Article 15: Revocation of License
Effective from Jan 01 2024 - Feb 29 2020
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| SAMA may revoke the license in the following cases: | ||
| 1- | Upon the request of the finance support company, taking into account the rights of the creditors and beneficiaries as well as the soundness of the financial system. | |
| 2- | If the finance support company has submitted false information or failed to disclose material information that should have been provided for licensing purposes. | |
| 3- | If the finance support company has violated the requirements of these Rules, the provisions of finance laws, or SAMA’s instructions. | |
| 4- | If the finance support company has not carried out the licensed activities within (6) months from the date of issuance of license. | |
| 5- | If the operations of the finance support company have been suspended for more than (3) consecutive months, or for (6) non-consecutive months without obtaining SAMA’s prior written no-objection. | |