LAW OF THE REPUBLIC OF ARMENIA

of July 12, 2008 No. ZR-123

About the arbitrator of financial system

Accepted by National Assembly of the Republic of Armenia on June 17, 2008

Chapter 1. Basic provisions

The purpose of this Law is protection of the rights and consumer interests in the financial sphere, ensuring bystry, effective and free consideration of their claims, increase in trust of society to financial system and expansion of financial intermediation.

Article 1. Subject of regulation of the Law

1. This Law regulates procedure for consideration by the arbitrator of financial system of the customer requirements following from private legal relationship imposed to the financial organizations, the status of the arbitrator of financial system, procedure and conditions of creation and activities of office of the arbitrator of financial system and other legal relationship connected with consumer protection.

Article 2. The basic concepts used in the Law

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

1) office of the arbitrator of financial system (further - office) - non-profit organization which main objective is assistance of activities of the arbitrator of financial system and informing consumers on the financial sphere;

2) council - the board of trustees of office;

3) the Organization - person having the license granted by the Central bank of the Republic of Armenia (further - the Central bank) (except for persons who obtained the license for the biddings on purchase and sale of foreign currency and the license for processing and clearing of payment instruments and payment and settlement documents, the insurance brokers rendering services to exclusively insurance companies, the refinancing credit institutions established by regulatory legal acts of the Central bank), and also the Bureau provided by the Law of the Republic of Armenia "About compulsory liability insurance following from use of vehicles" (further - Bureau);

4) the parties - the client who submitted the requirement for consideration of the arbitrator of financial system, and the organization to which requirement is imposed;

5) the client - physical person or the individual entrepreneur or the legal entity, including person which provided to the financial organization measure of providing obligations which provided the requirement connected with the services rendered by the Organization, or providing measure. At the same time the service provided to Bureau is considered provided by the Law of the Republic of Armenia "About compulsory liability insurance following from use of vehicles" the activities connected with the insurer, insured person or the victim under the agreement OSAO and also indemnification and (or) the return requirement of it (subrogation);

6) the requirement - the customer requirement to the organization submitted for consideration of the arbitrator of financial system;

7) the arbitrator of financial system - the physical person considering requirements imposed by clients to the organizations and making on them decisions by means of implementation of the powers allocated for it by this Law;

8) The chief arbitrator of financial system - the arbitrator of financial system performing powers of the office manager in the presence of two and more arbitrators of financial system;

9) professional activity of the arbitrator of financial system - acceptance, consideration of customer requirements and removal of decisions on them by means of implementation by the arbitrator of financial system of the powers allocated for it by this Law;

10) competent court:

and. court of law at the place of residence of the client;

. court of law in the location of the client if the client is legal entity and if the client is the branch of the foreign legal entity registered in the territory of the Republic of Armenia - court of law in the branch location;

11) the individual entrepreneur or the legal entity - person who at the time of the address to the Conciliator of financial system, according to the Tax code of the Republic of Armenia, is considered the subject of microentrepreneurship, except for the Organizations provided by this Law.

Chapter 2. Requirements and procedure for their consideration

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