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  • Chapter One: Definitions and General Provisions

    • Article One: Definitions

      1.The terms and phrases used in these rules shall have the meanings assigned to them in the Finance Lease Law and its Implementing Regulation.
      2-For the purpose of applying the provisions of these controls, the following terms and phrases, wherever used in these controls, shall have the meanings set forth below, unless the context indicates otherwise:

      Controls: The regulations for recording in the Contract Register, the data required for registration, and the rules and procedures for allowing others to view the Contract Register.

      Concerned Parties: The contracting parties or individuals authorized by the contracting parties.

      Registration: The recording and official documentation of leasing finance contracts in accordance with the provisions of the law, the regulations, and the controls.

      Company: The joint-stock company specialized in registering leasing finance contracts, licensed according to the law.

      Registered Right: The subject of the leasing finance contract concluded between the parties and recorded or to be recorded in the Contract Register.

      Registrar: The Head and Clerk of the Leasing Finance Contract Register.

      Head of the Contract Register: The registration head appointed by the company, responsible for registration activities and issuing documented bonds.

      Contract Register Clerk: The clerk appointed by the company who is entrusted with recording the contract and its amendments in the register.

      Enforcement Document Extract: A document issued by the company for the enforcement of the leased asset in accordance with the provisions of the Enforcement Law and its Implementing Regulation.

    • Article Two: General Provisions

      1. If SAMA licenses more than one contract registration company, SAMA shall issue rules for standardizing the registry and provisions for the implementation of registration by these companies.
      2. If SAMA licenses more than one contract registration company, these licensed companies must take necessary measures to ensure the unity of the contract registry data, data exchange among them, and the protection and preservation of the contract registry data.
      3. The company shall establish a registry for financial lease contracts and manage it in accordance with the law, the regulations, and the controls.
      4. The registry shall be owned by SAMA and is subject to its supervision and oversight. The company may not make any changes to it without obtaining written consent from SAMA.
      5. The company must follow the latest technologies and best practices, including organizing secure access to the contract registry data.
      6. The company must exercise due diligence in safeguarding the data and ensuring the accuracy of the information contained in the contract registry.