LAW OF THE REPUBLIC OF ARMENIA

of October 29, 2020 No. ZR-472

About introduction of amendments to the Law "About Housing Mortgage Lending"

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

Article 1. In article 8 of the Law of October 25, 2017 No. ZR-182 "About housing mortgage lending" (further - the Law):

The word "post" to replace 1) in part 3 with the word "electronic";

Part 4 to state 2) in the following edition:

"4. The borrower based on the written application including submitted electronically can refuse right to be informed, the established part of 1 this Article, and (or) the statement established by part 2, means of electronic communication on condition of receipt of information and (or) the statement post or other means of communication or in the territory of crediting. The borrower has the right to obtain information established by part of 1 this Article, and (or) the statement established by part 2, in the territory of crediting, and crediting shall provide to the borrower the same information post, electronic or other means of communication. The condition or consent limiting the right of the borrower to receipt of information and (or) statements post or other means of communication or personally in the territory of crediting is invalid. Crediting borrower, including to create situation, adverse for the borrower, that the borrower refused the right to be informed and (or) the statement established by this Article on electronic communication having no right to force.

At the same time the borrower has the right to change unilaterally the written application the communication medium not more often than once a year, and this change is applied to the communication performed in 30 days after obtaining crediting the written application.";

Part 5 to state 3) in the following edition:

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