Without prejudice to the provisions of the Companies Law, a joint stock company or more shall be incorporated pursuant to a license from SAMA to register contracts. Such joint stock company shall undertake the following;
a-
Prepare a register for contracts without prejudice to the provisions of the Real Estate Registration Law;
b-
Register contracts which include information on the leased assets and related rights;
c-
Disclose contract records to the licensed finance entities upon the written approval of the lessor.
2.
Participation in the incorporation and ownership of the contract registration company provided for in Paragraph 1 of this Article shall be restricted to companies licensed to offer finance leasing. SAMA shall regulate increase of the capital of the contract registration company– by new licensed companies joining in the ownership of said company– and distribution of profits subject to Companies Law and Capital Market Law and its Regulations.
3.
The Regulations shall regulate procedures for entry into the register of the contract registration company, the title deed of personal properties, other information required for registration, amendment and cancellation procedures, right of disclosure to third parties, retention period, registration information uniformity, exchange and access as well as fees for services offered.
