Borrower Authorization Form - Malaysia

Borrower Authorization Form for Malaysia

Borrower Authorization Form Template for Malaysia

A comprehensive authorization form used in Malaysian lending operations that enables financial institutions to collect, verify, and share borrower information in compliance with Malaysian law, particularly the Financial Services Act 2013 and Personal Data Protection Act 2010. The document serves as a legal foundation for credit assessment processes, allowing lenders to perform necessary due diligence while protecting both the institution's interests and borrower's rights under Malaysian privacy and banking regulations.

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What is a Borrower Authorization Form?

The Borrower Authorization Form is a critical document in Malaysian lending operations, required whenever a potential borrower applies for any form of credit facility. It serves as the legal basis for financial institutions to conduct credit assessments, verify information, and share necessary data with credit reporting agencies and other authorized parties. The document must comply with Malaysian regulations, particularly the Financial Services Act 2013, Personal Data Protection Act 2010, and relevant Bank Negara Malaysia directives. It is typically used at the initial stages of loan applications and remains valid throughout the lending relationship. The form includes specific authorizations for information gathering, credit checks, and data sharing, while incorporating necessary privacy protections and consent mechanisms required under Malaysian law.

What sections should be included in a Borrower Authorization Form?

1. Identification of Parties: Details of the borrower and the financial institution, including full legal names, registration/ID numbers, and addresses

2. Purpose of Authorization: Clear statement of the purpose for which the authorization is being given, including the type of loan or facility being applied for

3. Scope of Authorization: Detailed listing of what the borrower is authorizing the financial institution to do, including credit checks, information verification, and data sharing

4. Information Disclosure Consent: Specific consent for the collection, use, and disclosure of personal information in compliance with PDPA 2010

5. Duration of Authorization: The period for which the authorization remains valid

6. Declaration of Truth: Borrower's declaration that all information provided is true and accurate

7. Acknowledgment: Confirmation that the borrower has read and understood the authorization

8. Execution: Signature block with date and witness requirements

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

1. Corporate Authority: Additional section for corporate borrowers specifying the authority of the signatory to act on behalf of the company

2. Third Party Authorization: Section authorizing the release of information to specified third parties (e.g., guarantors, co-borrowers)

3. Electronic Communication Consent: Optional consent for electronic communications and digital documentation

4. Language Declaration: Required when the form is bilingual, confirming the borrower's preferred language of communication

5. Specific Market Regulations: Additional declarations required for specific types of loans (e.g., housing loans, vehicle financing)

What schedules should be included in a Borrower Authorization Form?

1. Schedule A - Authorized Information Sources: List of specific entities and institutions authorized to release information

2. Schedule B - Scope of Information: Detailed list of types of information that may be collected and verified

3. Appendix 1 - Required Documents: Checklist of supporting documents to be submitted with the authorization

4. Appendix 2 - Privacy Notice: Detailed privacy notice in compliance with PDPA 2010 requirements

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

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Banking

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Compliance

Credit Operations

Risk Management

Customer Service

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Credit Officer

Loan Officer

Compliance Manager

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Risk Manager

Banking Operations Manager

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Authorisation Form

A Malaysian legal document granting specific powers or permissions from an authorizer to an authorized representative, compliant with Malaysian contract law.

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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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