Chapter 7: Penalties
Article 34
SAMA shall impose a fine not exceeding two hundred and fifty thousand riyals (SAR 250.000) for violations set forth in Article 29 of this Law. If the violation persists, SAMA may impose a fine not exceeding ten thousand riyals (SAR 10.000) for each violation day.
Article 35
1. A person who persists in defaulting the payment of his loan, shall be subject to a fine not exceeding double the interest agreed to for the defaulted payment. The fine shall be repeated with each repeated default. The fine shall be deposited into the account of the agency overseeing non-governmental organizations, to be allocated for support of public benefit societies.
2. Without prejudice to the provisions of Article 34 of this Law, any person violating any of the provisions of this Law and its Regulation shall be subject, depending on the gravity of the violation, to a fine not exceeding two million riyals or 10% of the amount financing obtained by the violator, and imprisonment for a term not exceeding two years, or either penalty. Amounts resulting from said fines shall be deposited into the State treasury.*
3. The Saudi Central Bank may provisionally attach the funds of persons who are proven to violate Article 4(1)(2) of this Law, without exceeding the prescribed amount and percentage in paragraph (2) of this Article. Such attachment shall be in force pending the competent authority decision on the violation in according to applicable statutory procedures.**
4. The judgment may include a provision to issue its summary on the expense of the violator in a local newspaper or any other appropriate medium.**
* This paragraph has been amended in accordance with the Royal Decree No. M/24 dated 15/3/1443H.
** This paragraph has been added in accordance with the Royal Decree No. M/24 dated 15/3/1443H.