LAW OF THE REPUBLIC OF ARMENIA

of January 12, 2016 No. ZR-15

About entering of amendments into the Law of the Republic of Armenia "About credit institutions"

Accepted by National Assembly of the Republic of Armenia on December 21, 2015

Article 1. The title of article 9.1 of the Law of the Republic of Armenia "About credit institutions" of May 29, 2002 ZR-359-N (further - the Law), after words to "charters" to add with the words "and to internal legal acts", and to add Article with new part of the following content:

"Credit institutions shall have rules of business behavior by which shall be established:

a) type and form of provision of information to the client credit institution;

b) contents of information provided to clients to the conclusion of the agreement in case of the conclusion of the agreement and during validity, both type and form of provision of this information, and also procedure and conditions of correspondence with clients, and giving and investigations of claims customer requirements. And, the procedure and conditions of giving and investigation of claims requirements do not limit at all the right of the consumer to take a legal action or to the arbitrator of financial system or in commercial arbitration;

c) advertizing and marketing activity (policy) about credit institution and the services offered by it;

d) storage precautions of personal data of clients and their safe use;

e) information which is subject to publication and procedure for publication of this information.

Central Bank can establish the requirements relating to the methods of application and regulations of rules of business behavior of credit institution specified in this part.

Credit institutions shall conform to the rules of business behavior provided by this part.

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