In force
Saudi Credit Information Law
نظام المعلومات الائتمانية
The law covers its definitions and objective, the entities it applies to, the obligations of government bodies that hold credit information, supervision of its application, prohibited acts, and penalties.
- Articles
- 17
- In force
- 17
- Amended
- 0
- Issued
- 5/7/1429 AH
Issued by: مرسوم ملكي رقم م/37 بتاريخ 5 / 7 / 1429 · قرار مجلس الوزراء رقم 188 بتاريخ 4 / 7 / 1429
Each article shows the official Arabic text, which is the only legally binding version, followed by our plain-English explanation.
Browse Credit Information Law by topic
Definitions and Scope of the Law5 articlesCredit Information Companies3 articlesMembers' Obligations in Exchanging Information3 articlesConfidentiality of Credit Information2 articlesConsumer Rights in the Credit Record2 articlesCredit Information Violations and Penalties2 articlesViolations Committee and Compensation for Damage2 articles
Articles of the Saudi Credit Information Law
- Article 1Defines the key terms of the Law, such as credit information, member, consumer, companies, credit record and public records.
- Article 2States that the aim of the Law is to set the general foundations and controls for collecting credit information about consumers, exchanging it and protecting it.
- Article 3Sets the scope of the Law: it applies to credit information companies, members, and the government and private bodies that hold credit information.
- Article 4Requires government bodies to make their credit information available to licensed companies, and requires companies to collect, exchange and protect information and prepare credit records for a fee.
- Article 5Requires every member to exchange all its credit information with the company it is bound to, and to bear responsibility for its accuracy and updating; it may obtain a consumer's record only with his written consent.
- Article 6Requires members, companies and their staff to keep consumers' credit information confidential, and bars publishing it or using it except as the Law, its Regulations and the confidentiality laws allow.
- Article 7Allows credit information to be used in the form of statistical figures, provided they contain no information that indicates the consumer's identity.
- Article 8Requires members and companies to inform consumers of the procedures for applying for any credit dealing, and requires companies to set complaint-handling procedures and publish them after the Institution's approval.
- Article 9Sets the consumer's rights in his credit record: consent to its creation, knowing the reason for refusal, free or paid copies, adding his viewpoint, requesting correction and complaining.
- Article 10Requires companies to keep credit information and prepare a record of all requests for credit records, and refers the retention period and its controls to the Implementing Regulations.
- Article 11Gives the Saudi Arabian Monetary Authority supervision of the Law's application, including preparing the Regulations, licensing and overseeing companies, detecting violations and prosecuting before the committee.
- Article 12Lists the acts that violate the Law, such as practicing without a license, disclosing confidential information, exploiting it, delay in updating it, and providing incorrect or forged data.
- Article 13Sets the penalties for violating the Law: a fine of up to SAR 1,000,000 with the maximum doubled for a repeat offense, temporary suspension of the license, and its cancellation, without prejudice to any harsher penalty.
- Article 14Provides for a committee or committees formed by the Minister of Finance to consider violations, impose penalties and settle disputes; its decisions may be appealed before the Board of Grievances within 60 days.
- Article 15Allows a person harmed by violations of the Law to turn to the competent judicial body to claim compensation, after the committee has issued a decision.
- Article 16Assigns the Governor of the Institution to issue the Law's Implementing Regulations within 180 days of the Law's issuance and publish them in the Official Gazette.
- Article 17Provides for publishing the Law in the Official Gazette, its taking effect 180 days after publication, and repealing provisions that conflict with it.