Instructions for Practicing Aggregation Activity

The entity shall obtain the consumer’s consent before examining their credit record held with one or more credit bureaus and before sharing the consumer’s credit information with the financier, in a manner consistent with the relevant laws and instructions. 8.12 The entity shall offer the consumer the available financing options, provided that such options are consistent with the credit policies or standards communicated by the financier. If the financier’s credit policies or standards do not apply to the consumer, the entity shall explain the reasons to the consumer through the platform. 8.13 In the event that finance is approved, the entity shall send a message to the consumer through the documented channels. The message must state the basic information of the finance product in a clear, accurate, understandable and not misleading manner, accompanied by the phone numbers of the complaint centers/customer service at the entity and the financier. 8.14 The entity shall periodically update the information on services and products provided by the financier for the consumer. Such information must be clear, concise, understandable, accurate and not misleading and must include, at a minimum, the following: 8.14.1 Key conditions and features. 8.14.2 Clarification of the rights and responsibilities of each party. 8.14.3 Details of the prices and commissions charged by the financier. 8.14.4 Details of fines, risks and the mechanism for terminating the relationship, along with the consequences thereof. 8.14.5 Details about the alternative products and services offered by other financiers. Section III: Contract Requirements Between Parties 9. Contract Signed Between Entity and Consumer The entity shall draw up a contract between the entity and the consumer in accordance with the relevant legal requirements. Each party shall receive a copy of the contract that must clarify, at least, the following: 9.1 Contract parties. 9.2 Contract scope. 9.3 Contract term. 9.4 Desired type of finance, its duration, specifications — if any — and requirements. 9.5 Rights and obligations of the contract parties. 9.6 Pricing and fee structure. 9.7 Withdrawal procedures and conditions. 9.8 Dispute resolution mechanism. 9.9 Contract termination and expiration. 9.10 Any other data or information required by SAMA. 10. Contract Signed Between Entity and Financier The entity shall draw up a paper or electronic contract between the entity and the financier in accordance with the relevant legal requirements. Each party shall receive a copy of the contract that must clarify, at least, the following: 10.1 Contract parties. 10.2 Financier’s licensing number and date. 10.3 Contract scope. 10.4 Contract term, provided that the contract term is consistent with the validity of relevant licenses of both parties. 10.5 Rights and obligations of the contract parties. 10.6 Pricing and fee structure. 10.7 Mechanisms for exchanging data and information of finance offers and for updating them periodically. 10.8 Withdrawal procedures and conditions. 10.9 Service levels, performance requirements, and mechanisms of reporting and escalation. 10.10 The financier’s obligation to notify the entity through the platform when the finance contract is issued. 10.11 Dispute resolution mechanism. 10.12 Information confidentiality, privacy and security. 10.13 Commitment of the parties to fulfill the obligations stipulated in the relevant laws, regulations, rules, guidelines and instructions. The financier is not exempted from meeting its obligations. 10.14 Prohibition of subcontracting. 10.15 Consequences of contract renewal and renegotiation. 10.16 Contract termination and expiration.