The Credit Service Agreement serves as the primary contractual framework for credit facilities in Singapore, used when a licensed credit provider extends credit to individuals or businesses. The agreement must comply with Singapore's robust financial regulatory regime, including MAS guidelines and the Banking Act. It typically covers credit limits, interest rates, repayment terms, security requirements, and default provisions. The document is essential for establishing clear rights and obligations between parties while ensuring compliance with Singapore's strict consumer protection and banking regulations. This Credit Service Agreement is particularly crucial in Singapore's highly regulated financial sector, where transparency and regulatory compliance are paramount.
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Key Requirements PROMPT example:
Credit Service Agreement
"I need a Credit Service Agreement for a fintech company providing business loans in Singapore, with specific provisions for digital lending platforms and automated credit scoring systems, to be implemented by March 2025."
1. Parties: Identification and details of the credit service provider and the customer
2. Background: Context of the agreement and relationship between parties
3. Definitions: Key terms used tHRoughout the agreement including regulatory definitions from Banking Act and MAS Guidelines
4. Credit Facility Terms: Principal terms of the credit facility including amount, interest, tenure, and compliance with MAS Notice 635 requirements
5. Repayment Terms: Schedule and method of repayment, including provisions for early repayment and default
6. Security and Collateral: Details of any security or collateral required, including valuation and maintenance requirements
7. Events of Default: Circumstances constituting default and consequences, including remedies available to the lender
8. Representations and Warranties: Statements of fact and promises by both parties, including compliance with relevant Singapore laws
9. Data Protection and Privacy: Terms regarding handling of personal data in compliance with PDPA 2012
10. Compliance and AML: Obligations regarding AML/CFT requirements and ongoing compliance
1. Insurance Requirements: Terms relating to maNDAtory insurance coverage for secured facilities
2. Third Party Guarantees: Terms relating to guarantors and their obligations when guarantee is required
3. Special Drawing Conditions: Specific conditions for drawing down the credit facility in complex arrangements
4. Electronic Services: Terms for digital banking services and electronic communications if offered
1. Schedule 1 - Repayment Schedule: Detailed breakdown of repayment dates and amounts
2. Schedule 2 - Fee Schedule: List of all applicable fees and charges
3. Schedule 3 - Security Documents: Forms and documents related to security/collateral
4. Schedule 4 - Standard Terms and Conditions: Bank's standard terms and conditions
5. Schedule 5 - KYC Documentation Requirements: List of required customer due diligence documents
6. Schedule 6 - Regulatory Compliance Checklist: Checklist ensuring compliance with Banking Act and MAS requirements
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