Regulatory Alerts2015-06-15
Added · Updated
Ensuring the Recovery of Movable Assets from the Lessee: The Lessor’s Right to Recover Them Shall Be Exclusively Through the Competent Authorities
The Saudi Central Bank mandates that licensed financial leasing entities must exclusively utilize competent authorities, such as the Ministry of Interior or Ministry of Justice-licensed specialized companies, to recover movable assets from lessees when contractually permitted. This directive reinforces existing Ministry of Interior instructions and clarifies that direct recovery actions by financing company employees are strictly prohibited until specialized execution companies are formally licensed. Any personnel attempting unauthorized asset recovery shall face legal prosecution, ensuring strict compliance with Article 25 of the Financial Leasing System.
More like this from SAMA
SAMA published 1 document in the last 30 days. We email you each new one the day it's published.