Based on the principle of participation and transparency, MCI invites those interested and the public to express their views and opinions regarding the proposal of the Consolidated Register of the Commercial Mortgage Regulations through the e-mail (cpl@mci.gov.sa), deadline Wednesday 09.09.1439 H corresponding to 24.05.2018 AD.
The Ministry explained that the draft regulations include the procedural provisions related to the register, the most important of which are: The registration, amendments and writing off procedures, the procedures for obtaining executive output, the procedures for having a look at the register, the liability on entries in the register and the financial remuneration for services provided by the register.
The draft regulation aims to fulfill the objectives of the mortgage contract enforcement, as well as its amendments, and the related restrictions towards the others, also to determine the priority of mortgagors, also to enable third parties to review the register input to know the mortgage rights applied on the mortgagee assets in accordance with the regulation.
The Consolidated Register for the Commercial Mortgages is specialized in recording the data received in respect of the mortgage contracts issued in accordance with the provisions of the Law, as well as amending the inputs in accordance with the Regulations, in addition to issuing the executive documents in accordance with the provisions specified in the law and the implementing Regulations also the Regulation of the Register, besides maintaining the data related to mortgage registration provided by the concerned authorities.
MCI would like to invite those interested and the public to participate and to express their opinions on the above mentioned draft regulations according to the specified form. The draft regulations and the relevant form can be accessed through the following link:
click here.