INSTITUTION ON PROTECTION OF CUSTOMERS RIGHTS TO BE INTRODUCED IN
ARMENIAN FINANCIAL MARKET
YEREVAN, FEBRUARY 7, NOYAN TAPAN. At the February 7 sitting, the
Armenian government approved the bill on circulation of credit
information and activities of credit bureaus, whose purpose is to
create legal bases for activities of credit bureaus, as well as to
regulate the activity of collection of credit information and
preparation of credit reports on its basis. The international expertise
in this sphere was used in developing this bill.
In connection with adoption of the bill, the government also approved
the bills on making addition or additions to the RA Law on Bank
Secrecy, the RA Law on Insurance and Insurance Activity, the RA Law on
the Central Bank of Armenia (CBA). These bills will be submitted to the
RA National Assembly in envisaged order.
The CBA deputy chairman Artur Javadian told reporters after the sitting
that the bill envisages introduction of a new institution – credit
bureau in Armenia, which will allow to expand the scope of
intermediating and crediting activities in the financial market.
Besides, extra mechanisms will be created for protection of customers
rights.
In the words of A. Javadian, a tradition will form, by which financial
organizations will also provide credits to persons who have no business
or items in pledge but who have a credit history.
Credit bureaus will carry out the activities of collection, processing,
formation and keeping of credit information and of preparation of
credit reports on this basis. Banks operating in the Republic of
Armenia, including branches of foreign banks, as well as credit
institutions and insurance companies will have to provide credit
information to all credit bureaus.