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Understanding consumer finance licensing
The legal provision focused on regulating consumer financing activities in Egypt through the issuance of Law No. 18 of 2020. This law imposes oversight on financing purchases through installment plans for goods. It requires obtaining a license from the relevant authority, which involves submitting documents such as the company's contract, commercial registration, and tax card. The licensing decision is issued within thirty days. Additionally, financing companies must operate as capital companies and allocate a minimum of ten million Egyptian pounds to practice the activity, along with meeting the necessary technical and administrative requirements to establish a proper relationship between the consumer and the financing provider.
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