Assignment of Debt Collection Operations for Banks and Finance Companies to Debt Collection Entities Licensed by SAMA
| No: 46014147 | Date(g): 4/9/2024 | Date(h): 1/3/1446 | Status: In-Force |
Translated Document
Further to SAMA's Circular No. (45077226), dated 26/12/1445H, which refers to Circular No. (44055679), dated 08/07/1444H, concerning the restriction of the assignment of debt collection operations of banks and finance companies to debt collection entities Licensed by SAMA, it has been decided to extend the deadline for banks and finance companies to contract with debt collection Entities that have obtained initial approval from SAMA to engage in the debt collection activity until the end of September 2024G.
In light of SAMA's ongoing review of the regulations governing the debt collection activity, including licensing and direct supervision of the activity, it has been decided to further extend the deadline for banks and finance companies to contract with debt collection Entities that have obtained initial approval from SAMA to engage in debt collection, until the end of December 2024G, or the issuance of further instructions from SAMA, whichever comes first. For more details on the entities that have obtained initial approval from SAMA to engage in this activity, please refer to SAMA's official website.