Article 16 of the RA Law on Consumer Credit stipulates that “any advertisement, announcement, proposal, offer or invitation to make an offer, which is made at place of activity of creditor, on creditor’s or other Internet site, through electronic or other printing source of advertisement, or through other means of disseminating advertisement, announcement, proposal or offer, and which contains a reference on the amount of interest or any other payment or cost relating to extension of credit, shall include the actual amount of annual percentage rate, whereas if it is not possible to inform customers about the size of annual percentage rate in due manner, an example of calculation thereto shall be presented.

Any advertisement, announcement, proposal, offer or invitation to make an offer carried out in the Republic of Armenia or placed in Internet shall not be confusing, complicated or misleading.

Iravaban.net informs that within the framework of this law, a bank, branch of a foreign bank, credit organization or pawnshop extending a credit is considered a creditor. Credit is the right for installment repayment of liability, loan, borrowing, financial leasing or any other agreement or arrangement, with the view to financing procurement of goods, services or works.