of October 21, 2004 No. ZR-111
Accepted by National Assembly of the Republic of Armenia on September 28, 2004
This Law regulates concepts of collection activities and the collection organization, procedure of collection activities in the territory of the Republic of Armenia, and also establishes violations of the law by the collection organizations in the course of these activities and the responsibility measures applied on them.
This Law extends to the relations with participation of the banks and credit institutions operating in the territory of the Republic of Armenia.
The collection activities performed in the territory of the Republic of Armenia are regulated by this Law, international treaties of the Republic of Armenia, other laws of the Republic of Armenia, and in the cases provided by the law - also other legal acts.
If international treaties of the Republic of Armenia establish other regulations than provided by this Law, then regulations of international treaties are applied.
The basic concepts used in this Law are:
the collection organization - the commercial legal entity having the license for activities for rendering collection services, according to the procedure, established by this Law and the Law of the Republic of Armenia "About licensing";
cash - the ingots of precious metals which are in circulation, and also withdrawn and withdrawn from circulation, but subject to exchange in the Republic of Armenia, and also cash foreign currency, standardized;
other values - securities, payment and accounting documents, and also property which the customer wishes to transport;
bank - the banks operating in the territory of the Republic of Armenia, head bank department, territorial subdivisions of bank;
credit institution - the credit institutions operating in the territory of the Republic of Armenia, head department of credit institution, territorial subdivisions of credit institution;
the client - person using services of banks, credit institutions;
the customer - person who signed the agreement on collection of cash and (or) other values with the collection organization.
1. Collection activities in the territory of the Republic of Armenia acceptance, transfer (transfer) and delivery (collection) of cash performed as business activity is considered.
The collection organizations can perform also temporary storage of cash.
2. Only commercial legal entities having the license for activities for rendering collection services which authorized capital constitutes at least 20 million dram in the procedure established by the law of the Republic of Armenia "About licensing" can perform collection activities.
3. The collection organizations and their specialized employees for the purpose of accomplishment of the functional obligations have the right to use civil and office weapon, and in some cases - separate types of the military weapon provided by police in temporary use. The type, type, model and quantity of the civil and office weapon used by the staff of the organizations performing collection activities is established by the Government.
4. The collection organization shall have, at least, one unit of the armored vehicle. It shall have color difference, to be equipped with radio communication, and also special sound and light signals in the form of flashing white and lunar indicators.
5. The collection organization has no rights to implementation of other activities if other is not provided by the law.
6. The mandatory requirements imposed to the collection organizations used by them to means of transport, technical safety and other means, procedure and condition of their implementation are established by the Government of the Republic of Armenia.
1. Licensing of the collection organization is performed according to the procedure, established by the Law of the Republic of Armenia "About licensing" and the Government of the Republic of Armenia.
2. The procedure for test of qualification and professional compliance of specialized staff of the collection organization is established by the laws of the Republic of Armenia "About licensing", "About weapon" and the procedure for licensing determined by the Government which is approved with the Central bank of the Republic of Armenia (further - the Central bank).
4. The specialized staff of the collection organization undergoes also testing on special preparation which procedure and conditions of carrying out are established by the Law of the Republic of Armenia "About weapon".
Control of observance of requirements or conditions of the license for activities for rendering collection services performs the body authorized by the Government according to the procedure, established by the laws of the Republic of Armenia "About weapon" and "About the organization and conducting checks in the Republic of Armenia".
1. Collection of the cash exceeding the most admissible limit established by the Central bank for the organizations licensed by it is performed without fail by the collection organizations.
2. Transportation of other values can be performed freely by persons which do not have the license for activities for rendering collection services.
1. The procedure and conditions of acceptance, the translation (transfer), delivery and storage of cash by the collection organizations and their specialized employees establishes the Central bank of the Republic of Armenia.
2. Voided according to the Law of the Republic of Armenia of 21.06.2006 No. ZR-101
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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