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II. Definitions

No: 391000083340 Date(g): 11/4/2018 | Date(h): 26/7/1439 Status: In-Force
TermDefinition

SAMA

Saudi Central Bank*

CreditorBanks and finance companies supervised by SAMA.
Individual CustomersAny natural person who obtains financing from a creditor.
Debt collectionThe process of collecting amounts payable by a retail consumer on due dates by a creditor.
DefaultThe non-payment of a retail consumer of the monthly installments agreed upon in the finance contract for three consecutive months or more than five separate months throughout the finance period.
ComplaintAny expression, written or verbal, entailing dissatisfaction with the provided services, whether such dissatisfaction is justified or not.
Third partyAn entity contracted by a creditor to provide, on its behalf, any services which used to be provided by the said creditor or to provide a new service to be launched. Such entity can act as a unit or subsidiary of the creditor or operate independently.
EmployeeAny natural person, including directly contracted employees or outsourced employees, working for a creditor and is subject to its administration or supervision in return for a financial consideration.
Authenticated communicationA recorded, verifiable means of communication that can be retrieved in written or electronic format.
Compelling change in circumstancesAny event that causes an uncontrollable change in a retail consumer's circumstances, including without limitation: the inability to work (partially or totally), retirement (compulsory), and loss of a job or some fixed allowances given to employees by employers monthly.
Voluntary change in circumstancesAny event that causes a change in the circumstances of a retail consumer on their own volition, including without limitation: Retirement (voluntary) and change of jobs.
GuarantorAny natural or juristic person who guarantees or promises to guarantee the fulfillment of any financing extended to a retail consumer, according to a written acknowledgement, in the event that they become unable to do so.
DayAny day in a month, including weekends and holidays.

* The "Saudi Arabian Monetary Agency" was replaced By the "Saudi Central Bank" in accordance with The Saudi Central Bank Law No. (M/36), dated 11/04/1442H, corresponding in 26/11/2020G.