law view
| Article 1 (Purpose) |
 |
[This Article Wholly Amended by Presidential Decree No. 21446, Apr. 21, 2009]
law view
| Article 2 (Scope of Exclusion from Credit Business) |
|
| 1. |
Where an employer lends a loan to his/her employee; |
| 3. |
Where the State or a local government lends a loan; |
| 4. |
Where a nonprofit legal entity established pursuant to the Civil Act or any other Act lends a loan within the scope of the purposes stipulated in its articles of association. |
[This Article Wholly Amended by Presidential Decree No. 21446, Apr. 21, 2009]
law view
| Article 2-2 (Scope of Investors) |
|
"Standards prescribed by Presidential Decree" in Article 3 (2) 2 of the Act means 1/100 of the total number of outstanding shares or the total amount of contribution.
[This Article Newly Inserted by Presidential Decree No. 21446, Apr. 21, 2009]
law view
| Article 2-3 (Procedures for Registration and Renewal of Registration) |
|
| (1) |
Any person who desires to register a credit business or loan brokerage business (hereinafter referred to as "credit business, etc.") pursuant to Article 3 (1) of the Act shall file an application for registration of credit business, etc. prescribed and publicly notified by the Financial Services Commission, with the Special Metropolitan City Mayor, a Metropolitan City Mayor, a Do Governor, or the Governor of a Special Self-Governing Province who has jurisdiction over the place of business (hereinafter referred to as the "Mayor/Do Governor"), along with proof of location of a business office (limited to a certified copy of registry or a copy of a lease agreement, etc.) under Article 3 (2) 4-2 of the Act, a copy of a certificate of completion of the educational course under Article 2-5 (4) and other documents specified and publicly notified by the Financial Services Commission: Provided, That a person who falls under the proviso to Article 3-4 (1) of the Act and who completed the educational course shall submit a copy of the certificate of completion of the educational course under Article 2-5 (4) within one week from the date on which he/she has completed the educational course. <Amended by Presidential Decree No. 22135, Apr. 20, 2010> |
| (2) |
Each copy of a certificate of completion of the educational course submitted in accordance with paragraph (1) shall be a copy of a certificate of completion of the educational course (including such certificates issued by a Mayor/Do Governor who has no jurisdiction over the place of business) that has been completed not more than six months before the date of filing a registration application. |
| (3) |
The form of the registration certificate under Article 3 (3) of the Act shall be prescribed and publicly notified by the Financial Services Commission. |
| (4) |
"Matters prescribed by Presidential Decree" in the proviso to Article 3 (4) of the Act means those under the following subparagraphs: |
| (5) |
Any person who desires to have a registration certificate reissued pursuant to Article 3 (6) of the Act shall submit a report on the loss of the registration certificate for credit business, etc. in the form prescribed and publicly notified by the Financial Services Commission to the Mayor/Do Governor who has jurisdiction over his/her place of business. |
[This Article Wholly Amended by Presidential Decree No. 21446, Apr. 21, 2009]
law view
| Article 2-4 (Procedure for Renewal of Registration) |
|
| (1) |
Any person who intends to apply for renewal pursuant to Article 3-2 (1) of the Act shall file an application for renewal of registration of credit business, etc. in the form prescribed and publicly notified by the Financial Services Commission with the Mayor/Do Governor who has jurisdiction over his/her place of business, along with proof of location of a business office (limited to a certified copy of registry or a copy of a lease agreement, etc.) under Article 3 (2) 4-2 of the Act, a copy of a certificate of completion of the educational course under Article 2-5 (4) and other documents specified and publicly notified by the Financial Services Commission. <Amended by Presidential Decree No. 22135, Apr. 20, 2010> |
| (2) |
The proviso to Article 2-3 (1) and paragraph (2) of the aforesaid Article shall apply mutatis mutandis to the cases of paragraph (1). |
[This Article Newly Inserted by Presidential Decree No. 21446, Apr. 21, 2009]
law view
| Article 2-5 (Educational Course on Credit Business, etc.) |
|
| 2. |
An unavoidable event, such as the trainee's illness, accident, or business travel abroad; |
| 3. |
Where it is difficult to attend an education course due to the education institution's circumstances in relation to human resources or physical facilities. |
| (2) |
"Period of time prescribed by Presidential Decree" in the proviso to Article 3-4 (1) of the Act means one month after registration or renewal of registration. |
| (3) |
