B. Obligations of the Beneficiary Financing Entity
| No: 43033273 | Date(g): 18/11/2021 | Date(h): 13/4/1443 | Status: In-Force |
Translated Document
Effective from 2021-11-18 - Nov 17 2021
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| The beneficiary financing entity of a standing payment order must adhere to the following: | ||||
| 1. | Grant the customer approval to change the standing payment order amount when their circumstances change, leading to a rescheduling of the debt. This must be done within (3) working days from the completion of the rescheduling procedures by the financing entity. | |||
| 2. | Provide the customer with a clearance letter and a no-objection certificate for cancelling the standing payment order within (7) working days from the date of the customer’s request in the following cases: | |||
| a. | Full repayment of the outstanding obligations. | |||
| b. | Exemption from the obligations as specified in the relevant instructions of SAMA, according to the applicable laws and regulations, or as stipulated in the contracts. | |||
| 3. | Beneficiary financing entities may coordinate and reach prior agreements with each bank individually to obtain immediate notifications or periodic data reports that include details of the standing payment orders executed in their favor. | |||
| 4. | Notify the customer upon receipt of the standing payment order amount via reliable means of communication. | |||