Saudi ArabiaCredit Information Law (credit information companies)
Credit Information Law, Royal Decree No. M/37 of 5 Rajab 1429H (), arts. 6, 9, 11, 12 and 13
In force.
A data brokers rule binding public and private bodies.
- Enforcement body
- SAMA
- Instrument type
- an act of a legislature
- Obligation class
- Licensing, Consent, Data subject rights
What it requires
- If you operate a credit information company in Saudi Arabia, get a licence from SAMA first (Article 12(1)).
- Keep consumer credit information confidential and use it only for the purposes the Law and its Implementing Regulations provide (Article 6).
- Create a consumer's credit record for the first time only with the consumer's written consent, and correct an error in a record when the consumer submits supporting documents (Article 9(1) and (6)).
These lines are LexLint's reading of the law's text.
What this law does
A person may engage in the activities of a credit information company only with a licence from SAMA. A consumer credit record may be established with a credit information company for the first time only with the consumer's written consent. Members, credit information companies and their staff must keep consumer credit information confidential and may not use it for any purpose other than those the Law or its Implementing Regulations provide.
A consumer who finds an error in their credit record may ask the credit information company to correct it on submitting supporting documents. A violation of the Law or its Implementing Regulations is punishable by a fine of up to one million riyals, doubled on repetition, and by suspension or revocation of the licence.
When LexLint raises it
When your app profile says your app provides financial services or processes personal data.
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