The education course on obligations of credit businesses, etc. under Article 3-4 (1) of the Act shall be offeredby each Mayor/Do Governor in the form of a collective educational course on the following topics for representatives and employees who have overall control over business affairs (hereinafter referred to as "general managers"). In such cases, if a business office which intends to apply for or renew its registration under Article 3 (1) or 3-2 (1) of the Act is a branch office of a credit service provider or loan broker (hereinafter referred to as "credit service provider, etc.") which is a corporation, the general manager of the branch office shall attend the course: <Amended by Presidential Decree No. 21673, Aug. 5, 2009; No. 22135, Apr. 20, 2010; Presidential Decree No. 23321, Nov. 30, 2011> |
| 1. |
Calculation of interest rates of credit service providers under Article 8 of the Act and the calculation method of interest rates; |
| 4. |
Methods of advertising credit service providers, etc.; |
| 5. |
Other matters considered necessary for credit service providers, etc. to run credit business, etc. |
| (4) |
Each Mayor/Do Governor shall issue a person who completes the educational course under paragraph (3) a certificate of completion of the educational course in the form prescribed and publicly notified by the Financial Services Commission. |
[This Article Newly Inserted by Presidential Decree No. 21446, Apr. 21, 2009]
law view
| Article 2-6 (Permanent Place of Business) |
|
"Permanent place of business prescribed by Presidential Decree" in subparagraph 8 of Article 4 of the Act means a place for which a right to use the place for three months or more is secured through ownership, lease, or loan for use of a building which is recorded in the building ledger (but excluding lodging facilities under Article 2 (2) 15 of the Building Act).
[This Article Newly Inserted by Presidential Decree No. 22135, Apr. 20, 2010]
law view
| Article 3 (Amended Registration) |
|
| (1) |
Any credit service provider who intends to apply for amended registration pursuant to the main sentence of Article 5 (1) of the Act shall file for an application for amended registration of credit business in the form prescribed and publicly notified by the Financial Services Commission with the Mayor/Do Governor who has jurisdiction over his/her place of business, along with documents that certify the amendments. |
| (2) |
"Miscellaneous changes prescribed by Presidential Decree" in the proviso to Article 5 (1) of the Act means addresses of the representative, executive officers, investors, and general managers and names and percentages of shares of investors who have contributed 5/100 or less of the total amount of investigation. <Amended by Presidential Decree No. 22135, Apr. 20, 2010; Presidential Decree No. 23321, Nov. 30, 2011> |
| (3) |
Any credit service provider who intends to close down his/her credit business, etc. pursuant to Article 5 (2) of the Act shall file a report on closedown of credit business, etc. in the form prescribed and publicly notified by the Financial Services Commission (including an electronic document under subparagraph 1 of Article 2 of the Act on Electronic Documents and Transactions) with the Mayor/Do Governor who has jurisdiction over his/her place of business within 15 days from the date of business closedown. <Amended by Presidential Decree No. 24076, Aug. 31, 2012> |
[This Article Wholly Amended by Presidential Decree No. 21446, Apr. 21, 2009]
law view
| Article 3-2 (Trade Names) |
|
| (1) |
"Standards prescribed by Presidential Decree" in Article 5-2 (3) of the Act means cases where the ratio of operating income accruing from credit business, etc. to gross operating income is less than 50/100. |
| (2) |
In cases where a credit service provider who does not use the term "credit business" or "loan brokerage" in his/her trade name because he/she falls under paragraph (1) conducts any business activity, such as advertisement, in relation to credit business, he/she shall put words "credit business" or "loan brokerage" conspicuously together with his/her trade name. |
| (3) |
The ratio of the operating income under paragraph (1) for credit business, etc. shall be calculated on the basis of the interest income stated on the profit and loss statement as at the end of the immediately preceding business year, while the ratio for any business other than credit business, etc. shall be calculated on the basis of the sales stated on the same profit and loss statement. In such cases, gains on management of financial products, such as investment in securities and deposits in financial companies, shall be excluded from the calculation of the ratio of operating income. |
[This Article Newly Inserted by Presidential Decree No. 21446, Apr. 21, 2009]
law view
| Article 4 (Mandatory Descriptions of Loan Agreement) |
|
| (1) |
"Matters prescribed by Presidential Decree" in Article 6 (1) 12 and (3) 7 of the Act means the following: <Amended by Presidential Decree No. 22135, Apr. 20, 2010; Presidential Decree No. 23321, Nov. 30, 2011> |
| 1. |
