Chapter Three Requirements for Disposal of Finance Assets or Their Contractual Rights
No: 605580000099
Date(g): 12/6/2019 | Date(h): 9/10/1440
Status: In-Force
6.
The finance entity shall be in operation for at least two years prior to disposing its finance assets or their contractual rights.
7.
The finance entity that intends to dispose finance assets or their contractual rights, shall comply with the following:
7-1
If the assets, which are intended to be disposed, are real-estate assets, there need to be a lapse of at least six months from the date of extending credit related to the assets to be disposed of, or six months from the date of first paid instalment, whichever comes later.
7-2
If the assets, which are intended to be disposed, are other than real-estate assets with contract maturity not exceeding five years, there need to be lapse of at least three months from the date of extending credit related to the assets to be disposed of, or three months from the date of the first paid instalment, whichever comes later.
7-3
If the assets, which are intended to be disposed, are other than real-estate assets with contract maturity exceeding five years, there need to be lapse of at least six months from the date of extending credit related to the assets to be disposed of, or six months from the date of first paid instalment, whichever comes later.
