of April 3, 2018 No. 1050-VQD
About introduction of amendments to the Law of the Azerbaijan Republic "About banks"
Being guided by Item 27 of part I of article 94 of the Constitution of the Azerbaijan Republic, in connection with application of the Law of the Azerbaijan Republic "About credit bureaus" of October 28, 2016 the Majlis of the Azerbaijan Republic decides Millie's No. 384-VQ:
In the Law of the Azerbaijan Republic "About banks" (Collection of the legislation of the Azerbaijan Republic, 2004, No. 3, Article 130; 2005, No. 4, Article 276; 2007, No. 5, Article 401, No. 6, Article 562, No. 11, Article 1070; 2008, No. 11, Article 960; 2009, No. 6, Article 404, No. 7, Article 517; 2010, No. 4, Article 276, No. 10, Article 839; 2011, No. 7, Article 590; 2013, No. 7, Article 790; 2014, No. 7, Article 772, No. 12, Article 1517; 2015, No. 11, Article 1262; 2016, No. 6, Article 975; 2017, No. 4, Article 521, No. 11, Article 1956, No. 12, Article 2227; 2018, No. 1, Article 33) to make the following changes:
1. In Article 3.3 of the word "Articles …, the third paragraph of Article 35.4 and Article 42" shall be replaced with words "Articles …, 35.4 and 42".
2. State Article 35.4 in the following edition:
"35.4. Banks shall transfer the information about each borrower to the centralized credit register created in supervision body behind the financial markets, according to the procedure, established by supervision body behind the financial markets. The rules of protection of bank secrecy established by this Law extend to the data which are saved up in the centralized credit register.
The procedure for submission by banks of information about the borrowers to credit bureau and procedure for receipt of these data from credit bureau are regulated by the Law of the Azerbaijan Republic "About credit bureaus".".
3. In Article 36.1 after the word "normative" to add with the word of "nature".
4. To add the first paragraph of Article 41.2 with the fifth offer of the following content:
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