Effective from Jul 08 2008 - Jul 07 2008 To view other versions open the versions tab on the right
SAMA shall supervise and monitor the implementation of the provisions of this Law and may, in particular, undertake the following:
1.
draft the Implementing Regulations of this Law;
2.
determine conditions to be met by companies seeking to provide credit information services, as well as controls and procedures for licensing;
3.
issue, renew and amend licenses for credit information companies;
4.
set up mechanisms for supervising and monitoring the work of credit information companies;
5.
approve work procedures to be followed by members and credit information companies for the application of credit records;
6.
detect and investigate violations and prosecute violators before the committee; and
7.
determine measures to be taken with respect to credit information in case of revocation of the license of the credit information company, or its dissolution, liquidation or bankruptcy.
