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Chapter Three: Final Provisions

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

Translated Document

Effective from Jul 01 2022 - Jun 30 2022
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  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 client due to the enforcement of a promissory note that the client 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 clients 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 as needed.