Line of credit - Standard Life

5. Sending the documents by fax to the
National Bank Partnership Branch for
submission of the Credit application
The Broker will:
• Send all required documentation including the
“Request for Eligibility Confirmation” and the
Broker Enrolment form (if applicable) by fax
to the National Bank Partnership Branch at
1-888-307-2997.
6. Receiving the credit decision
Documents to be faxed:
• Credit application – CSV Line of Credit
• Security agreement on insurance products and
instructions to the insurer
• Statement of existing policy to be given
as collateral
• Proof of income and assets (copies from
original documents)
• Personalized void cheque
• Request for Eligibility Confirmation
• Statement of existing loan at other financial
institution to be paid (if applicable)
• Third Party information appendix (if applicable)
Partnership branch will confirm the final credit decision to Broker and Standard Life by fax.
• The Broker informs the Applicant(s) about the decision
Note: Should a Guarantor be required, a separate Credit application form will have to be completed and
signed in order to obtain his(her) personal and financial information.
7. Sending the original loan package
to Standard Life
After having received the credit decision, the Broker sends the original loan package, including CSV
Checklist to Standard Life (declined requests must also be sent).
Refer to step 2 for documents listing.
When policy owner is an individual
who resides in Quebec:
• First page of original Policy or “Declaration”
form (if applicable)
When policy owner is a Corporation:
• Resolution of the board of Directors (to be
completed and signed by authorized signatories)
• Copy of the most recent Corporation financial
statements (if applicable)
• Certificate of officer (if applicable)
Once they have received all
documentation, the National Bank
Partnership branch will:
• Verify conformity of the documents received
• Enter and submit request into the Point-Of-Sales
(POS) system
8. Indicating the National Bank of Canada as
the first ranking secured creditor
9. Loan opening
10. Loan payout to another
financial institution
11. Final step
After having received the credit decision and original loan package, Standard Life will indicate the National
Bank of Canada as a first ranking secured creditor on the collateral, provided the policy has not already
been hypothecated or assigned to a third party. In that case, please refer to step 10. Standard Life will also
send a notice to the applicant, confirming the assignment.
The CSV Line of credit will be opened within a delay of 24 hours after the National Bank has received
all original documents properly completed and signed including a Statement of Security Interest from
Standard Life.
Should the proceeds of the CSV Line of credit
be used to pay another financial institution, the
National Bank Partnership branch will forward a
draft in the amount necessary to the Broker for
repaying the financial institution along with a
Payout letter.
The Broker will:
• Obtain the applicant’s signature on the
Payout letter.
• Remit the draft and obtain signature of the
other financial institution on the Payout letter.
• Retrieve the original policy from the other
financial institution (if the owner resides in the
Province of Quebec).
• Send the signed Payout letter and, if applicable,
the original policy to Standard Life.
Following this, Standard Life will indicate the
National Bank of Canada as a first ranking secured
creditor on the collateral.
In all cases, National Bank Partnership branch will send a “Welcome letter” to the applicant(s)* , as well
as a “Strictly between you and us” pamphlet and a “Banking Guide to Fees” brochure. If applicable, a
start-up kit for cheques, a client-card and/or enrolment for telephone or internet banking services will also
be sent with documentation.
*Note: The “Welcome letter” will be sent to the co-applicant only if the option was properly selected
in the “Account statement” section of the credit application.
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