Article 13 of the Saudi Credit Information Law
المادة 13 من نظام المعلومات الائتمانية
Sets 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.
Official text (Arabic)
This article has not been amended since the law was issued.
مع عدم الإخلال بأي عقوبة أشد ينص عليها نظام آخر؛ يعاقب كل من ارتكب أية مخالفة لأحكام هذا النظام ولائحته التنفيذية بواحدة أو أكثر من العقوبات الآتية:
1 - غرامة مالية لا تزيد على مليون ريال، ويضاعف الحد الأقصى للغرامة في حالة العود.
2 - وقف الترخيص مؤقتا.
3 - إلغاء الترخيص .
This is the official Arabic wording, the only legally binding version. We do not translate the law itself; the explanation below is ours. Official source: Bureau of Experts at the Council of Ministers
Article 13 explained in plain English
This article sets out the penalties imposed on anyone who commits a violation of the provisions of the Law and its Implementing Regulations, and one or more of them may be imposed:
- A fine of up to SAR 1,000,000, with the maximum fine doubled in the case of a repeat offense, that is, repetition of the violation.
- Temporary suspension of the license.
- Cancellation of the license.
The SAR 1,000,000 is a ceiling, not a fixed amount, so the fine may be lower. The penalties of suspending and cancelling a license by their nature concern someone who holds a license.
The article begins with the phrase "without prejudice to any harsher penalty provided for in another law," which means that these penalties do not prevent applying a harsher penalty if the same act is punishable by it under another law.
The violations to which these penalties apply are set out in Article 12, such as practicing the activity without a license, disclosing confidential information, delay in updating information, and providing incorrect or forged data. The body that imposes the penalties is stated in Article 14: one or more committees formed by decision of the Minister of Finance to consider violations and impose penalties, and their decisions may be appealed before the Board of Grievances within 60 days of being notified of them.
Anyone facing an accusation of violating the Law may consult a lawyer specializing in banking and finance before responding to the accusation or appealing the decision.
Practical example
A licensed credit information company in Riyadh was found to have breached the controls of its license, and then repeated the same violation. The committee may impose on it a fine whose maximum is doubled because of the repeat offense, and may add temporary suspension or cancellation of the license.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
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Frequently asked questions about Article 13 of the Saudi Credit Information Law
What is the fine for violating the Credit Information Law?
A fine of up to SAR 1,000,000, with the maximum doubled in the case of a repeat offense.
Can the fine be combined with suspension of the license?
Yes. One or more of the penalties may be imposed: the fine, temporary suspension of the license, and cancellation of the license.
Do these penalties prevent a harsher penalty in another law?
No. The article states that it is without prejudice to any harsher penalty provided for in another law.
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The texts are reproduced from the official website of the Bureau of Experts at the Council of Ministers for reference; where they differ, the officially published Arabic text prevails. This content is not legal advice.