The Loan Commission Agreement is a critical document used in the Malaysian financial services sector to formalize arrangements between financial institutions and their commission agents or referral partners. This agreement is essential when a lender wishes to expand its loan distribution network through third-party agents who will be compensated via commissions. The document needs to comply with Malaysian financial regulations, particularly the Financial Services Act 2013 and Bank Negara Malaysia guidelines, while addressing anti-money laundering requirements and consumer protection measures. It typically includes detailed commission structures, compliance obligations, performance standards, and risk management provisions. The agreement is particularly relevant in contexts where financial institutions are establishing or managing referral networks for various loan products, whether in consumer, corporate, or Islamic banking sectors.
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1. Parties: Identification of the principal (lender) and the commission agent, including full legal names and registration details
2. Background: Context of the agreement, nature of the principal's business, and purpose of the commission arrangement
3. Definitions: Definitions of key terms including 'Commission', 'Loan Products', 'Successful Referral', 'Qualified Lead', etc.
4. Appointment and Scope: Terms of appointment of the agent and scope of authorized activities
5. Commission Structure: Details of commission rates, calculation methods, and qualifying criteria
6. Payment Terms: Timeline and method of commission payments, invoicing requirements
7. Obligations of the Agent: Agent's duties, compliance requirements, and performance standards
8. Obligations of the Principal: Principal's responsibilities, including processing of referrals and payment obligations
9. Compliance Requirements: Regulatory compliance obligations, including AML requirements and financial services regulations
10. Term and Termination: Duration of agreement and grounds for termination
11. Confidentiality: Protection of confidential information and trade secrets
12. General Provisions: Standard legal provisions including governing law, notices, and assignment
1. Training and Support: Include when the principal provides specific training or support systems to the agent
2. Marketing Guidelines: Include when the agent is authorized to conduct marketing activities
3. Non-Compete: Include when restricting the agent from working with competitors
4. Performance Targets: Include when setting specific performance metrics or targets
5. Clawback Provisions: Include when commission payments may be subject to return in specific circumstances
6. Data Protection: Include when personal data processing is involved in the commission arrangement
1. Commission Rates Schedule: Detailed breakdown of commission rates for different loan products/services
2. Approved Loan Products: List and descriptions of loan products/services covered by the agreement
3. Commission Calculation Examples: Practical examples showing how commissions are calculated
4. Compliance Procedures: Detailed procedures for regulatory compliance and due diligence
5. Reporting Ƶ: Standard forms for commission reports and performance tracking
6. Territory Schedule: If applicable, definition of geographical territory or market segment
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Real Estate
Consumer Finance
Insurance
Retail Banking
Corporate Banking
Microfinance
Islamic Banking
Asset Finance
Relevant Teams
Legal
Compliance
Finance
Sales
Risk Management
Business Development
Channel Partnerships
Credit Administration
Commission Administration
Regulatory Affairs
Relevant Roles
Head of Sales
Compliance Officer
Legal Counsel
Finance Manager
Commission Administrator
Relationship Manager
Business Development Manager
Credit Manager
Risk Officer
Channel Partnership Manager
Sales Director
Commission Accounting Specialist
Regulatory Compliance Manager
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