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of December 25, 2003 No. ZR-43

About pawnshops and lombard activities

(as amended on 27-06-2022)

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);

security system and system of the fire-proof notification - the technical equipment or complex of the equipment controlling entrance of persons on the pawnshop territory in any or certain time of day, availability of fire or real threat of the fire in this territory;

documentation on crediting - the credit agreement, the mortgage ticket (pledge agreement), the personalized safe receipt and the personal accounting card of payments of the borrower (bailor), and also other documents necessary for determination of reliability of observance of requirements of this Law established by this Law;

the mortgage ticket - the document on accounting of the pledge specified in the credit agreement;

the personalized safe receipt - the document on accounting of the property accepted on storage specified in the agreement of storage;

credit amount - the money transfered by pawnshop to account of the borrower or actually issued to the borrower (by the check, card or on other payment instruments accepted in banking practice) according to the credit agreement;

the beginning of loan term - the day following behind day of transfer to the account of the borrower or the actual issue to the borrower of all credit amount;

loan repayment period - day when according to the credit agreement the credit amount is completely returned to pawnshop and all percent on it will be paid;

loan term - the period between the beginning of loan term and its complete repayment, including the first and last day. At the same time during the above-mentioned period the whole days irrespective of are considered, they are workers or not, except for the case provided by part 2 of article 8 of this Law;

interest payment - the amount equal to hundredth part of the work of credit amount expressed in days of loan term (its part) paid according to the credit agreement as compensation of the credit and daily percent on the credit.


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