Section Six Dealing with Borrowers
Article 22: Rules for dealing with Borrowers
- A Creditor must deliver at least on a quarterly basis to each Borrower a statement of his/her Consumer Financing transaction amounts in writing or through electronic medium (such as e-statement) as agreed with the Borrower in advance. The account statement should fully disclose the following information:
(a) The dates on which the statement period begins and ends.
(b) The opening and closing balances (indicating the amount owed by the Borrower at the beginning and at the end of the statement period).
(c) Particulars of each Draw-down during the statement period.
(d) The amount of the Term Cost charge debited to the Borrowers account during the statement period and when the Term Cost was debited.
(e) Particulars of any fees and charges debited to the Borrower's account during the statement period.
(f) Payments to or from the account.
(g) Particulars of each amount paid by the Borrower to the Creditor, or credited to the Borrower, during the statement period.
(h) Particulars of any amount transferred to or from the account to which the statement relates or to or from any other account maintained under or for the purposes of the Financing Contract.
(i) If a minimum amount is payable by the Borrower under the Financing Contract, a statement of the amount and the date by which it is due.
- The address for notification of account statement errors: The address or telephone number to be used for notification of account statement errors or any other enquiries that a Borrower may have on the account statement.
- The time period allowed to the Borrower to verify the accuracy of transactions as annotated in the account statement after which the account statement is binding: This period shall not be less than 30 Calendar Days as of the date of sending the statement via Guaranteed Communication Means
- The Saudi Riyal shall be used as a basis for calculating all transactions and charges of Consumer Financing, and it shall be used in all disclosures of monetary values for Consumer Financing accounts denominated in Saudi Riyal. For Consumer Financing accounts denominated in currencies other than Saudi Riyal, the basis for calculation will be their respective currency of account.
- If the Creditor wants to change the charges related to the Consumer Financing account or the method of paying due amounts, it must notify the Borrower of such change within a period of at least 60 Calendar Days prior to its application. The notice shall be mailed or delivered by Guaranteed Communication Means to the address on record of the Borrower.
- The Borrower is required to keep the Creditor's records updated with his/her latest address and to immediately notify the Creditor of any change in his/her contact details in writing or by Authenticated Communication. Failure to provide this information will release the Creditor from any liabilities and obligations under Article 22.5 above.