Regulatory Alerts2022-01-01
Lending-2022- Circular No. 128: Providing Borrowers and Guarantors with Copies of Documents Signed by Them
The Palestine Monetary Authority mandates that all specialized lending institutions in Palestine must provide borrowers and guarantors with an original or certified copy of every signed contract and document. Institutions are required to formally document the handover of these records regardless of pending litigation or whether they are issued on the signing date, in strict adherence to Responsible Lending guidelines. Failure to comply will result in formal legal enforcement actions.
[Logo of the Palestine Monetary Authority] Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (128/2022) To all specialized lending institutions operating in Palestine Date: Thursday, June 09, 2022
Subject: Providing Borrowers and Guarantors with Copies of Documents Signed by Them
In light of receiving complaints from the public regarding the refusal of some branches of specialized lending institutions to provide them with an original or certified copy of contracts and documents signed by them, and in reference to our instructions No. (2016/02) dated 2016/03/20 regarding Responsible Lending, the Palestine Monetary Authority emphasizes the necessity for specialized lending institutions to comply with the provisions of the aforementioned instructions. This requires providing customers with an original or certified copy of contracts and documents, regardless of whether there are pending court cases or whether the customer receives them on the date of signing. The delivery of these documents must be documented in accordance with proper procedures; otherwise, legal measures will be taken accordingly.
Supervisory Group [Signature] Palestine Monetary Authority