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Article 64

No: MSHT/82 Date(g): 10/12/2019 | Date(h): 13/4/1441 Status: In-Force
Finance agreements must be drawn up on paper or electronically between the Consumer Microfinance Company and the borrower and each contracting party must receive a copy of the finance agreement. The finance agreement must include at least the following data and information: 
 
 1.names of parties to the contract, ID/Iqama/commercial register number of the borrower (as the case may be), official addresses, and contact information such as mobile phone number and email address (if any);
 
 2.type of finance;
 
 3.term of finance contract;
 
 4.finance amount;
 
 5.conditions to drawdown the amount of finance if available;
 
 6.term cost and its application conditions;
 
 7.annual percentage rate (APR);
 
 8.total amount payable by the borrower, calculated at the time of signing the finance contract, with the assumptions used in calculation provided;
 
 9.the amount, number and duration of installments to be paid by the borrower and the method of distributing that amount over the remaining amounts;
 
 10.fees, commissions, and administrative service costs;
 
 11.terms of payment of fees or funds required without paying the finance amount as well as the conditions for such payment;
 
 12.the consequences of delayed payment of installments;
 
 13.required documentation fees, where applicable;
 
 14.guarantee and insurance (if any);
 
 15.the account number for depositing finance installments and the bank name;
 
 16.procedures for exercising the right to withdraw (if any) and the conditions and financial obligations relating to such right;
 
 17.procedures for early repayment and for compensation of the Consumer Microfinance Company (when necessary) and how to determine such compensation;
 
 18.procedures for dealing with guarantees if their value is reduced (if any);
 
 19.procedures for exercising the right to terminate the finance contract;
 
 20.the borrower's permission to include his/her information in the credit record; and
 
 21.any other information specified by SAMA.