H.E. Minister of Commerce and Industry has issued a decree for amending the regulation of debt collection activity on behalf of others, in order to develop the professionalism in practicing this activity, as well as to promote its practices and to activate its methods through specialized companies, besides, encouraging the investors to practice this activity, also to protect the dealers in this field. This amended regulation would come into force as from the date of its publication in the Ministry's website.
This comes from the Ministry's desire to review and develop the Rules & Regulations under its supervision, to meet the current and future needs, including allowing all kinds of companies to practice this activity without prejudice to the responsibility for errors, violations or crimes, as well as the possibility of collecting credit information about the behavior of the procrastinating debtor and how he effects the repayment of debt.
MCI has taken into account, during the amendment of regulations, more convenient legislation and the best international practices, that would go in line with the local environment. The Ministry also took into consideration the opinions of the public, such as the specialists and officials in the relevant sectors. This is after the draft regulation has been presented in questionnaire to get their views and opinions.
The said Regulation contains (16) articles, showing the provisions of licensing, record of collectors, the companies practice of collection activity, as well as the mechanism of verifying the debtor and getting the debt.
Ministry of Commerce and Industry would like to invite those interested and the public to review the Amended Regulation of the Saudi Foreign Business Councils through the link: click here.