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If a finance company commits violations relating to any professional irregularities or transactions exposing its shareholders or creditors to risk, or if its debts exceed its assets, SAMA shall, by written decision and in proportion to the violation, take one or more of the following measures:
1.
Serve a warning.
2.
Require the finance company to submit an appropriate corrective action plan.
3.
Order the suspension of some of its operations or prevent distribution of dividends.
Order the temporary suspension or dismissal of the violator, if not a board member, according to the gravity of the violation.
6.
Temporary suspension of the chairman or a board member.
7.
Appoint one or more consultants at the expense of the finance company to provide advice on its conduct of business.
8.
Suspend the board of directors and appoint a manager at the expense of the finance company to run the company until the causes for suspension, as determined by SAMA, cease to exist.
If SAMA deems that the violation calls for cancellation of the license or liquidation of the finance company, SAMA may initiate a suit before the competent court. SAMA, at its own discretion, may suspend the license until the suit is decided.
