Regulatory Alerts2025-03-06
Circular on the Updated Debt Collection Regulations and Procedures for Individual Customers
The Saudi Central Bank has issued updated Debt Collection Regulations and Procedures for individual customers, replacing the previous framework effective upon publication. The revised rules establish strict standards for telephone communication, mandate automated complaint tracking with defined resolution timelines, and regulate installment deduction mechanisms to protect customer accounts from unauthorized holds or excessive charges. Furthermore, the regulations clarify distress definitions, mandate proactive restructuring options for both involuntary and voluntary financial changes, and enforce exemptions for total disability or death within thirty days.
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