Registration number of credit business, etc.; |
| 3. |
Terms and conditions concerning acceleration clause, if any; |
| 4. |
Terms and conditions concerning the repayment order of the principal and interests of a loan, if any; |
| 5. |
Fees and deadline for issuance of certificates related to debts or guaranteed debts. |
| (2) |
"Documents related to an agreement as prescribed by Presidential Decree" in Article 6 (5) and the former part of paragraph (6) of the same Article means the following: |
| 1. |
Loan agreement ledger; |
| 2. |
Records of principal, interests, and incidental expenses disbursed to and received from a debtor by each date; |
| 3. |
Documents submitted by a counter-party (including a guarantor) in connection with the execution of a loan agreement or a guarantee agreement related thereto, including documents related to security (also a written request for return of documents if the documents have been returned upon the written request for return thereof fromthe debtor after repayment of his/her debts). |
[This Article Wholly Amended by Presidential Decree No. 21446, Apr. 21, 2009]
law view
| Article 4-2 (Handwriting of Material Facts) |
|
[This Article Newly Inserted by Presidential Decree No. 21446, Apr. 21, 2009]
law view
| Article 4-3 (Prohibition of Excessive Lending) |
|
| (1) |
"Evidentiary documents prescribed by Presidential Decree" in the main sentence of Article 7 (1) of the Act means the following: |
| 1. |
If a counter-party is a private individual: |
| (a) |
A certificate of income, such as a withholding tax receipt for earned income under Article 143 of the Income Tax Act, a withholding receipt for business income under Article 144 of the aforesaid Act, a certificate of income, a copy of a bankbook for salary deposit, and a certificate of pension; |
| (b) |
A certificate of balance of debts as a document prescribed in the former part of Article 6 (6) of the Act: Provided, That the certificate may be substituted by a credit inquiry, if it is possible to inquiry the status of debts by a credit inquiry; |
| (c) |
Documents that verify legal relationship concerning property, such as a registration certificate of real estate rights, real estate lease agreement, etc. (limited to a secured loan); |
| (d) |
Other documents to verify income, property, and the status of debts; |
| 2. |
If a counter-party is a corporation: |
| (c) |
Documents specified in subparagraph 1 (b) through (d). |
| (2) |
"Amount prescribed by Presidential Decree" in the proviso to Article 7 (1) of the Act means three million won. In such cases, the amount shall be calculated by adding the balance of loans already extended to a counter-party with whom a credit service provider intends to execute a new loan agreement to the amount of the loan on which the credit service provider intends to execute a new loan agreement. <Amended by Presidential Decree No. 22135, Apr. 20, 2010; Presidential Decree No. 23321, Nov. 30, 2011> |
[This Article Newly Inserted by Presidential Decree No. 21446, Apr. 21, 2009]
law view
| Article 5 (Limitations on Interest Rates) |
|
| (2) |
"Rate prescribed by Presidential Decree" in Article 8 (1) of the Act means 39/100 per annum, and the interest rate per month or day shall be computed by converting 39/100 per annum into a simple interest rate. <Amended by Presidential Decree No. 22298, Jul. 21, 2010; Presidential Decree No. 22991, Jun. 27, 2011> |
| 1. |
Expenses for the creation of a security right; |
[This Article Wholly Amended by Presidential Decree No. 21446, Apr. 21, 2009]
law view
| Article 6 (Public Notice, etc. of Terms and Conditions of Loan) |
|
| (1) |
"Important information prescribed by Presidential Decree" in Article 9 (1) of the Act means the following information: <Amended by Presidential Decree No. 22135, Apr. 20, 2010> |
| 1. |
Registration number of credit business; |
| 3. |
Terms and conditions concerning incidental expenses related to a loan agreement. |
| (2) |
"Matters prescribed by Presidential Decree" in Article 9 (2) 5 of the Act means the following: <Amended by Presidential Decree No. 23321, Nov. 30, 2011> |
| 1. |
Address of the place of business and telephone number used for advertisements, which is registered pursuant to Article 3 (2) 6 of the Act(referring to the address of the head officeand telephone number used for advertisements,if acredit service provider has places of business in two or more Metropolitan Cities or provinces, such as the Special Metropolitan City, Metropolitan Cities, Dos, and Special Self-Governing Provinces (hereinafter referred to as "Cities/Dos"); |
| 2. |
Name of the City/Do where the credit business is registeredand the telephone number of the City/Do office at which registration information can be inquired (the telephone number of the City/Do office in which the head office is located, if a credit service provider has places of business in two or more Cities, Dos); |
| 3. |
Warning phrases indicating the risk of excessive borrowings, as prescribed in subparagraph 2 (a) of attached Table 1. |
