5. Debt Transfer
| No: 43023350 | Date(g): 21/10/2021 | Date(h): 15/3/1443 | Status: In-Force |
Translated Document
5.1 Consumer Finance:
Financial institutions (debt sellers) must process the customer's request to transfer debt by completing the necessary consumer finance debt transfer forms within a timeframe not exceeding one business day from the date of receiving the request.
5.2 Real Estate Finance:
A-Financial institutions (debt sellers) must process the customer's request to transfer real estate financing debt by completing the necessary real estate financing debt transfer forms within a timeframe not exceeding three business days from the date of receiving the request.
B- Financial institutions (debt sellers) must complete the processing of the customer's request within a timeframe not exceeding five business days from the date of receiving the approval of the financing entity (the institution wishing to purchase the debt) for the debt transfer.