LAW OF THE REPUBLIC OF ARMENIA

of December 25, 2003 No. ZR-43

About pawnshops and lombard activities

Accepted by National Assembly of the Republic of Armenia on December 3, 2003

Chapter 1. General provisions

Article 1. Subject of regulation of the Law

This Law governs the relations connected with lombard activities, establishes terms for crediting pawnshops and procedure for the state control of lombard activities.

Article 2. The basic concepts used in the Law

In this Law the following basic concepts are used:

lombard activities - business activity on provision of the short-term loans provided with pledge of personal estate of private use of physical persons and business activity on storage;

pawnshop - the organization which obtained the license for lombard activities (further - the license);

the pawnshop territory - the territory of the main room, necessary for lombard activities, where cash is stored, pledge objects (the checked property), documentation on crediting and is made acceptance of visitors and loan granting, and also other transactions connected with lombard activities;

authorized body - the Central bank of the Republic of Armenia licensing and controlling lombard activities;

the applicant - the legal entity or the individual entrepreneur who addressed to authorized body concerning receipt of the license for the organization of pawnshop, renewal of the license, change of the place of implementation of activities or implementation in other place of such activities which are also subject to licensing, receipts of the duplicate of the license, suspension or cancellation of the license;

voluminous things - vehicles and household items which cannot be stored in the fireproof cases which are in the territory of pawnshop in the isolated room with steel concrete walls (covering);

small-volume things - jewelry and gemstones, and also other household items which can be stored in the fireproof cases which are in the territory of pawnshop in the isolated room with steel concrete walls (covering);

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