The Inclusion of Registration Fees in the Contract Registration Company as One of the Fees Commissions and Administrative Services Charges Stipulated in Article 83 of the Implementing Regulation of the Finance Companies Control Law
| No: 332500000099 | Date(g): 15/9/2019 | Date(h): 16/1/1441 | Status: In-Force |
Translated Document
Based on the powers granted to SAMA under relevant laws, regulations, and instructions, including the Finance Companies Control Law issued by Royal Decree No. (M/51) dated 13/8/1433H and its Implementing Regulation issued by the decision of His Excellency the Governor No. 2/MFC dated 14/4/1434H, which stipulates in Article 83 that "all fees, commissions, and administrative services charges to be recovered from the Borrower by the Finance Company shall not exceed the equivalent of(1%) of the Amount of Finance or (5,000) five thousand Saudi riyals whichever is less," and further to SAMA's Circular No. 361000091211 dated 30/6/1436H, which included that the fees and administrative service charges mentioned in the above article cover all amounts the beneficiary is obligated to pay other than the financing amount and cost of term, including all fees, costs, and commissions that the beneficiary cannot avoid in obtaining the financing, including registration fees.
Accordingly, SAMA would like to confirm that registration fees in the contract registration company are included within the fees, commissions, and administrative service charges with the maximum limit stipulated in Article 83 of the Implementing Regulation of the Finance Companies Control Law and cannot be charged to the customer outside these fees.