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Borrower's Authorization And Certification Form

Borrower's Authorization And Certification Form Template for Philippines

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Key Requirements PROMPT example:

Borrower's Authorization And Certification Form

"I need a Borrower's Authorization and Certification Form for a microfinance institution in Manila, with specific provisions for group lending and mobile banking data access, to be implemented by March 2025."

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Document background
The Borrower's Authorization and Certification Form is a crucial document in Philippine lending practices, required whenever a potential borrower applies for a loan or credit facility. This document serves multiple purposes: it provides legal authorization for lenders to verify borrower information, conduct credit checks, and process personal data in compliance with the Data Privacy Act of 2012 and other relevant Philippine regulations. The form typically accompanies loan applications and includes the borrower's certifications regarding the truthfulness of provided information, consent for credit checks, and authorization for information verification. It's designed to protect both the lender's interests in conducting due diligence and the borrower's rights regarding data privacy and information disclosure.
Suggested Sections

1. Personal Information: Borrower's complete identification details including full name, address, contact information, and government-issued IDs

2. Purpose Declaration: Statement of the purpose for which the authorization and certification is being provided

3. Information Verification Authorization: Authorization for the lender to verify all information provided, including employment, income, and other relevant details

4. Credit Check Authorization: Specific authorization for credit checks and accessing credit reports from credit bureaus and other financial institutions

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

6. Borrower's Certifications: Declarations and certifications regarding the truthfulness and accuracy of all information provided

7. Acknowledgment and Signature: Formal acknowledgment of understanding and agreement to all terms, with space for signature and date

Optional Sections

1. Co-Borrower Information: Additional section for co-borrower details when there is more than one borrower

2. Electronic Communication Consent: Optional consent for receiving electronic communications and documents, needed if electronic delivery of notices is offered

3. Third-Party Authorization: Authorization to share information with specific third parties, included when third-party service providers are involved

4. Special Certifications: Additional certifications required for specific loan types (e.g., business loans, secured loans)

Suggested Schedules

1. Schedule A - List of Authorized Credit Bureaus: List of specific credit bureaus and financial institutions authorized to receive and provide information

2. Schedule B - Required Documentation Checklist: Checklist of all required supporting documents that the borrower must provide

3. Appendix 1 - Data Privacy Statement: Detailed privacy notice explaining how personal information will be collected, used, and protected

4. Appendix 2 - Terms and Definitions: Glossary of technical terms and definitions used in the authorization form

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

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alex.den.21@genieai.co
Relevant Industries

Banking

Financial Services

Mortgage Lending

Consumer Finance

Microfinance

Real Estate Finance

Commercial Lending

Credit Services

Fintech

Relevant Teams

Legal

Compliance

Risk Management

Credit Operations

Loan Processing

Document Management

Customer Service

Data Privacy

Branch Operations

Underwriting

Relevant Roles

Loan Officer

Credit Analyst

Compliance Officer

Legal Counsel

Risk Manager

Banking Operations Manager

Credit Risk Officer

Document Control Specialist

Lending Manager

Financial Services Representative

Data Privacy Officer

Customer Service Representative

Branch Manager

Industries
Republic Act No. 8484 (Access Devices Regulation Act of 1998): Regulates the use of access devices and credit facilities, protecting both lenders and borrowers in credit transactions.
Republic Act No. 10173 (Data Privacy Act of 2012): Ensures protection of personal information in information and communications systems, crucial for handling borrower's personal and financial data.
Republic Act No. 3765 (Truth in Lending Act): Requires full disclosure of credit terms in lending transactions, ensuring borrowers are properly informed of loan conditions.
Republic Act No. 8792 (Electronic Commerce Act of 2000): Governs electronic transactions and provides legal recognition of electronic documents and signatures.
BSP Circular No. 1048 (BSP Regulations on Financial Consumer Protection): Provides guidelines on consumer protection in financial transactions, including lending practices and disclosure requirements.
Republic Act No. 8556 (Financing Company Act of 1998): Regulates financing companies and their lending activities, ensuring proper authorization and compliance with regulatory requirements.
Republic Act No. 7394 (Consumer Act of the Philippines): Protects consumer interests and establishes standards of conduct for business and industry, including lending practices.
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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