| (3) |
"Matters prescribed by Presidential Decree" in Article 9 (3) 5 of the Act means the following facts: <Amended by Presidential Decree No. 23321, Nov. 30, 2011> |
| 1. |
Address of the place of business and telephone number used for advertisements registered pursuant to Article 3 (2) 6 of the Act (referring to the address of the head office and telephone number used for advertisements, if a loan broker has places of business in two or more Cities/Dos); |
| 2. |
Name of the City/Do where the loan brokerage business is registered and the telephone number of the City/Do office at which registration information can be inquired (the telephone number of the City/Do office in which the head office is located, if a credit service provider has places of business in two or more Cities, Dos); |
| 3. |
An expression "demanding or receiving a brokerage commission is illegal."; |
| 4. |
Warning phrases indicating the risk of excessive borrowings, as prescribed in subparagraph 2 (a) of attached Table 1. |
[This Article Wholly Amended by Presidential Decree No. 21446, Apr. 21, 2009]
law view
| Article 6-2 (Advertisement of Credit Service Providers, etc.) |
|
"Manner prescribed by Presidential Decree" in Article 9 (4) of the Act means any of the following: <Amended by Presidential Decree No. 23321, Nov. 30, 2011>
| 1. |
Letters of the trade name of each credit service provider shall be larger than letters of a trademark and shall be legible; |
| 2. |
The size of letters describing the registration number, telephone number, interest rates for loans, expenses incidental to loan agreements, phrases referred to in Article 6 (2) 3 and (3) 3 and 4 shall be the same as the size of the trade name and shall be easily distinguishable from other words in each advertisement; |
| 3. |
To comply with guidelines for placing advertisements of credit service providers, etc., as prescribed attached Table 1. |
[This Article Newly Inserted by Presidential Decree No. 21446, Apr. 21, 2009]
law view
| Article 6-3 (False or Exaggerated Advertisements of Credit Service Providers, etc.) |
|
"Advertisements prescribed by Presidential Decree" in Article 9-3 (1) 3 of the Act means advertisements using misleading expressions, etc. as if a credit service provider, etc. were a financial institution permitted, authorized, registered, etc. pursuant to any other Acts.
[This Article Newly Inserted by Presidential Decree No. 23321, Nov. 30, 2011]
law view
| Article 7 (Credit Business subject to Inspection by Governor of Financial Supervisory Service) |
|
"Cases prescribed by Presidential Decree" in Article 12 (3) of the Act means those under the following subparagraphs: <Amended by Presidential Decree No. 22135, Apr. 20, 2010>
| 1. |
Where it is difficult for a Mayor/Do Governor to conduct an inspection under Article 12 of the Act on a credit service provider who is registered with two or more Mayors/Do Governors; |
| 2. |
Where the monthly average balance of loans lent by a credit service provider as at the end of each month exceeds the amount prescribed by the Financial Services Commission; |
| 3. |
Where business activities of a credit service provider, etc. violate Acts or subordinate statutes; |
| 4. |
Where it is suspected that a person who is a major shareholder of two or more registered business entities intends to evade the inspection under Article 12 (4) of the Act in any means, such as spin-off, etc; |
| 5. |
Where business activities of a credit service provider, etc. are highly likely to place a counter-party (including a guarantor, if a guarantee agreement is executed in connection with a loan agreement) in a disadvantageous position, and an institution subject to inspection by the Financial Supervisory Service under Article 38 of the Act on the Establishment, etc. of Financial Services Commission (hereinafter referred to as "financial institution") is involved in such activities. |
[This Article Wholly Amended by Presidential Decree No. 21446, Apr. 21, 2009]
law view
| Article 7-2 (Cases subject to Inspection by Governor of the Financial Supervisory Service) |
|
| (1) |
"Cases prescribed by Presidential Decree" in Article 12 (4) of the Act means the following: <Amended by Presidential Decree No. 22135, Apr. 20, 2010; Presidential Decree No. 23321, Nov. 30, 2011> |
| 1. |
Where an incorporated credit service provider has been registered with two or more Mayors/Do Governors; |
| 2. |
Where the total amount of assets of an incorporated credit service provider is ten billion won or more as at the end of the immediately preceding business year; |
| 3. |
Where thetotal amount of liabilities and assets are seven billion won or more, respectively, as at the end of the immediately preceding business year; |
| 4. |
Where the number of employees is 300 or more and the total amount of assets is seven billion won or more as at the end of the immediately preceding business year; |
| 5. |
