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A Creditor that enters into a Financing Contract with a Borrower must provide the Borrower with an Initial Disclosure statement that includes the following information:
(a)
The initial limit of the Financing, if it is known at the time the disclosure is made;
(b)
The APR and the annual Term Cost;
(c)
The nature and amounts of any recurring non-Term Cost charges;
(d)
The minimum payment during each payment period and the method for determining it;
(e)
Each period for which a statement of account is to be provided;
(f)
The date on and after which Term Cost accrues;
(g)
The particulars of all charges and administrative fees that may be imposed;
(h)
information about any Optional Feature in relation to the Financing Contract that the Borrower accepts in writing, the charges for each Optional Feature and the conditions under which the Borrower may cancel that feature;
(i)
the manner in which the Term Cost is calculated; and
(j)
information on all applicable charges including reporting of Default cases to a Licensed Credit Bureau or appropriate Regulatory Authorities as per SAMA's approval.
If the initial limit of the Financing is not known when the Initial Disclosure statement is made, the Creditor must disclose it in:
(a)
The first statement of account provided to the Borrower; or
(b)
In a separate statement that the Borrower receives on or before the date on which the Borrower receives that first statement of account.
If a Financing Contract is amended, the Creditor must, in writing and within 30 Calendar Days or more before the amendment takes effect, disclose to the Borrower and Guarantor (if any), any changes to the agreement pertaining to items referred to under Article 21(1) except changes to the following:
(a)
A decrease in charges other than Term Cost or Default charges;
(b)
A change concerning information about any Optional Feature in relation to the Financing Contract.
An amendment referred to in Article 21(3) must be disclosed in the first statement that is provided to the Borrower after the amendment is made.
If a Creditor offers to defer or skip a payment or installment under a Financing Contract, the Creditor must, with the offer, disclose in a prominent manner whether Term Cost will continue to accrue during any period covered by the offer if the offer is accepted. Creditors must ensure compliance with Article 14(5), i.e. the maximum Term to Maturity may not exceed 5 years.
