Authorization To Release Loan Information Template for Philippines

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Key Requirements PROMPT example:

Authorization To Release Loan Information

"I need an Authorization to Release Loan Information document for my personal mortgage loan with ABC Bank, authorizing XYZ Mortgage Corporation to access my loan details for refinancing purposes during March 2025, with the authorization valid for 60 days."

Document background

The Authorization To Release Loan Information is a critical document used in the Philippine financial sector when loan account holders need to authorize their financial institutions to share their loan information with specific third parties. This authorization is particularly important given the strict requirements of the Philippines' Bank Secrecy Law (R.A. 1405) and Data Privacy Act of 2012 (R.A. 10173), which generally prohibit the disclosure of bank account information without explicit consent. The document is commonly required for various purposes, including loan refinancing, credit applications, legal proceedings, or business transactions requiring verification of loan status. It includes specific details about the authorizing party, the loan accounts involved, the recipient of the information, and the scope and duration of the authorization.

Suggested Sections

1. Party Information: Full legal name, address, and identification details of the person authorizing the release of information (including valid government ID numbers)

2. Loan Account Details: Specific details of the loan account(s) for which information is to be released, including account numbers and types of loans

3. Recipient Information: Identity and details of the institution/person authorized to receive the loan information

4. Scope of Authorization: Specific types of loan information authorized for release and the purpose for which the information will be used

5. Duration of Authorization: Time period for which the authorization remains valid, including start and end dates if applicable

6. Data Privacy Statement: Statement acknowledging consent to data sharing under the Data Privacy Act of 2012

7. Authorization Declaration: Clear statement of authorization and certification that all information provided is true and correct

Optional Sections

1. Third Party Authorization: Additional section when authorizing a third party to request/receive information on behalf of the main authorizing party

2. Special Instructions: Any specific instructions regarding the method, format, or frequency of information release

3. Revocation Clause: Terms and conditions for revoking the authorization before its expiration date

4. Joint Account Declaration: Required when the loan account is jointly held, including consent from all account holders

Suggested Schedules

1. Photocopy of Valid ID: Attached copy of government-issued identification of the authorizing party

2. List of Specific Loan Accounts: Detailed list of all loan accounts covered by the authorization when multiple accounts are involved

3. Supporting Documents: Any additional documents required by the receiving institution or relevant to the purpose of the 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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Authorization
Consent
Data Privacy
Scope of Disclosure
Duration
Confidentiality
Representations and Warranties
Revocation Rights
Liability
Governing Law
Authentication
Purpose of Disclosure
Information Security
Third Party Rights
Indemnification
Severability
Entire Authorization
Acknowledgment

Relevant Industries

Banking

Financial Services

Credit and Lending

Insurance

Real Estate

Mortgage Services

Consumer Finance

Corporate Banking

Legal Services

Financial Technology

Relevant Teams

Legal

Compliance

Credit Administration

Risk Management

Customer Service

Operations

Documentation

Privacy and Data Protection

Loan Processing

Account Management

Relevant Roles

Loan Officer

Credit Analyst

Compliance Officer

Bank Manager

Legal Counsel

Privacy Officer

Risk Manager

Financial Advisor

Mortgage Specialist

Account Manager

Banking Operations Manager

Customer Service Representative

Documentation Specialist

Credit Risk Officer

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Authors

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