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Chapter Four Procedures for Disposal of Finance Assets or Their Contractual Rights
No: 60558/99
Date(g): 12/6/2019 | Date(h): 9/10/1440
Effective from 2019-06-12 - Jun 11 2019 To view other versions open the versions tab on the right
8.
The finance entity that wishes for disposal of finance assets or their contractual rights must apply for Saudi Central Bank's no-objection attached with the following:
8-1
Disposal of finance assets portfolio or their contractual rights template (appendix 1).
8-2
Overdue Instalments of finance assets portfolio template (appendix 2).
8-3
A historical record of the last (5) disposed finance assets portfolios or their contractual rights, if available (appendix 3).
8-4
A copy of the proposed contracts and agreements between first and second party. The contract shall contain all necessary information including but not limited to the following:
A.
Details of the underlying parties in the contract.
B.
Type of the disposal of finance assets or their contractual rights.
C.
Forms of the disposal of finance assets or their contractual rights and guarantees thereto.
D.
Expected date of the contract.
E.
Type of the finance assets portfolio.
F.
Gross and net value of the finance assets portfolio.
9.
The finance entity can provide the second party - when it deems necessary - with data and information regarding the finance assets portfolio that intended to be disposed.
10.
The finance entity, which intends to dispose finance assets or their contractual rights, shall apply for Saudi Central Bank's no-objection, with all the documents, templates and records as specified in these Rules, at least (15) business days prior to the expected date of the disposal.
11.
The finance entity must provide Saudi Central Bank with a copy of all concluded contracts and agreements regarding the disposal within five business days of their conclusion.
