Chapter I: Definitions and General Provisions
Article 1: Definitions
1- The terms and phrases used in these Rules shall have the same meaning as defined in the Finance Companies Control Law and its Implementing Regulations.
2- For the purpose of applying the provisions of these Rules, the following terms and phrases -wherever mentioned herein- shall have the meanings assigned thereto, unless the context otherwise requires.
2.1 Finance Support Activities: activities that support or complement finance activities in order to achieve competition in accordance with SAMA instructions. These activities include finance debt collection, aggregation activity and any other activity approved by SAMA.
2.2 Finance Support Company: a person licensed by SAMA to perform one or more of the finance support activities in accordance with the Law and its Implementing Regulations, and these Rules.
2.3 Aggregation Activity: a service provided to link clients with finance companies according to their credit obligations and solvency to offer financial services through an electronic platform for a charge.
2.4 Finance Debt Collection Service Provider: a service provided to collect the debts from clients on behalf of private and public finance institutions.
Article 2: Scope of Application
These Rules shall apply to companies licensed by SAMA to engage in finance support activity.
Article 3: Purpose
The objective of these Rules is to establish licensing requirements and controls for finance support activities and to monitor these activities.
Article 4: General Provisions
Without prejudice to the Finance Companies Control Law and its Implementing Regulations, the finance support activities license application shall be submitted to SAMA in accordance with the requirements, controls and procedures set forth in these Rules and the instructions issued by SAMA in this regard from time to time.