LAW OF THE REPUBLIC OF ARMENIA

of October 29, 2020 No. ZR-470

About modification and amendments in the Law "About Attraction of Bank Deposits"

Accepted by National Assembly of the Republic of Armenia on October 27, 2020

Article 1. In article 6 of the Law of June 17, 2008 No. ZR-124 "About attraction of bank deposits" (further - the Law):

Shall be replaced with words 1) regarding 1 word "there is at least, than with 30-days frequency" "with the frequency specified to them or in the deposit agreement which shall not exceed one month,";

Part 5 to state 2) in the following edition:

"5. The statements provided by this Article are provided to the investor in writing, by means of electronic communication, except for case when the investor based on the written application including provided by electronic method refused the right of receipt of statements of the account means of electronic communication on condition of receipt of statements of the account post or other means of communication. At the same time the investor has the right to change unilaterally the written application communication method not more often than once a year, and this change is applied to the communication performed in 30 days after receipt of the written application by bank. The investor also has the right to receive the statements provided by this Article, personally in the territory of bank, in that case the bank shall provide the same information post, electronic or other means of communication. The condition or consent limiting the investor's right to receipt of statements of the account electronic or other means of communication or personally in the territory of bank is invalid. At the same time the bank has no right to force the investor, including to create situation, adverse for the investor, that the investor refused the right to statements of the account means of electronic communication.";

3) part 6 to recognize invalid.

Article 2. In article 9 of the Law:

To replace 1) regarding 1 word "post" with the word "electronic";

Part 2 to state 2) in the following edition:

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