The Authorization Letter for Coop Loan is a crucial document in Singapore's cooperative lending landscape, designed to facilitate loan applications while protecting both the member's and cooperative's interests. This document is required when a cooperative member seeks to obtain a loan through their cooperative society, providing formal permission for the cooperative to process the loan application and access necessary information. It must comply with Singapore's Cooperative Societies Act and related regulations, including data protection requirements. The letter typically includes the member's personal details, loan specifications, authorization scope, and necessary declarations, serving as a legal record of the member's consent for the loan processing.
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1. Letter Date: Current date of the authorization letter
2. Authorizer Details: Full name, NRIC/passport number, address, and contact information of the person giving authorization
3. Cooperative Details: Name and registration number of the cooperative society
4. Purpose of Authorization: Clear statement of the loan application and authorization purpose
5. Loan Details: Specific amount, terms, and purpose of the loan being authorized
6. Authorization Scope: Specific powers being granted through the authorization
7. Signature Block: Space for authorizer's signature and date
1. Witness Details: Details and signature of witness, used when additional verification is required
2. Duration of Authorization: Specific validity period of the authorization, if not indefinite
3. Special Instructions: Any specific conditions or limitations on the authorization
1. Identity Verification: Copy of NRIC/passport of authorizer
2. Proof of Address: Recent utility bill or other address proof
3. Membership Proof: Evidence of cooperative membership
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