Skip to main content
Entire section Custom print Text Only Rich Text Print / Save as PDF
Download Original PDF

Chapter Three: Final Provisions

No: 43076917 Date(g): 5/4/2022 | Date(h): 4/9/1443 Status: In-Force

Translated Document

  1. Enforcement actions on a promissory note before the competent court may only be initiated after fulfilling the requirements specified in the policy referenced in Section (3) of these instructions.
  2. The financing entity shall be liable for any damages incurred by the customer due to the enforcement of a promissory note that the customer has already settled.
  3. The financing entity must adhere to the model format for promissory notes prepared by the Ministry of Commerce, as issued under SAMA Circular No. (6876/BC/213) dated 09/06/1410 H.
  4. When issuing an electronic promissory note, the financing entity must use the approved electronic platforms.
  5. SAMA reserves the right to take any actions stipulated in the Banking Control Law and the Finance Companies Control Law and its implementing regulations against a financing entity that does not comply with these instructions.
  6. The financing entity must develop a plan for communicating with customers to return promissory notes that have fulfilled their purpose. This plan should be implemented within one year from the date of publication of these instructions and SAMA should be informed upon its completion.
  7. SAMA has the authority to amend and update these instructions if needed.