A Card Issuer that proposes to enter into a Credit or Charge Card Agreement with a Cardholder must provide an Initial Disclosure. The Disclosure must be clear and easy to understand and highlight the terms and conditions which may affect the Cardholder’s rights and obligations, and the Card Issuer must use any format specified by Saudi Central Bank from time to time for that purpose.
Furthermore, the specific terms contained under Article 74 dealing with ’account statement errors/disputed transactions' must be included in the Initial Disclosure. An Initial Disclosure is deemed to be provided to the Cardholder by any of the following:
| a) | On the day recorded as the time of sending by the authorized Card Issuer’s server, if provided by electronic means, and the Cardholder has consented to receive it by electronic means.
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| b) | On the day recorded as the time of sending by a fax machine, if provided by fax and the Cardholder has consented to receive it by fax.
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| c) | 2 weeks after the postmark date, if provided by registered mail.
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| d) | When it is received, in any other case.
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