law view
| Article 1 (Purpose) |
 |
The purpose of this Act is to prescribe matters necessary for the establishment and operation of special purpose companies for mortgage-backed bonds and the issuance of mortgage-backed bonds and mortgage-backed securities, in order to strengthen the foundations for housing finance by stably providing long term housing funds, thereby contributing to the sound development of the national economy.
[This Article Wholly Amended by Act No. 10693, May 19, 2011]
law view
| Article 2 (Definitions) |
|
| (1) |
The terms used in this Act shall be defined as follows: <Amended by Act No. 10522, Mar. 31, 2011> |
| 1. |
The term "mortgage securitization" means any of the following acts: |
| (a) |
The act of a special purpose company for mortgage securitization issuing mortgage-backed bonds after offering a mortgage that has been transferred from a financial company as security, and pays principal and interest thereof; |
| (b) |
The act of a special purpose company for mortgage securitization issuing mortgage-backed securities on the basis of a mortgage that has been transferred from a financial company, and divides benefits from the management, operation and disposal of the mortgage; |
| 2. |
The term "mortgage" means a claim for loaned money (including loaned money to compensate for the money incurred in the purchase or construction of a house) incurred in the purchase or construction of a house pursuant to subparagraph 1 of Article 2 of the Housing Act and on loaned money for the redemption of the aforementioned money, which is a claim secured with a mortgage established on the house concerned; |
| 3. |
The term "mortgage-backed bond" means a bond issued by establishing a mortgage as security; |
| 4. |
The term "mortgage-backed securities" means profit-making securities issued on the basis of a mortgage; |
| 5. |
The term "equity capital" means the total of core and supplementary capital prescribed according to the standards of the Bank for International Settlements; |
| 6. |
The term "financial company" means any of the following items: |
| (i) |
Those determined by Presidential Decree, who correspond to those under items (a) through (i); |
| 7. |
The term "special purpose company for mortgage securitization" means a company authorized to engage in the business of mortgage securitization pursuant to Article 3. |
| (2) |
The specific scope of equity capital shall be prescribed by Presidential Decree. |
[This Article Wholly Amended by Act No. 10693, May 19, 2011]
law view
| Article 3 (Authorization for Mortgage Securitization Business) |
|
| (1) |
A person who intends to conduct mortgage securitization business under this Act shall obtain authorization therefor from the Financial Services Commission. |
| (2) |
A person who intends to obtain authorization under paragraph (1) shall meet all of the following requirements: |
| 1. |
He/she shall be a stock company; |
| 2. |
He/she shall have 25 billion won or more in capital; |
| 3. |
His/her capital adequacy ratio shall be no lower than the level determined by Presidential Decree. |
| (3) |
A person who intends to obtain authorization under paragraph (1) shall attach documents determined by the Financial Services Commission to an application and submit it to the Financial Services Commission. |
[This Article Wholly Amended by Act No. 10693, May 19, 2011]
law view
| Article 4 (Registration, etc. of Mortgage Securitization Plans) |
|
| (1) |
Where a special purpose company for motgage securitization (hereinafter referred to as "mortgage securitization company") intends to engage in mortgage securitization, it shall prepare documents determined by the Financial Services Commission and then register a plan for mortgage securitization (hereinafter referred to as "mortgage securitization plan") with the Financial Services Commission. This shall also apply where it intends to alter a registered mortgage securitization plan. |
| (2) |
A mortgage securitization plan shall include the following matters: |
| 1. |
Name of the relevant mortgage securitization company and the location of its office; |
| 2. |
Period for the mortgage securitization plan; |
| 3. |
Details and total amount of the relevant mortgage and the appraised value by a specialized appraisal institution; |
| 4. |
Type, total amount and condition of issuance of motgage-backed bonds and mortgage-backed securities to be issued; |
| 5. |
Matters concerning the management, operation and disposal (including cases in which a trust is established under Article 12 (1)) of mortgages; |
| 6. |
Where affairs of management, operation and disposal of mortgages pursuant to Article 10 (1) are to be entrusted, the mortgage manager concerned; |
| 7. |
Other matters prescribed by Presidential Decree. |
| (3) |
Where any of the following grounds arises, the Financial Services Commission may refuse the registration of mortgage securitization plans or request the details thereof to be altered: |
| 1. |
Where a document accompanying application for registration contains a false entry or it does not contain a necessary entry; |
| 2. |
Where a violation of any Act and subordinate statute is included in the details of mortgage securitization plans. |
| (4) |
Where the Financial Services Commission refuses registration or requests the details of the application to be altered pursuant to paragraph (3), it shall provide written notice of the specific grounds therefor to the relevant mortgage securitization company. |
[This Article Wholly Amended by Act No. 10693, May 19, 2011]
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| Article 5 (Registration, etc. of Transfer, etc. of Mortgages) |
|
| (1) |
When a mortgage is transferred, trusted or returned (hereinafter referred to as "transfer, etc.") according to a mortgage securitization plan, the relevant mortgage securitization company shall immediately register the fact with the Financial Services Commission. |
| (2) |
