Regulatory Alerts2019-09-15
Inclusion of Contract Registration Company Fees in the Administrative Service Fees, Commissions, and Costs Stipulated in Article 83 of the Implementing Regulation of the Finance Companies Control Law
The Saudi Central Bank mandates that contract registration company fees must be included within the statutory cap of 1% or SAR 5,000 on administrative service fees, commissions, and costs outlined in Article 83 of the Implementing Regulations of the Finance Companies Control Law. This directive explicitly prohibits finance companies from charging clients for these registration fees separately or outside the aforementioned capped limits. The clarification reinforces prior regulatory guidance by categorizing unavoidable financing-related charges, including registration costs, as part of the overall capped administrative expenses.
Share