The Loan Broker Commission Agreement is essential for financial institutions in Nigeria seeking to expand their lending business through third-party brokers. This document is typically used when a lender wishes to formalize a relationship with independent brokers or brokerage firms who will source potential borrowers for various loan products. The agreement must comply with Nigerian financial regulations, including the Banks and Other Financial Institutions Act (BOFIA) 2020 and relevant Central Bank of Nigeria directives. It covers crucial aspects such as commission structures, regulatory compliance requirements, service standards, and risk management procedures. The document is particularly important in the Nigerian context where loan brokerage plays a significant role in extending financial services to various market segments.
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1. Parties: Identification of the Lender and the Broker, including full legal names, registration numbers, and registered addresses
2. Background: Context of the agreement, including the Broker's business, Lender's operations, and intention to establish a commission-based relationship
3. Definitions: Key terms used throughout the agreement, including 'Successful Loan', 'Commission', 'Borrower', 'Loan Products', etc.
4. Appointment and Scope: Formal appointment of the Broker and detailed scope of authorized services
5. Broker's Obligations: Detailed responsibilities including client sourcing, documentation, compliance with regulations, and service standards
6. Lender's Obligations: Responsibilities including providing product information, processing applications, and commission payments
7. Commission Structure: Detailed breakdown of commission rates, calculation methods, and payment terms
8. Payment Terms: Timing of payments, payment methods, and handling of disputes
9. Compliance Requirements: Regulatory compliance obligations, including AML requirements and consumer protection
10. Representations and Warranties: Key assurances from both parties, including licensing, authority, and capacity
11. Term and Termination: Duration of agreement and circumstances for termination
12. Confidentiality: Protection of confidential information and trade secrets
13. Governing Law and Jurisdiction: Specification of Nigerian law and jurisdiction for dispute resolution
1. Non-Compete Clause: Restrictions on Broker's ability to work with competing lenders - optional depending on business relationship
2. Training and Support: Details of training and support provided by Lender - include if comprehensive support program exists
3. Marketing Guidelines: Rules for using Lender's brand and marketing materials - include if Broker will conduct marketing activities
4. Performance Targets: Specific performance metrics and consequences - include if performance-based relationship
5. Audit Rights: Lender's right to audit Broker's activities - include for higher-value or higher-risk relationships
6. Insurance Requirements: Specific insurance coverage requirements - include based on risk assessment
7. Data Protection: Specific data protection obligations - include if handling sensitive personal data
1. Schedule 1 - Commission Rates: Detailed breakdown of commission rates for different loan products and scenarios
2. Schedule 2 - Loan Products: List and specifications of loan products the Broker is authorized to promote
3. Schedule 3 - Documentation Requirements: List of required documentation for loan applications
4. Schedule 4 - Compliance Procedures: Detailed compliance procedures and checklists
5. Appendix A - Broker Application Form Template: Standard form for submitting loan applications
6. Appendix B - Commission Calculation Examples: Examples showing how commission is calculated in various scenarios
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