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LAW OF THE AZERBAIJAN REPUBLIC

of July 6, 2023 No. 944-VIQD

About introduction of amendments to the Law of the Azerbaijan Republic "About credit bureaus"

Millie Majlis of the Azerbaijan Republic, being guided by Items 10 and 27 of part I of article 94 of the Constitution of the Azerbaijan Republic, decides:

Article 1. Make the following changes to the Law of the Azerbaijan Republic "About credit bureaus" (Collection of Legal acts of the Azerbaijan Republic, 2016, No. 12, Article 1997; 2018, No. 5, Article 843; 2019, No. 1, Article 32; 2021, No. 12, Article 1298):

1.1. Under Article 2:

1.1.1. Repeal Article 2.0.9;

1.1.2. In Article 2.0.10 of the word "in regulatory authority" shall be replaced with words "in the Central bank of the Azerbaijan Republic (further - the Central bank)";

1.2. In Articles 3. 1, 5.2, 5.7, first paragraph of Article 5. 8, to Article 5.8. 3, second offer of Article 11. 3, Articles 13.2.3 (in both cases), 15.7, 16.2, 18.8, 21.4 and 22.1 of the word "regulatory authority" in the corresponding case of noun shall be replaced with words Central bank in the corresponding case of noun;

1.3. Under Article 7:

1.3.1. In the first paragraph of Article 7.1 of the word "Regulatory authority" shall be replaced with words Central bank and in this paragraph after the word "in the area" to add the word "in addition to the powers provided by the Law of the Azerbaijan Republic "About the Central bank of the Azerbaijan Republic";

1.3.2. State Article 7.1.2 in the following edition:

"7.1.2. According to the Law of the Azerbaijan Republic "About the Central Bank of the Azerbaijan Republic" to check activities of credit bureaus, including compliance of information systems to safety requirements, the established this Law";

1.3.3. At the end of Article 7.1.3 to replace point with semicolon and to add with Articles 7.1.4 and 7.1.5 of the following content:

"7.1.4. perform corrective actions on credit bureaus;

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