SAMA seeks public input on updated debt collection rules for individuals

Logo of Saudi Central Bank (SAMA)

The Saudi Central Bank (SAMA) is seeking public feedback on the draft of Debt Collection Regulations and Procedures for Individual Customers through the public consultation platform “Istitlaa”.

SAMA stated that this project seeks to enhance and standardize debt collection practices, ensuring clear communication and safeguarding the rights of all parties.

The project sets minimum standards for financing institutions to follow in debt collection, including initial contact with clients, installment deductions, managing clients at risk of default, and handling existing defaults. It also emphasizes due diligence in collecting overdue debts and addresses debt relief provisions in cases of death or total disability.

Feedback and comments on the Debt Collection Regulations and Procedures for Individual Customers must be submitted within 15 days of this announcement to assess their relevance in finalizing the draft.