The Loan Broker Commission Agreement is a critical document used in the Australian financial services sector to formalize the commercial arrangement between lending institutions and loan brokers. This agreement is essential when a financial institution wishes to engage independent brokers to promote and facilitate their loan products in compliance with Australian financial services regulations. The document covers commission structures, payment terms, compliance requirements, and service standards, ensuring alignment with the National Consumer Credit Protection Act 2009 and other relevant Australian legislation. It's particularly important in today's market where a significant portion of loans are originated through broker channels, requiring clear documentation of responsibilities, commission arrangements, and regulatory compliance obligations.
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1. Parties: Identifies and defines the lender and broker parties to the agreement
2. Background: Sets out the context of the agreement, including the broker's qualifications and authorizations
3. Definitions: Defines key terms used throughout the agreement
4. Appointment and Scope: Details the broker's appointment, territory, and authorized loan products
5. Broker Obligations: Outlines the broker's duties, compliance requirements, and service standards
6. Lender Obligations: Specifies the lender's responsibilities and support provided to the broker
7. Commission Structure: Establishes the basic framework for commission calculations and payments
8. Payment Terms: Details the timing and method of commission payments
9. Compliance and Reporting: Sets out regulatory compliance requirements and reporting obligations
10. Term and Termination: Specifies the agreement duration and termination provisions
11. Confidentiality: Addresses the handling of confidential information
12. Dispute Resolution: Outlines the process for resolving disputes between parties
13. General Provisions: Contains standard boilerplate clauses including governing law, notices, and amendments
1. Training Requirements: Include when the lender provides specific training programs or requirements for the broker
2. Marketing and Branding: Include when the agreement covers co-branding or marketing arrangements
3. Professional Indemnity Insurance: Include when specific insurance requirements need to be detailed
4. Clawback Provisions: Include when commission clawback arrangements apply for early loan termination
5. Sub-broker Arrangements: Include when the broker is permitted to engage sub-brokers
6. White Label Products: Include when the broker can offer white-labeled loan products
7. Performance Targets: Include when minimum performance requirements or bonus structures apply
8. Data Protection: Include when detailed data handling and privacy requirements need specification
1. Schedule 1 - Commission Rates: Detailed breakdown of commission rates for different loan products and scenarios
2. Schedule 2 - Approved Loan Products: List of loan products the broker is authorized to promote
3. Schedule 3 - Compliance Procedures: Detailed compliance procedures and checklists
4. Schedule 4 - Documentation Requirements: List of required documentation for loan applications
5. Schedule 5 - Service Level Standards: Detailed service standards and response times
6. Appendix A - Broker Accreditation Requirements: Details of required qualifications and accreditations
7. Appendix B - Commission Calculator: Formulae and examples for commission calculations
8. Appendix C - Reporting Ƶ: Standard templates for required reports and submissions
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