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An Authorization Letter For Loan Closure is a critical document used in the New Zealand banking sector when a borrower wishes to formally close their loan account, typically after full repayment or early settlement. This document is essential in New Zealand's financial system, where formal written authorization is required for significant banking transactions. The letter serves multiple purposes: it provides clear instructions to the financial institution, creates a paper trail for the closure process, and helps ensure compliance with New Zealand banking regulations and the Credit Contracts and Consumer Finance Act 2003. It should include specific loan details, borrower information, explicit authorization statements, and requests for necessary closure documentation such as no-dues certificates. The document is particularly important as it protects both the borrower and the financial institution by clearly documenting the authorization for loan closure and any specific requirements or conditions associated with the closure process.

1. Letter Header: Includes date, sender's details, recipient's details (bank/financial institution), and loan account reference number

2. Subject Line: Clear indication that this is an Authorization Letter for Loan Closure

3. Loan Details: Specific details of the loan including loan account number, type of loan, and original loan amount

4. Authorization Statement: Clear statement authorizing the bank to close the loan account

5. Request for Documentation: Request for no-dues certificate and other closure documents

6. Contact Information: Writer's contact details for further communication

7. Signature Block: Space for signature, name, and date