Amendment of Some Articles in the Implementing Regulation of the Finance Lease Law
| No: 41061552 | Date(g): 20/6/2020 | Date(h): 29/10/1441 | Status: In-Force |
Translated Document
In reference to the powers vested to SAMA under the Finance Lease Law issued by Royal Decree No. (M/48) dated 13/8/1433 H, and based on Article 27 of the Finance Lease Law, which states that "The Governor shall, in agreement with the Minister of Justice, issue the Implementing Regulations of this Law within 90 days from the date of issuance," and following the agreement with His Excellency the Minister of Justice.
We inform you of the issuance of His Excellency the Governor's Decision No. 93/M SH T dated 18/10/1441 H, which includes the amendment of certain articles in the Implementing Regulations of the Finance Lease Law as follows:
| First: | Amendment of Paragraph (3) of Article 10 of the Implementing Regulations of the Finance Lease Law to read: "To ensure fairness of the conditions of the Finance Lease products intended for individuals or beneficiaries of microfinance, the Lessor, prior to launching these products, shall obtain a non-objection letter from SAMA." | |
| Second: | Amendment of Article 17 of the Implementing Regulations of the Finance Lease Law to read: "The contracts registrar shall carry out the assigned duties at the workplace, except in cases where the head of the Contracts Register permits the contracts registrar to perform his duties at the Lessor’s location and at the Lessor’s expense." | |
| Third: | Amendment of Paragraph (2) of Article 25 of the Implementing Regulations of the Finance Lease Law to read: "The enforcement document extract of the registered Finance Lease Contract serves as an enforcement document pursuant to Clause 8 of Article 9 of the Enforcement Law and requires adherence thereto." |