Finance Companies Control law

1. A person who persists in defaulting the payment of his loan, shall be subject to a fine not exceeding double the interest agreed to for the defaulted payment. The fine shall be repeated with each repeated default. The fine shall be deposited into the account of the agency overseeing non- governmental organizations, to be allocated for support of public benefit societies. 2. Without prejudice to the provisions of Article 34 of this Law, any person violating any of the provisions of this Law and its Regulations shall be subject, depending on the gravity of the violation, to a fine not exceeding five hundred thousand riyals (SAR 500.000) and imprisonment for a term not exceeding two years, or either penalty. Chapter 8 Concluding Provisions