Armenian legislation governing consumer-credit contracts, disclosure, APR calculation and consumer rights.
TL;DR:
- Armenia’s law directly regulates covered consumer-credit contracts.
- Rocket Line is an IDBank consumer-credit facility used for non-cash purchases.
- The law requires APR, cost and contract disclosures and protects repayment and withdrawal rights.
Summary
Law HO-122-N regulates consumer-credit contracts, including deferred payment used to finance goods and services, mandatory contract information, annual percentage rate calculation and consumer remedies. IDBank describes Rocket Line as consumer credit for non-cash purchases with a limit up to AMD 10 million, repayment terms up to 60 months and an effective annual interest rate up to 24%, placing the product directly within the law’s covered perimeter.
Keywords
- Armenia consumer credit
- HO-122-N
- Rocket Line
- IDBank
- annual percentage rate