2. General Provisions
| No: 43023350 | Date(g): 21/10/2021 | Date(h): 15/3/1443 | Status: In-Force |
Translated Document
Effective from 2021-11-20 - Nov 19 2021
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2.1 These instructions aim to specify the timeframes that financial institutions must adhere to when receiving a client's request for issuing a clearance letter, transferring an account, or transferring debt. This is intended to protect clients, ensure fairness in transactions, and promote competition.
2.2 These instructions do not affect the provisions outlined in related instructions or any subsequent updates, including, but not limited to, the following:
- Principles for Protecting Bank Clients as communicated by SAMA Circular No. (341000095960) dated 3/8/1434H.
- Updated Consumer Finance Regulations as per SAMA Circular No. (351000116619) dated 10/9/1435H.
- SAMA Circular No. (361000083199) dated 11/6/1436H concerning instructions for purchasing individual customer debts between banks (Consumer Financing Buyout).
- SAMA Circular No. (39100028242) dated 10/3/1439H regarding the transfer of real estate financing debts.
- SAMA Circular No. (391000086876) dated 9/8/1439H concerning the transfer Mortgage Loans.