LAW OF THE REPUBLIC OF ARMENIA

of June 11, 2020 No. ZR-288

About entering of amendment into the Law "About Consumer Crediting"

Accepted by National Assembly of the Republic of Armenia on June 3, 2020

Article 1. Article 4 of the Law of June 17, 2008 No. ZR-122 "About consumer crediting" (further - the Law) to add with part 3.1 following of content:

"3.1. In the agreement of crediting the consumer by hand, and in case of the conclusion of the agreement by electronic method - way of napechataniye writes with electronic method that he understands the size of the actual annual interest rate, having specified this rate.".

Article 2. To add part 1 of article 22 of the Law with the new paragraph of the following content:

"Central Bank the regulatory legal acts for consumer loans in the amount up to 300.000 dram concluded for up to three months establishes mandatory requirements and conditions, rules of crediting, assuming as a basis criteria for evaluation of creditworthness of the consumer, ratio of debt and reaching the consumer, capabilities of the consumer to service the credit.".

Article 3.

1. This Law becomes effective since January 1, 2021.

2. Accepts regulatory legal acts, the stipulated in Article 2 presents of the Law, Council of the Central bank within five working days after entry into force of this Law.

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