I. Introduction
1. General Framework
The general framework of these Regulations includes:
• Controls governing communication with retail consumers and their guarantors.
• Debt collection procedures.
• Procedures for dealing with defaulting retail consumers.
2. Objectives
These Regulations aim at governing the mechanism of debt collection and communication with retail consumers and their guarantors in a manner that enables creditors to follow clear and specific procedures while protecting the rights of all relevant parties.
3. Scope
These Regulations shall apply to banks and finance companies supervised by SAMA.