Where the number of credit customers of an incorporated credit service provider, etc. is ten million or more and the balance of loans is five billion won or more as at the end of the immediately preceding business year. |
| (2) |
The Governor of Financial Supervisory Service may request each Mayor/Do Governor to submit data relevant to the information specified in subparagraphs of paragraph (1). |
[This Article Wholly Amended by Presidential Decree No. 21446, Apr. 21, 2009]
law view
| Article 7-3 (Submission of Reports by Credit Service Providers) |
|
| (1) |
Pursuant to Article 12 (9) of the Act, each credit service provider shall prepare the reports prescribed and publicly notified by the Financial Services Commission as on June 30 and December 31, respectively and submit each of the reports to the competent Mayor/Do Governor by the end of the following month of the base date. |
| (2) |
"Matters prescribed by Presidential Decree" in Article 12 (9) 1 (c) and 2 (c) of the Act means those concerning the general status of the place of business, the current status of credit business, the current status of loan brokerage business, and the current status of borrowings described in the report under paragraph (1). |
[This Article Newly Inserted by Presidential Decree No. 21446, Apr. 21, 2009]
law view
| Article 7-4 (Guidelines for Suspension of Business and Cancellation of Registration) |
|
| (1) |
"Standards prescribed by Presidential Decree" in Article 13 (1) of the Act other than each subparagraph means the guidelines prescribed in attached Table 2. <Amended by Presidential Decree No. 23321, Nov. 30, 2011> |
| (2) |
"Number prescribed by Presidential Decree" in Article 13 (2) 5 of the Act means the frequency prescribed in attached Table 2. <Amended by Presidential Decree No. 23321, Nov. 30, 2011> |
[This Article Newly Inserted by Presidential Decree No. 21446, Apr. 21, 2009]
law view
| Article 8 (Contents and Method of Public Notice) |
|
Pursuant to Article 13 (2) 6 of the Act, each Mayor/Do
Governor shall prepare a public notice stating that the registration may be revoked if a credit service provider fails to notify its exact location in order to verify the location and shall publish the notice through the official bulletin of the City/Do
or a daily newspaper.
[This Article Wholly Amended by Presidential Decree No. 21446, Apr. 21, 2009]
law view
| Article 9 (Limitations on Interest Rates of Specialized Credit Financial Institutions) |
|
| (1) |
"Rate set forth in Presidential Decree" in Article 15 (1) of the Act means 39/100 per annum. <Amended by Presidential Decree No. 22298, Jul. 21, 2010; Presidential Decree No. 22991, Jun. 27, 2011> |
| (2) |
If the rate under paragraph (1) shall be applied on a monthly or daily basis, 39/100 per annum shall be converted into a simple interest rate. <Amended by Presidential Decree No. 22298, Jul. 21, 2010; Presidential Decree No. 22991, Jun. 27, 2011> |
| (3) |
"Rate set forth in Presidential Decree" in Article 15 (3) of the Act means any of the following overdue interest rates. In such cases, each rate shall not exceed 39/100 per annum: <Amended by Presidential Decree No. 22298, Jul. 21, 2010; Presidential Decree No. 22991, Jun. 27, 2011> |
| 2. |
The overdue interest rate determined by the Financial Services Commission for each type of financial business, reflecting characteristics of each type of financial business. |
[This Article Wholly Amended by Presidential Decree No. 21446, Apr. 21, 2009]
law view
| Article 10 (Registration Fees) |
|
| (1) |
Any person who desires to register a credit business, etc. shall pay 100,000 won as registration fee for each place of business in accordance with Article 17 (1) of the Act: Provided, That a different amount of the fee may be prescribed by Municipal Ordinance of each City/Do within the maximum of 100,000 won. |
| (2) |
"Inspection fees prescribed by Presidential Decree" in Article 17 (2) of the Act means the amount determined by the Financial Services Commission within the maximum of 1/1,000 of the yearly average balance of loans as on the inspection date: Provided, That a different amount of the fee may be prescribed by Municipal Ordinance of each City/Do within the maximum of 1/1,000 of the yearly average balance of loans. |
[This Article Wholly Amended by Presidential Decree No. 21446, Apr. 21, 2009]
law view
| Article 11 (Composition and Management of the Committee for Conciliation of Disputes) |
|
| (1) |
The Committee for Conciliation of Disputes under Article 18 (1) of the Act shall be comprised of five members appointed by the competent Mayor/Do Governor from among persons falling under any of the following subparagraphs: <Amended by Presidential Decree No. 23644, Feb. 29, 2012.> |
| 1. |
A person who has at least three years experience at a financial institution; |
| 2. |
A lawyer or certified public accountant; |
| 3. |
A person who has at least three years experience at a consumer organization; |
| 4. |
