14.12.2017 17:12
YEREVAN, December 14. /ARKA/. The Armenian parliament has passed today in the second and final reading a set of amendments to the Civil Code, which provides for restrictions on fines and penalties imposed by financial organizations.
Deputy justice minister Artur Hovhannisyan explained that the total amount of the fine can not exceed the basic amount, regardless of the period that has elapsed since the accrual of the debt.
According to him, the amendments stipulate that after the borrower's collateral is sold, he/she must be informed about it within a week and if this is not done, the financial institution will no longer have the right to charge additional fines if the value of the collateral is less than the debt.
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