LAW OF THE REPUBLIC OF ARMENIA

of October 29, 2020 No. ZR-475

About modification of the Law "About Credit Institutions"

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

Article 1. "About credit institutions" to state the last paragraph of article 9.1 of the Law of May 29, 2002 to No. ZR-359 in the following edition:

"In case of confirmation by court, arbitration or the Conciliator of financial system of the fact of violation by credit institution of requirements of the rules of business behavior established by the regulatory legal acts of the Central bank provided by this Article, the credit institution shall pay physical person client 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 credit institution took all necessary actions for recovery of the violated right of the client and

2) actually eliminated violation of the right of the client which is possible for eliminating, and

3) the client owing to violation of the right 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 credit institution.

In case of impossibility of elimination of the violations of the right established by this Article, availability of the conditions provided by Items 1 and 3 of this Article is enough for application of the exception provided by this Article. The specified provisions cannot be interpreted as the provisions limiting or excluding the right of physical person client to require compensation of damage. This Article is applied so far as other laws do not provide other adjustment for credit institutions on the specified questions.".

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