of April 7, 2021 No. ZR-140
About modification of the Law "About Housing Mortgage Lending"
Accepted by National Assembly of the Republic of Armenia on March 24, 2021
Article 1. "About housing mortgage lending" to state article 17 of the Law of October 25, 2017 to No. ZR-182 in the following edition:
"Article 17. Penalty as responsibility of crediting
1. For violation crediting requirements of this Law or other legal acts adopted on the basis of this Law once within 365 days the Central bank can order to pay fine at the rate from three hundred thousand to five hundred thousand dram of the Republic of Armenia.
2. For violation crediting requirements of this Law or other legal acts adopted on the basis of this Law two times within 365 days the Central bank can order to pay fine at the rate from five hundred thousand to one million dram of the Republic of Armenia.
3. For violation crediting requirements of this Law or other legal acts adopted on the basis of this Law three and more times within 365 days the Central bank can order to pay fine at the rate from one million to two million dram of the Republic of Armenia.
4. The penalty is collected by the court order in the claim of the Central bank if crediting does not agree with infliction of penalty or the size of penalty. The penalty is collected for benefit of the income of the government budget of the Republic of Armenia.
5. In sense of this Law, in case of assumption of several violations of each requirement of this Law or all legal acts adopted on the basis of this Law, each violation is considered separate violation.
6. Central bank in case of application of measures of responsibility within the competences, applying penalty as responsibility measure, for violations of this Law or all legal acts adopted on the basis of this Law is guided by this Article. Applies the penalty as responsibility measure established by this Article, the Central bank according to the procedure, established by the Law of the Republic of Armenia "About the Central bank of the Republic of Armenia".".
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