Regulatory Alerts2024-09-26
Added · Updated
Financial Consumer Protection Instructions for the Banking Sector (14-2024)
These Instructions apply to all banks operating in the Kingdom of Jordan, becoming effective 90 days after publication in the Official Gazette. They establish principles for fair client treatment, including prohibitions on discriminatory practices, duplicate credit documents, and specific debt collection methods, while mandating notification via SMS within 15 days of default. The rules require comprehensive disclosure of costs, Effective Annual Percentage Rates, and contract terms, with specific formatting and content requirements for credit and deposit agreements. Banks must also adhere to strict guidelines on early settlement refunds, variable rate adjustments, and the handling of client complaints and electronic banking risks.