The decision of the Minister of Commerce and Industry to amend the system of debt collection activity on behalf of others; has come with the aim of developing professionalism in the practice of activity and upgrading its practices and activating its tools through specialized companies, encouraging investors to practice this activity and protecting dealers, this regulation shall come into force on the date of their publication on the Ministry’s website.
This is in accordance with the Ministry’s desire to review and develop the systems and regulations that govern its application in response to current and future needs, including allowing companies of all kinds to engage in activity without prejudice to liability for errors, irregularities or crimes, as well as the possibility of collecting credit information about the behavior of the debtor and his payment for the amount of the debt.
The Ministry has taken into account the best international legislation and practices in accordance with the local environment. The public opinions of specialists and officials in the relevant sectors have been taken into consideration after the draft regulations were submitted to the public opinion.
The regulation contained 16 articles that showed the provisions of the license and record of the entry of the collectors, the practice of companies for collection activity, as well as the mechanism of verification of the debtor and collecting the debt.
The Ministry of Commerce and Industry invites interested parties and the general public to review the decision to organize the collection of debt on behalf of others, on the following link: click here.