Where a mortgage securitization company intends to register the transfer, etc. of mortgages pursuant to paragraph (1), it shall submit an application for registration and a contract for the transfer, etc. of mortgages to the Financial Services Commission. |
| (3) |
The following matters shall be stated in an application for registration under paragraph (2), and the matter in subparagraph 1 shall be prepared as an electronic record or a method corresponding thereto before being submitted: |
| 1. |
The detail of mortgages; |
| 2. |
The method and schedule of transfer, etc. of mortgages, and the method of payment therefor; |
| 3. |
Whether it satisfies the requirements for action against the transfer of claim; |
| 4. |
The requirements for the revocation of the contract for the transfer, etc. of mortgages; |
| 5. |
Whether the transferor, etc. has preferential right of purchase where the transferee disposes of the relevant claim; |
| 6. |
Other matters determined by the Financial Services Commission, needed for the protection of investors. |
| (4) |
A mortgage securitization company shall preserve and manage contract documents regarding the transfer, etc. of mortgages, the certificate of completion of registration, the notice of registration completion information or the certificate of registration and other documentary evidence as prescribed by Presidential Decree and, when the Financial Services Commission or the relevant investor requests the perusal thereof, it shall comply therewith. <Amended by Act No. 10580, Apr. 12, 2011> |
| (5) |
Matters necessary for the form of the application for registration, the method of entry, the handling procedures, etc. under paragraph (3) shall be prescribed by the Financial Services Commission. |
[This Article Wholly Amended by Act No. 10693, May 19, 2011]
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| Article 5-2 (Method of Transferring) |
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The transfer of mortgages shall be made as follows, pursuant to a mortgage securitization plan. In such cases, it shall not be deemed as the establishment of security right:
| 1. |
That it shall be done by means of sale and purchase or exchange; |
| 2. |
That the transferee shall have the beneficial right and the right of disposal on the mortgage. In such cases, the transferee shall be deemed to have the beneficial right and the right of disposal on the mortgage even if the transferor has preferential right to purchase the mortgage when the transferee disposes of the mortgage concerned; |
| 3. |
That the transferor shall not have the right to claim the release of mortgage, and the transferee shall not have the right to claim the refund of mortgage repayments; |
| 4. |
That the transferee shall assume the risks regarding the property that has been transferred: Provided, That this shall not apply where the transferor assume the risks regarding the mortgage concerned for a certain period or bears the responsibility of warranty against defects (including cases where the transferor of mortgage has stood guarantee for the debtor's financial capability). |
[This Article Wholly Amended by Act No. 10693, May 19, 2011]
law view
| Article 6 (Special Cases concerning Requirements for Counteraction against Transfer of Claim) |
|
| (1) |
With regard to the transfer, etc. of a mortgage pursuant to a mortgage securitization plan, if the transferor (including a truster; hereinafter the same shall apply) or transferee (including a trustee; hereinafter the same shall apply) notifies the debtor or the debtor does not consent thereto, he/she shall not initiate any action against the debtor: Provided, That where the transferor or transferee has sent the notification of mortgage transfer (including the trust or release of mortgages; hereafter the same shall apply in this Article) by means of contents-certified post at least twice to one of the following addresses but the notification has been returned due to unknown whereabouts, etc., if he/she notifies the mortgage transfer in two or more daily newspapers (including at least one daily newspaper with nationwide circulation) that have their major circulation area in the location of the debtor's address, it shall be deemed that he/she has notified the mortgage transfer to the debtor on the date of such notification: |
| 1. |
The debtor's address stated in the register (where the address stated in the register is not the most recent address of the debtor and the transferor or transferee knows the debtor's most recent address, referring to that most recent address); |
| 2. |
Where the debtor's address is not stated in the register and the transferor or transferee knows the debtor's most recent address, that most recent address. |
| (2) |
When the registration under Article 5 (1) is made in regard to the transfer, etc. of mortgages pursuant to a mortgage securitization plan, a third party, other than the debtor of the relevant mortgages shall be deemed to meet the requirements for counteraction under Article 450 (2) of the Civil Act as at the time such registration is made. |
[This Article Wholly Amended by Act No. 10693, May 19, 2011]
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| Article 6-2 (Conclusion of Claims Secured with Right to Collateral Security) |
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When a financial company has given notice to a debtor by contents-certified post stating the intention to conclude the amount of the claim that is secured with the right to collateral security and to transfer all of the claim without generating an additional claim in case the mortgage intended for transfer pursuant to the mortgage securitization plan is a claim secured with the right to collateral security, it shall be deemed that the claim concerned has been concluded on the day after when such notice is given: Provided, That this shall not apply where the debtor raises an objection within ten days.
