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Chapter Five: Final Provisions

No: 106889333 Date(g): 6/3/2025 | Date(h): 6/9/1446 Status: In-Force

Translated Document

 

  1. Creditors must adhere to the regulations and are responsible for any violations committed by their employees or third parties. 
     
  2. The regulations set the minimum requirements for creditors to exercise due diligence in all stages of the collection process, and they must continuously develop their internal procedures in line with the nature and size of their business, and according to the best local and international standards and practices, without conflicting with the regulations and related instructions. 
     
  3. The department responsible for managing collection operations must be subject to review and audit by the internal audit and compliance departments at creditors on an annual basis to ensure the soundness of procedures and their compliance with the regulations and related instructions. 
     
  4. Creditors are responsible for evaluating and assessing the consumer's credit and financial status and ensuring their ability to fulfill their obligations throughout the contract period, considering and accommodating changes that may occur in their circumstances in accordance with the instructions issued by SAMA. 
     
  5. The regulations update previous regulations or instructions issued in this regard and replace the provisions of the Debt Collection Regulations and Procedures for Individual Consumers (First Edition), and creditors and third parties must update their policies, procedures, contracts, and agreements in line with them. 
     
  6. The regulations are effective from the date of publication on SAMA's website.