Regulatory Alerts2020-10-14
Adherence to the standard form of the financing lease contract for vehicles for individuals
The Saudi Central Bank’s Finance Companies Supervision Department mandates licensed finance companies to adhere to the standard financing lease contract form for individual vehicle purchases. This regulatory requirement, initially effective from April 23 to August 30, 2020, has been progressively extended due to COVID-19 impacts until July 21, 2020. The standardized form applies universally to all individual vehicle financing lease agreements executed by licensed entities during the compliance period.
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