YEREVAN, June 19, /ARKA/. Armenia-based commercial banks, credit organizations and pawnshops are now obliged to indicate a real interest rate on loans worth up to 15 million drams in the loan agreements, a parliament member from the Bright Armenia party Maneh Tandilyan wrote in a Facebook post today.
Her post comes after the National Assembly approved in the second and final reading a draft law on consumer lending, which had been proposed by herself.
The bill raises the upper limit of a consumer loan from the current 10 million drams to 15 million drams.
Besides, the bill also eliminates the minimum amount of a consume loan which is currently 100 thousand drams since many citizens seek loans less than that amount.
“This means that banks, credit organizations and pawnshops are also obliged to meet the requirements of the law for lending these amounts, in particular, they must specify the size of the real interest rate and the procedure for filing complaints,” she wrote.
Tandilyan urged citizens to monitor the implementation of this law and, if necessary, contact the Financial Ombudsman. ($1 -478.04 drama). -0-