A public official who has at least three years experience in the field of finance, credit business, or consumer protection; |
| 5. |
A person who majored in finance or law and has at least three years experience as an assistant professor or higher at a college or university. |
| (2) |
The chairperson shall be elected by and among the members, and the term of office for the chairperson and members shall be one year but may be renewed consecutively. |
| (3) |
The Committee for Conciliation of Disputes may adopt a proposal for conciliation of a dispute by an affirmative vote of 2/3 of incumbent members and may recommend the parties to the dispute to accept the proposal for conciliation of the dispute. |
| (4) |
Further details necessary for the efficient management of the Committee for Conciliation of Disputes shall be prescribed by the Committee for Conciliation of Disputes, in addition to matters prescribed in paragraphs (1) through (3). |
[This Article Wholly Amended by Presidential Decree No. 21446, Apr. 21, 2009]
law view
| Article 11-2 (Consumer Loan Finance Association) |
|
| (1) |
Pursuant to Article 18-2 (4) of the Act, the Consumer Loan Fiance Association (hereinafter referred to as the "Association") shall prepare articles of incorporation and shall complete registration of incorporation at the registry office having jurisdiction over the domicile of the principal place of business within two weeks from the date on which it obtains the authorization therefor from the Financial Services Commission. |
| (2) |
The registration of incorporation under paragraph (1) shall include the following matters: |
| 3. |
Locations of the principal place of business and branch associations; |
| 4. |
Names and addresses of executives; |
| 5. |
Methods of public notification. |
| (3) |
The application for registration of incorporation under paragraph (1) shall be accompanied by the following documents: |
| 1. |
Articles of incorporation; |
| 2. |
A copy of the letter of authorization for articles of incorporation. |
| (4) |
"Affairs prescribed by Presidential Decree" in subparagraph 4 of Article 18-3 of the Act means the following business affairs: <Amended by Presidential Decree No. 23321, Nov. 30, 2011> |
| 1. |
Educating executives and employees of credit service providers, etc.; |
| 2. |
Conducting surveys and research for the development of credit business, etc.; |
| 3. |
Autonomously reviewing advertisements of credit service providers, etc.; |
| 4. |
Autonomously monitoring any violation of Acts or subordinate statutes by credit service providers, etc. and persons who actually run credit business without filing for registration of credit business as required by Article 3; |
| 5. |
Other business affairs necessary for the achievement of the Association's purposes. |
[This Article Newly Inserted by Presidential Decree No. 21446, Apr. 21, 2009]
law view
| Article 11-3 (Entrustment of Business Affairs) |
|
[This Article Newly Inserted by Presidential Decree No. 21446, Apr. 21, 2009]
law view
| Article 11-4 (Processing of Personally Identifiable Information) |
|
| (1) |
In order to perform the following affairs Mayors/Do Governors (including persons entrusted with the affairs of a Mayor/Do Governor pursuant to Article 11-3) may, in unavoidable circumstances, process data containing resident registration numbers, passport numbers or foreigner registration numbers (hereafter referred to as "resident registration numbers, etc." in this Article) prescribed in subparagraph 1, 2 or 4 of Article 19 of the Enforcement Decree of the Personal Information Protection Act: |
| 5. |
Affairs concerning registration of changes and reporting on business closure pursuant to Article 5 of the Act; |
| 6. |
Affairs concerning inspections, suspension of business, revocation of registration, follow-up measures, etc. pursuant to Articles 12 and 13 of the Act; |
| 7. |
Affairs concerning surveys, etc. on actual status of credit service providers pursuant to Article 16 of the Act; |
| (2) |
In order to perform the following affairs, the Governor of the Financial Supervisory Service, the Financial Services Commission or the Minister of Security and Public Administration may process data containing resident registration numbers, etc. in unavoidable circumstances: <Amended by Act No. 24435, Mar. 23, 2013> |
| 2. |
Affairs concerning surveys, etc. on the actual status of credit service providers pursuant to Article 16 of the Act. |
[This Article Newly Inserted by Presidential Decree No. 23488, Jan. 6, 2012]
law view
| Article 12 (Guidelines for Imposition of Fines for Negligence) |
|
The guidelines for imposition of fines for negligence are as prescribed in attached Table 3. <Amended by Presidential Decree No. 23321, Nov. 30, 2011>
[This Article Wholly Amended by Presidential Decree No. 21446, Apr. 21, 2009]
ADDENDUM
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 18312, Mar. 17, 2004>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 19019, Aug. 31, 2005>
This Decree shall enter into force on September 1, 2005.
