The Loan Commission Agreement serves as a crucial document for formalizing relationships between lending institutions and their commission-based intermediaries in India. It is essential when engaging loan brokers, agents, or intermediaries who facilitate loan origination in return for commission payments. The agreement ensures compliance with Indian banking regulations, particularly the Banking Regulation Act, 1949, and related financial services laws. It includes detailed provisions for commission calculations, payment terms, compliance requirements, and service standards. This document is particularly relevant in the current Indian financial landscape where loan intermediation plays a significant role in credit distribution across various sectors.
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1. Parties: Identifies and defines the contracting parties - typically the lender/financial institution and the commission agent/broker
2. Background: Outlines the context of the agreement, including the lender's business and the broker's role in facilitating loans
3. Definitions: Defines key terms used throughout the agreement including 'Loan', 'Commission', 'Successful Referral', etc.
4. Appointment and Scope of Services: Details the formal appointment of the broker and specifies the authorized services to be provided
5. Commission Structure: Specifies the commission rates, calculation method, and conditions for commission eligibility
6. Payment Terms: Outlines when and how commissions will be paid, including payment schedule and method
7. Obligations of the Broker: Lists the broker's duties, responsibilities, and service standards
8. Obligations of the Lender: Specifies the lender's commitments and responsibilities
9. Compliance Requirements: Details regulatory compliance obligations, including KYC and anti-money laundering requirements
10. Representations and Warranties: Contains statements of fact and assurances from both parties
11. Term and Termination: Specifies agreement duration and conditions for termination
12. Confidentiality: Establishes obligations regarding confidential information handling
13. Dispute Resolution: Outlines the process for resolving disputes between parties
14. Governing Law: Specifies that Indian law governs the agreement and jurisdiction details
1. Non-Compete Clause: Restricts the broker from working with competing lenders - used when exclusivity is required
2. Training and Support: Details any training or support provided by the lender - included when the lender offers comprehensive broker support
3. Marketing Guidelines: Specifies rules for using the lender's brand - included when the broker will conduct marketing activities
4. Incentive Structure: Details additional bonuses or incentives - used when offering performance-based rewards
5. Sub-contractor Terms: Rules for engaging sub-contractors - included when sub-contracting is permitted
6. Insurance Requirements: Specifies required insurance coverage - included for high-value or high-risk arrangements
7. Data Protection: Detailed data handling requirements - included when significant personal data processing is involved
1. Schedule A - Commission Rates: Detailed breakdown of commission rates for different loan products and amounts
2. Schedule B - Service Level Requirements: Specific performance metrics and service standards
3. Schedule C - Compliance Checklist: Detailed compliance requirements and documentation checklist
4. Schedule D - Approved Marketing Materials: List of pre-approved marketing materials and templates
5. Schedule E - Reporting Templates: Standard formats for regular reporting requirements
6. Appendix 1 - KYC Requirements: Detailed KYC documentation requirements and processes
7. Appendix 2 - Code of Conduct: Detailed behavioral and ethical guidelines for brokers
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