Article 8: Installment Deduction Regulations from Consumers' Accounts
| No: 106889333 | Date(g): 5/3/2025 | Date(h): 6/9/1446 | Status: In-Force |
Translated Document
Effective from 2025-03-05 - Mar 05 2025
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| 1- | Creditors are prohibited from: | |
| 1-1 | Deducting any amounts from the consumer's accounts without a judicial order or ruling, or without obtaining the consumer's consent, or if the finance contract does not permit deduction for banks and finance companies, Or the agreement to deduct the outstanding finance amounts granted without a salary guarantee through the consumer's bank accounts for finance companies. | |
| 1-2 | Blocking accounts or balances of consumers, even temporarily, and denying them access to funds available in the accounts without a judicial order or ruling, or without obtaining the consumer's consent, or if the finance contract does not permit blocking, without prejudice to the statutory provisions and related provisions in the regulation. | |
| 1-3 | Deducting more than one installment for each finance contract within a single salary deposit cycle, unless there is a judicial order or ruling, or with the consumer's consent. | |
| 1-4 | Deducting the installment before the agreed due date, or withholding the installment amount before the due date. | |
| 1-5 | Withholding or deducting end-of-service gratuities for national consumers, unless there is a judicial order or ruling, or with the consumer's consent. | |
| 1-6 | Imposing delay penalties or collection fees exceeding the due amount, with a maximum of one installment value for the entire finance period. | |
| 2- | Creditors must adhere to the deduction limits from the accounts of joint consumers - for joint finance contracts - as agreed with each consumer individually according to the finance contract. | |