RegAlertRule · PMA · 14 Aug 2022
Lending-2022- Circular No. 171 Collateral Documents for Loans - Financing Granted to Customers
The Palestine Monetary Authority mandates all specialized lending institutions operating in Palestine to promptly return all collateral documents, including checks and promissory notes, to borrowers and guarantors upon full settlement of their loan or financing obligations. This directive addresses recent complaints regarding banks' refusal or delay in returning such documents, which the regulator deems contrary to fairness principles. Institutions must strictly comply with this requirement to ensure transparent and equitable treatment of all clients.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. ( 171 / 2022 )
To all specialized lending institutions operating in Palestine Date: Sunday, August 14, 2022
Subject: Collateral Documents for Loans / Financing Granted to Customers
In light of receiving complaints from some borrowers/guarantors regarding the refusal or delay by some banks in returning documents related to the collateral for loans/financing granted to them after settling their debts with the institution, and since this contradicts the principles of fairness in dealing with borrowers and guarantors, all lending institutions are requested to comply with returning all collateral documents for loans granted to borrowers and their guarantors upon completion of debt settlement, including checks and promissory notes.
Supervisory Group
Palestine Monetary Authority
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Source: Palestine Monetary Authority — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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