The Loan Commission Agreement is essential for financial institutions and intermediaries operating in South Africa's regulated lending market. It is used when a lender wishes to formalize arrangements with brokers or intermediaries who refer loan customers, establishing clear commission structures and compliance frameworks. The agreement must align with South African legislation, particularly the National Credit Act 34 of 2005 and the Financial Advisory and Intermediary Services Act 37 of 2002. It typically includes detailed commission calculations, regulatory compliance requirements, service level standards, and risk management provisions. This document is crucial for maintaining transparent and compliant relationships between financial institutions and their intermediaries while ensuring consumer protection in line with South African regulatory requirements.
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1. Parties: Identification of the contracting parties - typically the lender and the broker/intermediary
2. Background: Context of the agreement, including the lender's business, broker's role, and purpose of the arrangement
3. Definitions: Definitions of key terms used throughout the agreement, including 'Commission', 'Loan Agreement', 'Successful Referral'
4. Appointment and Scope: Terms of broker's appointment and scope of services to be provided
5. Commission Structure: Detailed explanation of commission calculations, rates, and payment terms
6. Payment Terms: Timeline and method of commission payments, including any conditions precedent
7. Obligations of the Broker: Broker's duties, including compliance with laws, maintaining licenses, and service standards
8. Obligations of the Lender: Lender's responsibilities regarding commission payments and information provision
9. Representations and Warranties: Standard warranties about capacity, authority, and compliance with laws
10. Term and Termination: Duration of agreement and circumstances allowing termination
11. Regulatory Compliance: Specific compliance requirements under NCA and FAIS Act
12. Confidentiality: Protection of confidential information and trade secrets
13. General Provisions: Standard clauses including notices, amendments, governing law, etc.
1. Clawback Provisions: Terms for recovering commission in case of early loan termination or default - include when lender requires protection against early settlements
2. Performance Targets: Specific targets and related bonus structures - include when agreement includes performance-based incentives
3. Training and Support: Lender's obligations regarding broker training - include when broker requires ongoing support
4. Marketing and Branding: Rules for using lender's brand - include when broker will conduct marketing activities
5. Exclusivity: Terms of exclusive arrangement - include when parties agree to exclusive relationship
6. Professional Indemnity Insurance: Insurance requirements - include when dealing with high-value loans or complex products
1. Commission Rates Schedule: Detailed breakdown of commission rates for different loan products and amounts
2. Required Documentation: List of documents required for loan applications and commission claims
3. Compliance Checklist: Regulatory requirements and compliance procedures
4. Service Level Agreement: Detailed service standards and response times
5. Approved Marketing Materials: Ƶ and guidelines for marketing communications
6. Contact Details: Key contacts and escalation procedures for both parties
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Mortgage Lending
Consumer Finance
Commercial Lending
Microfinance
Asset Finance
Property Finance
Vehicle Finance
Relevant Teams
Legal
Compliance
Finance
Sales
Business Development
Risk Management
Operations
Broker Relations
Credit
Commission Administration
Relevant Roles
Chief Financial Officer
Legal Counsel
Compliance Officer
Business Development Manager
Sales Director
Commission Administrator
Broker Relationship Manager
Credit Manager
Financial Services Manager
Operations Manager
Risk Manager
Contract Administrator
Finance Director
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