The Employee Loan Agreement is designed for use in New Zealand when an employer wishes to provide a formal loan to an employee. This arrangement requires careful documentation to comply with both employment and financial services regulations, particularly the Employment Relations Act 2000 and the Credit Contracts and Consumer Finance Act 2003. The agreement typically arises in situations where employees require financial assistance for personal or professional development purposes, or during times of personal hardship. The document includes essential elements such as loan terms, interest rates, repayment schedules, and the relationship between the loan and ongoing employment. It's crucial to note that this agreement must be structured to avoid creating undue pressure on the employment relationship while maintaining proper financial controls and protections for both parties.
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1. Parties: Identifies the employer (as lender) and employee (as borrower) with full legal names and details
2. Background: Establishes the context of the employment relationship and the purpose of the loan
3. Definitions: Defines key terms used throughout the agreement
4. Loan Amount and Purpose: Specifies the loan amount and its intended purpose
5. Interest Rate: Details the applicable interest rate and how it is calculated
6. Term and Repayment: Specifies the loan term and repayment schedule, including payment amounts and frequency
7. Method of Payment: Details how repayments will be made, including any salary deduction arrangements
8. Employee Acknowledgments: Employee's confirmation of understanding the terms and receiving required disclosures
9. Default and Consequences: Outlines what constitutes default and the consequences
10. Relationship with Employment: Clarifies how the loan agreement interacts with the employment relationship
11. General Provisions: Standard contract clauses including governing law, amendments, and notices
1. Security: Include when the loan is secured against specific assets or guarantees
2. Early Repayment: Include when early repayment is permitted and any associated terms
3. Insurance Requirements: Include when insurance is required to secure the loan
4. Change in Employment Status: Include specific provisions for what happens if employment terminates
5. Loan Forgiveness Terms: Include if there are conditions under which part of the loan may be forgiven
6. Financial Hardship Provisions: Include procedures for handling financial hardship situations
7. Tax Implications: Include when there are specific tax consequences that need to be acknowledged
1. Schedule 1 - Loan Terms Summary: Detailed summary of key loan terms including amount, interest rate, and term
2. Schedule 2 - Repayment Schedule: Detailed breakdown of repayment amounts and dates
3. Schedule 3 - Salary Deduction Authorization: Form authorizing employer to make loan repayment deductions from salary
4. Appendix A - Credit Contract Disclosure Statement: Mandatory disclosure statement under Credit Contracts and Consumer Finance Act
5. Appendix B - Security Details: If applicable, details of any security provided for the loan
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Relevant Teams
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Finance
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