LAW OF THE REPUBLIC OF ARMENIA

of November 17, 2008 No. ZR-185

About turnover of credit information and activities of credit bureaus

Accepted by National Assembly of the Republic of Armenia on October 22, 2008

Chapter 1. General provisions

Article 1. Subject of regulation of this Law

1. This law regulates procedure and conditions of collection, processing, forming, storage, use of credit information in the territory of the Republic of Armenia, activities, licensing of credit bureaus, procedure and conditions of implementation of regulation and control over these activities, and also other relations connected with credit information and activities of credit bureau.

Article 2. Legal regulation of activities of credit bureaus

1. Activities of credit bureaus are regulated by the Civil code of the Republic of Armenia, this Law, the law of the Republic of Armenia "About Central Bank", other laws of the Republic of Armenia, international treaties of the Republic of Armenia, and in cases and under the conditions provided by the law - regulatory legal acts of the Central bank of the Republic of Armenia (further the Central bank) and other legal acts.

2. On credit bureaus the law of the Republic of Armenia "On joint-stock companies" expatiates if this Law does not provide other.

Article 3. The basic concepts used in the Law

1. The concepts used in this Law and of other legal acts adopted based on this Law mean the following:

1) credit bureau - joint-stock company which based on the license granted according to the procedure, established by this Law and regulatory legal acts of the Central bank, has the right to perform activities for collection of credit information, other data, necessary for it, to development, forming and storage of credit stories, creation of the credit report on their basis;

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