The Contracts Registration Company shall prepare a Contracts Register in accordance with the Law and this Regulation.
2.
The Lessor shall register the Contract and any amendments thereto at the Contracts Register within (10) business days from the date of concluding the contract or the amendment thereof. All transactions affecting the contractual rights of the Lessor and the Lessee shall also be registered.
3.
The Contracts Registration Company serves to:
(a)
Register contracts and amendments thereto.
(b)
Register the transfer of the rights of finance lease contracts through securitization transactions.
(c)
Disclose Contracts Register data to licensed finance bodies, upon a written consent of the Lessor.
(d)
Register ownership contracts resulting from the finance lease contracts upon certification of ownership transfer – if the least asset is a real estate – at the bodies entrusted with real estate registration (courts and notary publics).
4.
SAMA shall issue a resolution determining the powers of the head of the Contracts Register and the registrars.
