Mane Tandilyan on Credit Fraud

Member of the National Assembly from the "Bright Armenia" faction Mane Tandilyan wrote on her Facebook page: "Credit fraud continues to be a scourge for our society. Unfortunately, many citizens with social problems continue to use the services of credit intermediaries, resulting in significant financial losses.

There is no alternative to a strict and persistent fight against credit intermediaries. In this regard, I want to remind once again that on 29.06.2019, the law I authored to amend the Code of Administrative Offenses came into effect, according to which advertising loans by unlicensed entities incurs a fine of 2 million drams, which rises to 4 million drams for repeated offenses.

The work of the Police in this direction is commendable, particularly the 50 or more cases identified by the working group established by the Prime Minister, which have led to criminal cases being opened.

Unfortunately, the Yerevan Municipality, responsible by law for outdoor advertising, is not engaged in cleaning up the city of loan advertisements that flood it; on the contrary, it allows advertisements for loans by unlicensed individuals in designated areas, which is prohibited by law.

I once again urge citizens to apply exclusively to banks and credit organizations licensed by the Central Bank for loans and to remember that all payments made when obtaining a loan must be included in the loan agreement, in accordance with the Law on Consumer Credit. Any receipt of money outside the contract is considered a criminal offense, and I urge immediate notification of law enforcement agencies about this."