Article 26: Finance (Terms and Conditions) Contract Requirements
| No: 450360390000 | Date(g): 17/12/2023 | Date(h): 5/6/1445 | Status: In-Force |
The BNPL company shall draw up a finance (terms and conditions) contract with the consumer before any dealings, provided that it is presented clearly, easy to understand, and not misleading. The contract shall also be consistent with the relevant regulatory requirements and contain, as a minimum:
- The information of the company and consumer (parties).
- Finance term.
- Type of goods or services, including their specifications and requirements (if any).
- Involved parties’ rights and obligations
- The amount, number and term of installments payable by the consumer, and the company’s commitment to notify the consumer of the monthly installment due date in advance.
- Consequences of a delayed payment of installments.
- Purchase order cancellation method, and refund procedures, conditions and process time.
- Procedures for early payment and for compensating the company (when necessary) and how to determine such compensation.
- Procedures for dealing with defaulting consumers.
- Consumer’s permission to enter their information in the credit record.
- Dispute resolution mechanism.
- Any other data or information required by SAMA.