Declaration: Customer's declaration of accuracy of information and acknowledgment of terms

8. Execution: Signature blocks for customer and witness signatures, including date

What sections are optional to include in a Credit Authorization Form?

1. Direct Debit Authorization: Additional section for cases where automatic bank deductions are being authorized

2. Third Party Authorization: Section for cases where a third party is authorized to manage the credit account

3. Supplementary Card Details: For credit card applications where supplementary cards are requested

4. Employer Information: Required when the credit authorization is linked to employment or salary deduction

5. Guarantor Details: Section for cases where a guarantor is required for the credit facility

What schedules should be included in a Credit Authorization Form?

1. Schedule A - Payment Schedule: Detailed breakdown of payment dates, amounts, and methods

2. Schedule B - Fee Schedule: List of applicable fees, charges, and interest rates

3. Appendix 1 - Required Documents Checklist: List of supporting documents required to be submitted with the form

4. Appendix 2 - Terms and Conditions: Detailed terms and conditions governing the credit authorization

Authors

Alex Denne

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

Cost

Free to use

Relevant legal definitions

Clauses

Authorization
Payment Terms
Data Protection
Consent
Representation and Warranties
Declaration
Amendment
Termination
Liability
Force Majeure
Governing Law
Notice
Assignment
Indemnification
Confidentiality
Electronic Transaction Consent
Default
Dispute Resolution

Relevant Industries

Banking

Financial Services

Retail

Telecommunications

Utilities

Insurance

Education

Healthcare

Automotive

Real Estate

Relevant Teams

Legal

Compliance

Credit Administration

Risk Management

Customer Service

Operations

Sales

Documentation

Finance

Credit Analysis

Account Management

Relevant Roles

Credit Officer

Financial Services Manager

Compliance Officer

Legal Counsel

Risk Manager

Customer Service Representative

Account Manager

Banking Operations Manager

Credit Analyst

Financial Controller

Sales Manager

Documentation Specialist

Branch Manager

Relationship Manager

Credit Administration Officer

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Authorisation Form

A Malaysian legal document granting specific powers or permissions from an authorizer to an authorized representative, compliant with Malaysian contract law.

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What is a Credit Authorization Form?

What sections should be included in a Credit Authorization Form?

What sections are optional to include in a Credit Authorization Form?

What schedules should be included in a Credit Authorization Form?

Authors

Alex Denne

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