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

Effective from 2020-06-20 - Jun 19 2020
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Referring to the powers granted to the Central Bank under the Leasing Financing System issued by Royal Decree No. (M/48) dated 13/8/1433 H, and based on Article 27 of the Leasing Financing System, which states that "The Governor, in agreement with the Minister of Justice, shall issue the executive regulations of this system within ninety days from the date of its 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 Executive Regulations of the Leasing Financing System as follows:

	First:	Amendment of Paragraph (3) of Article 10 of the Executive Regulations of the Leasing Financing System to read: "The lessor must obtain a letter from the institution stating its no-objection to the leasing financing products directed at individuals or microfinance beneficiaries before offering them, to ensure fairness in their terms."
	Second:	Amendment of Article 17 of the Executive Regulations of the Leasing Financing System to read: "The contract register clerk must perform his duties at his workplace, but may, with the approval of the head of the contract register, perform them at the lessor’s premises, with the lessor bearing the associated costs."
	Third:	Amendment of Paragraph (2) of Article 25 of the Executive Regulations of the Leasing Financing System to read: "The extract of the executive instrument of the registered leasing financing contract is considered an executive instrument, according to Paragraph Eight of Article Nine of the Execution System, and confirms compliance."