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LAW OF THE REPUBLIC OF ARMENIA

of November 17, 2008 No. ZR-185

About turnover of credit information and activities of credit bureaus

(The last edition from 28-06-2017)

Accepted by National Assembly of the Republic of Armenia on October 22, 2008

Chapter 1. General provisions

Article 1. Subject of regulation of this Law

1. This law regulates procedure and conditions of collection, processing, forming, storage, use of credit information in the territory of the Republic of Armenia, activities, licensing of credit bureaus, procedure and conditions of implementation of regulation and control over these activities, and also other relations connected with credit information and activities of credit bureau.

Article 2. Legal regulation of activities of credit bureaus

1. Activities of credit bureaus are regulated by the Civil code of the Republic of Armenia, this Law, the law of the Republic of Armenia "About Central Bank", other laws of the Republic of Armenia, international treaties of the Republic of Armenia, and in cases and under the conditions provided by the law - regulatory legal acts of the Central bank of the Republic of Armenia (further the Central bank) and other legal acts.

2. On credit bureaus the law of the Republic of Armenia "On joint-stock companies" expatiates if this Law does not provide other.

Article 3. The basic concepts used in the Law

1. The concepts used in this Law and of other legal acts adopted based on this Law mean the following:

1) credit bureau - joint-stock company which based on the license granted according to the procedure, established by this Law and regulatory legal acts of the Central bank, has the right to perform activities for collection of credit information, other data, necessary for it, to development, forming and storage of credit stories, creation of the credit report on their basis;

2) the subject of credit information - the physical person or legal entity concerning which credit information gathers is developed, created and stored credit history or concerning which the request in credit bureau about credit history is carried out;

3) data - any data on the facts, cases and circumstances relating to the subject of credit information in type which allows or is able to afford to identify or characterize the subject of credit information;

4) the database - the system equipped with certain technical and electronic parameters in which credit information and other data, necessary for it, gathers and where credit stories are developed, created and stored;

5) credit history - dynamics of the credit information created and (or) developed by credit bureau;

6) persons providing information - each subject of the civil law which according to this Law provides to credit bureau credit information concerning the subject of credit information;

7) base of public data - the database created or managed by bodies of the state and local self-government.

Chapter 2. Licensing and control over activities of credit bureaus

Article 4. Use of the words characterizing activities of credit bureau

1. Only persons having the license for activities of credit bureau, their branches and representations can use the words characterizing the activities of credit bureau provided by this Law or their transfers in the name.

Article 5. Licensing of credit bureaus, refusal in provision of the license

1. For implementation of activities of credit bureau the company according to the procedure, established by this Law and regulatory legal acts of Council of the Central bank, shall receive the license for activities of credit bureau.

2. For licensing of credit bureau the company shall meet the following requirements:

1) to be registered as joint-stock company according to the procedure, established by the legislation of the Republic of Armenia;

2) the size of the authorized capital of the company shall constitute at least two hundred million dram of the Republic of Armenia;

3) the commercial banks, credit institutions, insurance companies operating in the territory of the Republic of Armenia, or persons affiliated with them cannot have by the right of vote more than 20 (twenty) percent of shares of society, granting the right to vote. At the same time in sense of this Law persons recognized as those in sense of the law of the Republic of Armenia "About banks and banking activity" are considered as affiliated;

4) to meet territorial, technical requirements, safety requirements and the program equipment established by this Law and regulatory legal acts of the Central bank;

5) company executives shall meet requirements, the stipulated in Clause 10 these Laws for heads of credit bureaus.

3. For licensing of credit bureau the company represents to the Central bank the documents and data confirming requirements of this Law and the regulatory legal acts adopted based on this Law established by regulatory legal acts of the Central bank.

4. Central Bank from the moment of receipt of the established documents and data licenses the company in the 30-day time which according to the decision of the Central bank can be suspended no more than for 30 days for amendment of not completely submitted documents and data in time, established by the Central bank, and also for examination or receipt by the Central bank of certain data or documents. If the Central bank to the current of the specified term does not make the decision on provision or refusal in provision of the license, the license is considered issued, and credit bureau - licensed, after payment of the state fee.

5. Central Bank refuses licensing of credit bureau if:

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