Assigning Debt Collection Operations of Banks and Finance Companies to Debt Collection Entities Licensed by SAMA
| No: 44055679 | Date(g): 29/1/2023 | Date(h): 8/7/1444 | Status: In-Force |
Translated Document
Based on the powers vested to SAMA pursuant to The Banking Control Law issued by Royal Decree No. (M/5) dated 22/02/1386H, The Finance Companies Control Law issued by Royal Decree No. (M/51) dated 13/08/1433H and The Implementing Regulations issued by the decision of His Excellency the Governor No. (2/MFC) dated 14/04/1434H, and based on the supervisory and regulatory role of SAMA over banks, finance companies, and debt collection entities, and in order to achieve stability in the sector and protect the rights of its participants;
We hereby inform you that it has been decided to restrict the assignment of debt collection operations for banks and finance companies to debt collection entities licensed by SAMA. You can refer to SAMA's website to find the licensed debt collection entities.
For your information and to act accordingly as of 01/01/2024. *
* The deadline for banks and finance companies to contract with debt collection entities that have obtained the initial approval of SAMA to engage in debt collection activities for finance entities has been extended until the end of June 2024G, according to SAMA Circular No. (45029088) dated 01/05/1445H, and then until the end of September 2024, according to Circular No. (45077226) dated 26/12/1445H.