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Article 12: Balance Transfer

No: 351000116619 Date(g): 7/7/2014 | Date(h): 10/9/1435

Effective from 2014-07-07 - Jul 06 2014
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  1. Creditors must quickly facilitate the transfer of balance(s) to other Creditors in the Consumer Financing accounts of their Borrowers. Creditors must not unreasonably withhold their consent to a balance transfer request they receive.
  2. Creditors may not unreasonably withhold the issuance of a balance statement or certificate of outstanding liabilities requested by the Borrower; these must be issued within 7 Business Days from the date of request.