Article 2 of the Saudi Credit Information Law
المادة 2 من نظام المعلومات الائتمانية
States 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.
Official text (Arabic)
This article has not been amended since the law was issued.
يهدف هذا النظام إلى وضع الأسس العامة والضوابط اللازمة لجمع المعلومات الائتمانية عن المستهلكين وتبادلها وحمايتها.
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 2 explained in plain English
This article states the purpose of the Credit Information Law, which is to set the general foundations and controls for three interrelated matters:
- Collecting credit information about consumers.
- Exchanging it among the bodies concerned.
- Protecting it from unlawful use or disclosure.
Credit information, under Article 1, is data relating to a consumer's credit dealings such as loans, installment purchases and credit cards, and whether he meets his repayment obligations. A consumer may be an individual or a legal person.
The importance of this article is that it helps in understanding the rest of the Law in light of its aim: the Law is not limited to enabling bodies to see the credit record, but combines regulating the circulation of information with protecting it. Article 3 then specifies the bodies to which the Law applies: companies, members, and the government and private bodies that hold credit information.
This article does not in itself create a specific right or obligation; it sets out the general framework in which the detailed provisions in the other articles of the Law are read.
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 2 of the Saudi Credit Information Law
What is the aim of the Credit Information Law?
To set the general foundations and controls for collecting credit information about consumers, exchanging it and protecting it.
Does the Law concern only protecting consumer information, or also exchanging it?
The article combines both: the aim covers collecting, exchanging and protecting the information together.
More articles on Definitions and Scope of the Law
- Article 1
Defines the key terms of the Law, such as credit information, member, consumer, companies, credit record and public records.
يقصد بالألفاظ والعبارات الآتية أينما وردت في هذا النظام المعاني المبينة أمامها، ما لم يقتض السياق خلاف ذلك : المؤسسة : مؤسسة النقد العربي السعودي . المعلومات ال
- Article 3
Sets the scope of the Law: it applies to credit information companies, members, and the government and private bodies that hold credit information.
يسري هذا النظام على الشركات والأعضاء والجهات الحكومية والخاصة التي لديها معلومات ائتمانية .
- Article 16
Assigns 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.
يصدر محافظ المؤسسة اللائحة التنفيذية لهذا النظام خلال (مائة وثمانين) يوما من تاريخ صدوره، وتنشر في الجريدة الرسمية.
- Article 17
Provides for publishing the Law in the Official Gazette, its taking effect 180 days after publication, and repealing provisions that conflict with it.
ينشر هذا النظام في الجريدة الرسمية، ويعمل به بعد (مائة وثمانين) يوما من تاريخ نشره، ويلغى ما يتعارض معه من أحكام.
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.