Legal Templates
Non Borrower Credit Authorization Form

Non Borrower Credit Authorization Form for Singapore

Non Borrower Credit Authorization Form Template for Singapore

A Non-Borrower Credit Authorization Form is a legal document used in Singapore that allows financial institutions to perform credit checks on individuals who are not the primary borrowers in a loan arrangement. The document complies with Singapore's Personal Data Protection Act (PDPA) and relevant banking regulations, providing necessary authorizations for credit bureaus to access and share credit information while protecting the individual's data privacy rights.

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What is a Non Borrower Credit Authorization Form?

The Non Borrower Credit Authorization Form is essential in Singapore's financial sector when credit checks need to be performed on individuals who are not the primary borrowers but are connected to a loan application. This might include guarantors, co-signers, or related parties. The form ensures compliance with Singapore's stringent data protection laws and banking regulations, including the PDPA and Credit Bureau Singapore Act. It typically includes personal information, explicit consent for credit checks, and details about data usage and protection. This document is particularly crucial in scenarios involving joint applications, family financing arrangements, or corporate lending where multiple parties' creditworthiness needs to be assessed.

What sections should be included in a Non Borrower Credit Authorization Form?

1. Personal Information: Details of the non-borrower including full name, NRIC/passport number, contact information

2. Credit Check Authorization: Express consent for credit checks and information gathering from authorized credit bureaus

3. Purpose Declaration: Statement of purpose for which the credit check is being conducted and how the information will be used

4. Data Protection Notice: PDPA-compliant notice about data collection, usage, storage and protection measures

5. Authorization Period: Duration for which the authorization remains valid and conditions for renewal or termination

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

1. Additional Authorizations: Extra permissions for specific types of checks or information sharing with other financial institutions

2. Third Party Notifications: Authorization to share information with specified third parties and the extent of information sharing

What schedules should be included in a Non Borrower Credit Authorization Form?

1. Schedule A - List of Authorized Credit Bureaus: Comprehensive list of credit bureaus and agencies authorized to conduct credit checks

2. Schedule B - Data Protection Rights: Detailed explanation of rights under PDPA including access, correction, and withdrawal of consent

3. Schedule C - Supporting Document Requirements: List of required supporting documents to be submitted with the form for verification purposes

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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Jurisdiction

Singapore

Publisher

Genie AI

Document Type

Authorization Form

Sector

Legal Services

Cost

Free to use
Industries

Personal Data Protection Act 2012 (PDPA): Primary legislation governing personal data protection in Singapore. Key requirements include obtaining explicit consent for data collection and use, ensuring transparency in data collection purposes, and implementing adequate security measures for data protection.

Banking Act (Chapter 19): Regulates banking business and credit facilities in Singapore. Contains key provisions regarding credit information sharing and customer confidentiality requirements for financial institutions.

Credit Bureau Singapore Act 2016: Legislation governing credit reporting agencies, establishing standards for credit information collection and sharing, and defining permissible purposes for credit checks.

MAS Guidelines on Fair Lending Practices: Regulatory guidelines issued by the Monetary Authority of Singapore covering fair lending practices, credit assessment requirements, and data protection standards for financial institutions.

Consumer Protection (Fair Trading) Act: Legislation ensuring fair trading practices and protecting consumers against unfair practices in credit-related transactions.

Electronic Transactions Act: Legislation governing electronic transactions and digital signatures, relevant if the credit authorization form will be executed electronically.

Singapore Contract Law: Common law principles governing contract formation, consent, and authorization under Singapore's legal framework.

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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