Borrower Authorization Form for Singapore

Borrower Authorization Form Template for Singapore

A Borrower Authorization Form is a legal document used in Singapore's financial sector that grants specific permissions to lenders and related parties to collect, use, and share the borrower's personal and financial information. The document complies with Singapore's Banking Act, Personal Data Protection Act, and other relevant legislation, providing clear authorization for credit checks, information verification, and ongoing loan administration purposes. It serves as a crucial compliance document that protects both the lender's and borrower's interests while ensuring transparency in data handling practices.

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What is a Borrower Authorization Form?

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.

What sections should be included in a Borrower Authorization Form?

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

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

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

What schedules should be included in a Borrower Authorization Form?

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) @ 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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Free to use

Relevant legal definitions

Clauses

Relevant Industries

Banking
Real Estate
Financial Services
Consumer Finance

Relevant Teams

Legal
Compliance
Credit Risk
Operations
Data Protection

Relevant Roles

Loan Officer
Compliance Officer
Credit Risk Manager
Banking Operations Manager
Data Protection Officer

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To Whom It May Concern Authorization Letter

A Singapore-compliant authorization letter granting specific powers to act on behalf of the authorizing party.

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What is a Borrower Authorization Form?

What sections should be included in a Borrower Authorization Form?

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

What schedules should be included in a Borrower Authorization Form?

Authors

Alex Denne

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