ADDENDA <Presidential Decree No. 20313, Oct. 4, 2007>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 (Applicability of Limitation to Interest Rates)
The amended provisions of Article 5 (3) and of the latter part of Article 9 shall apply to loan agreements made or renewed on or after the date when this Decree enters into force.
ADDENDA <Presidential Decree No. 20653, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation: Provided, That among Presidential Decrees amended under Article 2 of these Addenda, the amended provisions of any Presidential Decree which is promulgated before this Decree enters into force, but which does not enter into force shall enter into force on the date when such Presidential Decree does so.
Article 2 Omitted.
ADDENDUM <Presidential Decree No. 20758, Mar. 28, 2008>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 21446, Apr. 21, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on April 22, 2009.
Article 2 (Special Cases for Change of Trade Names of Credit Service Providers)
In cases where any credit service provider who has several places of business to run the head office and branch offices changes the trade name, if the head office or a branch office files an application of renewal of registration of the place of business first because the expiration of the effective period of the registration is approaching, other offices, as well as the office filing the application for renewal, may also file an application for amended registration in relation to the trade name.
Article 3 (Transitional Measure in Response to Amendment of Other Acts and Subordinate Statutes)
"Article 4 (1) 1 of the Use and Protection of Credit Information Act" in the amended provisions of Article 5 (3) 2 shall be construed as "Article 4 (4) 1 of the Use and Protection of Credit Information Act" until October 1, 2009.
Article 4 (Transitional Measure concerning Fines for Negligence)
| (1) |
The imposition of fines for negligence for offenses committed before this Decree enters into force shall be governed by former provisions. |
| (2) |
In cases where the guidelines for the imposition of fines for negligence shall be applied according to the frequency of offenses pursuant to amended provisions of this Act, an offense committed first after this Decree enters into force shall be deemed the first offense. |
Article 5 Omitted.
ADDENDA <Presidential Decree No. 21673, Aug. 5, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on August 7, 2009.
Article 2 (Transitional Measure)
Acts done before this Decree enters into force shall be governed by the guidelines for the administrative disposition under former provisions.
ADDENDA <Presidential Decree No. 22135, Apr. 20, 2010>
This Decree shall enter into force on April 26, 2010.
ADDENDA <Presidential Decree No. 22298, Jul. 21, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 (Applicability to Limitations on Interest Rates)
The amended provisions of Articles 5 and 9 shall apply to loan agreements executed or renewed on or after this Decree enters into force.
ADDENDA <Presidential Decree No. 22991, Jun. 27, 2011>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 (Applicability to Limitations, etc. on Interest Rates)
The amended provisions of Articles 5 and 9 shall apply to loan agreements executed or renewed after this Decree enters into force.
ADDENDA <Presidential Decree No. 23321, Nov. 30, 2011>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation: Provided
, That the amended provisions of Articles 2-5, 4, 6, 6-2 and 6-3 shall enter into force three months after the date of its promulgation.
Article 2 (Transitional Measures concerning Administrative Dispositions and Fines for Negligence)
Administrative dispositions and fines for negligence on any act done before this Decree enters into force shall be governed by the former provisions.
ADDENDA <Presidential Decree No. 23488, Jan. 6, 2012>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Article 2 Omitted.
ADDENDA <Presidential Decree No. 23644, Feb. 29, 2012>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 24076, Aug. 31, 2012>
Article 1 (Enforcement Date)
This Decree shall enter into force on Sep. 2, 2012. (Proviso Omitted.)
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 24435, Mar. 23, 2013>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles 2 through 4 Omitted.
