Confirmation of what was published "preceded" .. "Consumer Protection" vow to a local bank

Confirmed that he had refused to respond and invited those concerned to file a complaint

In a statement released today, consumer protection revealed irregularities in the bank's cybercafe contracts, confirming what was published a few weeks ago under the title "The problem of cybercrime is renewed … and a bank that rejects those who reject its conditions on Twitter ".

Consumer Protection explained that the bank had ignored the response to its inquiries and that it had failed to process contracts like the other banks and wanted to initiate legal proceedings against it.

In a statement, Consumer Protection explained that the mortgage contracts associated with the variable interest index "Cyber" were of interest, noting that the association, in cooperation with the Saudi Monetary Agency, had followed the commitment made by banks to offer offers to correct the situation of consumers and discuss the status of customers of the local bank against him. Complaints, which recently announced a merger plan. Explaining that he has not yet taken the treatment of his clients' contracts like other banks.

She pointed out that she had previously invited the meeting with the bank to meet with consumers, that she had not responded to the call of the assembly before the date of publication this statement and did not react to correct the situation of the persons concerned.

He had identified a number of irregularities in some of the finance lease contracts related to the variable interest index and had directed the data subjects to lodge an individual complaint with the Saudi Monetary Agency ( SAMA) and the Committee for the settlement of violations and the financing of conflicts.

According to the leasing system published by Royal Decree No (M / 48) of 13/8/1433, published on 13/10/1433, corresponding to 31/11/2012, (31/11/2012), as well as the system of real estate financing published by Royal Decree No. (M / 50) of 13/8/1433, published on 13 / and its regulations of execution, which was published on 24/02/2013, in addition to the principles of protection of the clients of the finance companies and the date of their publication (01/06/2015), which applies to the corporate clients of the current and future beneficiaries, As in the complaints to Associated with the Real estate financing index variable interest rate.

And completed: is contrary to the first paragraph of Article IX of the Financial Leasing System Regulations, which provided that "the contract must include a payment schedule, specifying the value of the initial value of the right of ownership, provided that the payment is not less than the contract term on the original cost of the period.While the contract did not include what indicates the origin and value of the property.

The statement also contradicted Article 11 of the Financial Leasing Regulations, which states that "If the lessee chooses at any time to hold the leased property under the contract, he is entitled to the anticipated ownership of it by means of a separate schedule in which the sale or gift will be made by accelerating the payment of the remaining installments.Will assume the cost of the period for the remaining term of the contract. "The lessor may offset the following fees: the cost of the reinvestment, not exceeding the cost of the term, for the three months following the anticipated ownership, and for the remaining period of the contract paid by the lessor to a third party due to the contract, if the costs are not refundable. An exception may provide for a period during which early ownership is prohibited if the contract is real estate and this condition is deducted from the cost of the term, provided that the prohibition period does not exceed two years in from the date of conclusion of the contract.

In terms of: A – n has not specified in the contract of expenditure that the tenant can refer to the tenant in case of early repayment in detail.

B) The mechanism for calculating the amount of the prepayment on the profit for the next period of the contract plus 3% of the remaining amount.

She also pointed out the violation of the eighth paragraph of Article 10 of the Implementing Rules of the Mortgage System, which stipulated that "if the cost of the variable term, three examples of the amount of the premiums must be given taking into account account of the cost of the primary period and higher and lower costs ". The contract contained only one example of the initial monthly salary.

As well as the twelfth and thirteenth paragraphs of Article X of the Real Estate Financing System Executive Regulation, which stipulated that the contract should include: a. (B) The procedures for exercising the right of withdrawal and its conditions and the financial obligations arising from its exercise.

She stated: We find that the contract did not include warranty information and was covered by the insurance cover, in addition to the customer's right to withdraw from the contract and its consequences.

She continued: In violation of the principle of disclosure and transparency of the principles of protection of the clients of finance companies, which stipulated that "the financing companies must update the information relating to their financing products so as to be clear, concise, easy to understand, accurate and not misleading ". (Of the offenses above).

The Assembly explained that, in accordance with its regulations issued by the Council of Ministers in Resolution No. (120) of 23/2/1436 H, it had the competence to inform the consumer of his rights, to receive his complaint and to follow-up with the competent authorities. And wait for their initiative like the other banks.

"The banks initiative has been going on for more than eight months and consumers have not seen a satisfactory solution to the problem of the impact of variable rate mortgage loans, so the association will take different measures. of those taken before with the contracting banks, Consumer