of January 12, 2016 No. ZR-16
About entering of amendment into the Law of the Republic of Armenia "About banks and banking activity"
Accepted on December 21, 2015
Article 1. Article 43 of the Law of the Republic of Armenia ZR-68 of June 30, 1996 "About banks and banking activity" (further – the Law) to add with part 1.1 following of content:
"1.1. Banks shall have rules of business etiquette by which shall be established:
a) form and procedure for provision of information to clients,
b) content and form and procedure for information provided to clients to the conclusion of the agreement, during the conclusion of the agreement and during validity, and also procedure and conditions of communication with clients and presentations and considerations of claims – customer complaints.
At the same time, the procedure and conditions of presentation and consideration of claims – claims do not limit at all the right of the consumer to take a legal action or to the conciliator of financial system or in commercial arbitration,
c) advertizing and marketing activity (policy) about bank and the services offered them.
Central Bank can establish the requirements relating to methods of application and procedures of the rules of business behavior specified in this part.
Banks shall monitor rules of business behavior.
In case of confirmation by court, arbitration or the conciliator of financial system of the fact about violation by bank of requirements of the rules of business behavior provided by this part, the bank shall pay the client - physical person of 300 000 (three hundred thousand) dram of the Republic of Armenia. At the same time, the specified provision cannot be interpreted as the provision limiting or excluding the right of the client to require compensation of damage. This paragraph does not extend to the relations regulated by the Law of the Republic of Armenia "About attraction of bank deposits", and to other relations regulating activities of bank, this paragraph is applicable so as far as another is not provided by the laws governing these relations.
Full text is available with an active Subscribtion after logging in.
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
Search in text CTRL-F
If you are guest on our site, you will work in Demo mode. In Demo mode you can see only first page of each document.
With full access you can
Database include more 65000 documents. You can find needed documents using search system.
For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system
If you cannot find the required document, or you do not know where to begin, go to Help section.
In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.
You also may open the section Frequently asked questions.
This section provides answers to questions set by users.