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of November 13, 2017 No. ZR-182

About room mortgage lending

(as amended on 07-04-2021)

Accepted by National Assembly of the Republic of Armenia on October 25, 2017

This Law is adopted taking into account need of protection of consumer interests in the market of room mortgage lending, need of establishment of single rules for the sphere of room mortgage lending, with the purpose to increase the level of protection of the rights and legitimate interests of persons obtaining mortgage loans to promote increase in financial intermediation, to strengthen consumer confidence to financial system.

Article 1. Subject of regulation of the Law

1. This Law governs the relations connected with the rights of the borrowers signing agreements on room mortgage lending, disclosure of data by the creditor, the conclusion of agreements on room mortgage lending and other relations connected with these agreements, application of measures of responsibility to creditors.

Article 2. Legislation on room mortgage lending

1. The relations connected with room mortgage lending are regulated by this Law, other legal acts.

2. To the relations connected with calculation of the actual annual interest rate on room mortgage loans, advertizing, procedure for communication between the creditor and the borrower who is not regulated by this Law apply provisions Chapters 4 and 5 of the Law of the Republic of Armenia "About consumer crediting" if other is not provided by this Law.

Article 3. The basic concepts used in the Law

1. In this Law the following basic concepts are used:

1) the apartment - the apartment, stipulated in Clause 222 Civil codes of the Republic of Armenia, and also the private apartment house;

2) room mortgage loan, mortgage loan or the credit - the credit, loan or other financing provided to the borrower which is issued with the following provisions:

and. the purpose of issuance of credit is acquisition, construction, reconstruction, repair, improvement or upgrade of the apartment, and

. recoverability of the credit is provided with mortgage on this apartment or mortgage on the apartment in the apartment building under construction according to Article 270 of the Civil code of the Republic of Armenia, or mortgage on the parcel of land provided for apartment construction, the construction in progress and materials and the equipment acquired for the construction belonging to the pledger, according to Article 271 of the Civil code of the Republic of Armenia, or in case of impossibility of pledge of the acquired, under construction, reconstructed, repaired or modernized apartment for the reasons which are not depending on the creditor and the borrower - other pledge provided that in case of elimination of the conditions excluding pledge the acquired, under construction, reconstructed, repaired or modernized apartment will be pledged, and

century the credit was issued for certain compensation.

In sense of this Law also the credits or loans issued to borrowers for the purpose of refinancing of the credits specified in this Item are considered as mortgage loan;

3) the agreement on room mortgage lending or the agreement on crediting - the agreement under which the creditor provides or shall provide to the borrower room mortgage loan;

4) nominal loan interest rate - fixed or floating interest rate based on which the creditor estimates the percentage amounts which are subject to payment by the borrower;

5) fixed interest rate - nominal loan interest rate, which according to the agreement on crediting:

and. is not subject to change throughout validity about crediting;

. during any period of validity about crediting it can be specified it (is raised or lowered) on the conditions specified in part 6 of article 12 of this Law;


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