The Payoff Authorization Form is a critical document used in Canadian lending operations when a borrower intends to pay off their loan in full. This document is required whenever a borrower wishes to obtain an official payoff statement and authorize the final payment of their loan, whether it's a mortgage, vehicle loan, personal loan, or commercial debt. The form ensures compliance with Canadian federal and provincial regulations, including privacy laws, banking regulations, and consumer protection requirements. It contains essential information such as the loan account details, borrower information, payoff amount calculation, and payment instructions. The document serves multiple purposes: it authorizes the release of payoff information, confirms the borrower's intent to pay off the loan, provides payment instructions, and, where applicable, authorizes the release of any security interests upon successful payment.
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1. Account Information: Details of the loan account including account number, current holder, and original loan details
2. Borrower Information: Full legal name, contact information, and identification details of the borrower(s)
3. Payoff Details: Specific amount to be paid off, including principal, interest, and any fees
4. Payment Instructions: Details of how and where the payoff amount should be sent, including banking information
5. Authorization Statement: Clear statement authorizing the payoff and release of information
6. Validity Period: Timeframe for which the payoff amount and authorization are valid
7. Execution: Signature blocks, date, and witness requirements
1. Co-Borrower Information: Required when there are multiple borrowers on the loan
2. Collateral Release: Required for secured loans to authorize release of security interest
3. Third-Party Authorization: Required when someone other than the borrower is authorized to request/receive payoff information
4. Per Diem Interest: Include when daily interest calculations are needed for flexible payoff dates
5. Electronic Communication Consent: Required when documents will be handled electronically
6. Language Rights Notice: Required in Quebec and other jurisdictions with language requirements
1. Schedule A - Payoff Calculation: Detailed breakdown of the payoff amount including principal, interest, fees, and penalties
2. Schedule B - Identification Verification: Copies of required identification documents
3. Schedule C - Supporting Documents: Any additional documentation required to process the payoff
4. Schedule D - Wire Transfer Instructions: Detailed banking information for wire transfers if applicable
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