II. Definitions
| No: 391000083340 | Date(g): 11/4/2018 | Date(h): 26/7/1439 |
Effective from 2018-04-11 - Apr 10 2018
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| Term | Definition |
SAMA | Saudi Arabian Monetary Authority |
| Creditor | Banks and finance companies supervised by SAMA. |
| Individual Customers | Any natural person who obtains financing from a creditor. |
| Debt collection | The process of collecting amounts payable by a retail consumer on due dates by a creditor. |
| Default | The 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. |
| Complaint | Any expression, written or verbal, entailing dissatisfaction with the provided services, whether such dissatisfaction is justified or not. |
| Third party | An 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. |
| Employee | Any 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 communication | A recorded, verifiable means of communication that can be retrieved in written or electronic format. |
| Compelling change in circumstances | Any 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 circumstances | Any 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. |
| Guarantor | Any 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. |
| Day | Any day in a month, including weekends and holidays. |