of October 29, 2020 No. ZR-473
About introduction of amendments to the Law "About Banks and Banking Activity"
Accepted by National Assembly of the Republic of Armenia on October 27, 2020
Article 1. "About banks and banking activity" to state the last paragraph of part 1.1 of article 43 of the Law of June 30, 1996 to No. ZR-68 in the following edition:
"In case of confirmation by court, arbitration or the Conciliator of financial system of the fact of violation by bank of requirements of the rules of business behavior established by the regulatory legal acts of the Central bank provided by this part, the bank shall pay to the client physical person of 300 000 (three hundred thousand) dram of the Republic of Armenia, except as specified, when as of day of appeal to the court, commercial arbitration or to the Conciliator of financial system:
1) the bank took actions necessary for recovery of the violated client's right, and
2) actually eliminated violation of the right of the client which is possible for eliminating, and
3) owing to violation of the right of the client actually the borrower did not suffer the actual damage established by the Civil code of the Republic of Armenia and if it suffered such damage, it was compensated by bank.
In case of impossibility of elimination of violations of the right established by this part, availability of the conditions provided by Items 1 and 3 of this part is enough for application of the exception provided by this part. At the same time the specified provisions cannot be interpreted as the provisions limiting or excluding the right of the client physical person to require compensation of damage. This part does not extend to the relations regulated by the Law of the Republic of Armenia "About attraction of bank deposits", and concerning other legal relationship regulating activities of bank, this part is applicable so far as other is not provided by other laws governing these relations.".
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