Introductory Chapter: Definitions
Article 1
The following terms and phrases – wherever mentioned in this Law – shall have the meanings assigned thereto unless the context requires otherwise:
Law: Finance Companies Control Law.
Regulations: Implementing Regulations of this Law.
SAMA: Saudi Central Bank*.
Governor: Governor of SAMA.
Finance company: A company licensed to engage in finance activities.**
Borrower: A person receiving finance.
Consumer: A person to whom finance services are offered.
License: A license issued by SAMA to a company to engage in finance activities.
Finance: Extending credit under contract for activities stipulated in this Law.
* The "Saudi Arabian Monetary Agency" was replaced By the "Saudi Central Bank" in accordance with The Saudi Central Bank Law No. (M/36), dated 11/04/1442H, corresponding to 26/11/2020G.
**This paragraph has been amended in accordance with the Royal Decree No. (M/272) dated 04/12/1445H, corresponding to 10/06/2024G.