Borrower Authorization Form for Philippines

Borrower Authorization Form Template for Philippines

A comprehensive legal document used in the Philippines that grants a financial institution or lender the necessary authorizations to process a loan application, verify information, and handle personal data. The form complies with Philippine banking regulations, particularly the General Banking Law of 2000 and Data Privacy Act of 2012, and includes specific permissions for credit checks, information verification, and data processing. It serves as a crucial document in the loan application process, protecting both the lender's interests and the borrower's rights under Philippine law.

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What is a Borrower Authorization Form?

The Borrower Authorization Form is a critical document in the Philippine lending landscape, required whenever an individual or entity applies for a loan from a financial institution. This document is mandated by Philippine banking regulations and must comply with the General Banking Law of 2000, the Data Privacy Act of 2012, and various Bangko Sentral ng Pilipinas (BSP) circulars. The form typically includes comprehensive authorizations for credit checks, employment verification, and personal data processing. It should be executed before any loan processing begins and remains valid throughout the loan application process and, in some cases, the entire duration of the loan term. The Borrower Authorization Form serves as a protective measure for both lenders and borrowers, ensuring transparency and legal compliance in lending transactions.

What sections should be included in a Borrower Authorization Form?

1. Borrower Information: Complete identification details of the borrower including full name, address, contact information, and government-issued ID numbers

2. Lender Information: Full legal name and details of the financial institution receiving the authorization

3. Purpose of Authorization: Clear statement of the purpose and scope of the authorization being granted

4. Authorized Actions: Detailed list of specific actions the borrower is authorizing the lender to perform

5. Data Privacy Consent: Explicit consent for collection, processing, and sharing of personal information in compliance with the Data Privacy Act

6. Duration of Authorization: Specification of how long the authorization remains valid

7. Revocation Rights: Statement of the borrower's right to revoke the authorization and the process for doing so

8. Signature Block: Space for borrower's signature, date, and witness signatures if required

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

1. Co-Borrower Information: Required when there is a co-borrower involved in the loan application

2. Credit Report Authorization: Specific authorization for obtaining credit reports, needed when credit checks will be performed

3. Electronic Communication Consent: Required when the lender will communicate or send documents electronically

4. Third-Party Authorization: Needed when the authorization extends to sharing information with or allowing actions by third parties

5. Employment Verification: Required when the authorization includes permission to verify employment details

What schedules should be included in a Borrower Authorization Form?

1. Schedule A - Authorized Third Parties: List of specific third parties authorized to receive information or act on behalf of the lender

2. Schedule B - Required Documentation: List of documents the borrower authorizes the lender to obtain or verify

3. Appendix 1 - Privacy Policy Summary: Summary of the lender's privacy policy and data handling practices

4. Appendix 2 - Contact Information: Detailed contact information for relevant departments of the lender

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

Jurisdiction

Philippines

Publisher

Genie AI

Document Type

Authorization Form

Cost

Free to use
Relevant Industries

Banking

Financial Services

Real Estate

Mortgage Lending

Consumer Finance

Corporate Banking

Microfinance

Insurance

Investment Services

Credit Services

Relevant Teams

Legal

Compliance

Credit Operations

Risk Management

Customer Service

Loan Processing

Documentation

Data Privacy

Branch Operations

Underwriting

Relevant Roles

Loan Officer

Credit Analyst

Compliance Officer

Banking Operations Manager

Risk Assessment Officer

Branch Manager

Account Executive

Mortgage Specialist

Legal Counsel

Data Privacy Officer

Customer Service Representative

Financial Advisor

Underwriter

Documentation Specialist

Industries
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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