Enforcement Decree Of The Illegal Check Control Act


Published: 2011-12-13

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 Article 1 (Purpose)   print
The purpose of this Decree is to provide for matters necessary for the enforcement of the Illegal Check Control Act.
[This Article Wholly Amended by Presidential Decree. No. 23365, Dec. 13, 2011]
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 Article 2 (Definitions)   print
(1) The term "financial institution" referred to in the Illegal Check Control Act (hereinafter referred to as the "Act") means a bank, or a person or institution deemed equivalent to a bank, which is engaged in the business of the payment against checks pursuant to the Check Act and other Acts and subordinate statutes.
(2) The term "name of a fictitious person" referred to in Article 2 (1) 1 of the Act refers to a case where the name of the issuer of a check is not the same as the name on the relevant resident registration card, if the check has been issued by an individual, or is not the same as the company name or title on the certificate of the relevant corporate register, if the check has been issued by a corporation.
(3) The term "presentation date" referred to in Article 2 (2) of the Act means the date on which a check is presented pursuant to Article 28 (2) of the Check Act or the date on which a check is presented for payment to a financial institution within the time limit for presentation pursuant to Article 29 of the same Act.
(4) The case "where a person fails to honor the payment of a check" referred to in Article 2 (2) of the Act means a case where the refusal to pay a check is certified under Article 39 of the Check Act.
[This Article Wholly Amended by Presidential Decree. No. 23365, Dec. 13, 2011]
ADDENDUM
This Decree shall enter into force on the date of its promulgation.
ADDENDUM<Presidential Decree No. 23365, Dec. 13, 2011>
This Decree shall enter into force on the date of its promulgation.