Armenian Members of Parliament have submitted bills to ban all advertisements for consumer loans in Armenia. This is what co-author of the bill on making amendments to the Law on Consumer Lending and related laws, deputy of the ruling My Step Alliance Artak Manukyan said during the session held by the Standing Committee on Financial-Credit and Budgetary Affairs of the National Assembly today.
According to him, advertisements on radio, television, on mobile phones and the Internet will be banned, except for advertisements on the official website of a credit institution, mobile app or at offices that carry out relevant activities.
“The advertisement of a consumer loan must not create the impression that the loan will be granted free of charge or without interest rates. The advertisement must not contain misleading information regarding interest rates,” Manukyan said.
The bills were approved after rather long discussions.