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 -For example but not limited to- the following:
- Principles for Protecting Bank Clients as communicated by SAMA Circular No. (341000095960) dated 3/8/1434 AH.
- Updated Consumer Finance Regulations as per SAMA Circular No. (351000116619) dated 10/9/1435 AH.
- 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 10/3/1439 AH regarding the transfer of real estate financing debts.
- SAMA Circular No. (391000086876) dated 9/8/1439 AH concerning the purchase of real estate financing debt among the financiers.