Article 32 of the Saudi Finance Companies Control Law

This article creates an enforcement body for applying the Law. The Governor, who under Article 1 is the Governor of the Saudi Arabian Monetary Authority, appoints qualified employees with law-enforcement status to carry out the following:

1. Inspection and oversight.
2. Investigation of violations of the Law.
3. Public prosecution before the competent court.

"Law-enforcement status" means that these employees have official authority to detect violations. They combine inspection, investigation and prosecution before the competent court.

The article refers to the regulations for the procedures that govern its implementation, on two conditions:

• They must be consistent with the nature of this work.
• They must not conflict with the provisions of the Criminal Procedure Law.

It is preceded by Article 31, which makes the competent court the body that decides disputes, hears violations and imposes penalties, so these employees prosecute before it. It is followed by Article 33 on a finance company's disclosure of the early repayment discount formula.

If a company or person is subject to an investigation of this kind, they are advised to consult a lawyer specialized in banking and finance.