[This Article Wholly Amended by Act No. 10693, May 19, 2011]
law view
| Article 7 (Special Cases concerning Acquisition of Mortgage) |
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A mortgage securitization company shall acquire a mortgage established in order to guarantee the mortgage that has been transferred or trusted pursuant to a mortgage securitization plan, when the registration under Article 5 (1) has been made.
[This Article Wholly Amended by Act No. 10693, May 19, 2011]
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| Article 8 (Public Announcement of Registration Documents, etc.) |
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| (1) |
The Financial Services Commission shall make documents for registration or alteration of registration under Articles 4 and 5 available for public perusal. |
| (2) |
A mortgage securitization company shall prepare and furnish the details of mortgages and documents on the status thereof, so that investors in the relevant mortgage securitization company can peruse them. |
[This Article Wholly Amended by Act No. 10693, May 19, 2011]
law view
| Article 9 (Management, etc. of Mortgages) |
|
| (1) |
A mortgage securitization company shall separately manage mortages (including property rights, such as money, acquired from the management, operation or disposal of mortgages; hereafter the same shall apply in this Article, Articles 10 (4) and (5) and 26 (1)) subject to mortgage securitization and assets not subject to mortgage securitization, and separately manage mortgages according to the relevant mortgage securitization plans. |
| (2) |
Mortgages separated and managed pursuant to paragraph (1) shall not constitute bankruptcy estate of a mortgage securitization company. |
| (3) |
Mortgages separated and managed pursuant to paragraph (1) shall not be subject to compulsory execution by the debtors of a mortgage securitization company, and shall not be subject to any protective disposition or discontinuation order under the Debtor Rehabilitation and Bankruptcy Act. |
[This Article Wholly Amended by Act No. 10693, May 19, 2011]
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| Article 10 (Entrustment, etc. of Mortgages) |
|
| (1) |
Pursuant to a contract for the entrustment of mortgage management, a mortgage securitization company may entrust the affairs concerning the management, operation and disposal of mortgages to any of the following persons (hereinafter referred to as "mortgage manager"): |
| 1. |
Financial companies, etc.; |
| (3) |
Where a mortgage securitization company has cancelled a contract on the entrustment of mortgage management, it shall not be entitled to assert any right against a mortgage debtor on the ground that the mortgage manager's right to receive payment has terminated: Provided, That this shall not apply where a debtor was, or was able to be, aware that the mortgage manager's right to receive payment has terminated. |
| (4) |
A mortgage manager shall manage mortgages entrusted for management pursuant to paragraph (1) separately from its original assets, and separately prepare and keep a record of the management of such mortgages. |
| (5) |
Where a mortgage manager becomes insolvent, mortgages managed on entrustment under paragraph (1) shall not constitute bankruptcy estate of the mortgage manager, and a mortgage securitization company may request the mortgage manager or a trustee in bankruptcy to transfer the mortgages. |
| (7) |
No mortgage managed by a mortgage manager on the entrustment under paragraph (1) shall be subject to compulsory execution by the debtors of the mortgage manager, and shall be subject to protective disposition or discontinuation order under the Debtor Rehabilitation and Bankruptcy Act. |
[This Article Wholly Amended by Act No. 10693, May 19, 2011]
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| Article 11 (Issuance, etc. of Mortgage-Backed Bonds) |
|
| (1) |
A mortgage securitization company may issue mortgage-backed bonds using mortgages separated and managed under different mortgage securitization plans pursuant to Article 9 as security. |
| (2) |
Except as otherwise provided for in other Acts, a holder of mortgages shall have the right to receive repayment of mortgages separated and managed according to the relevant mortgage securitization plan, prior to a third party. |
| (3) |
Where the holder of mortgage-backed bonds has failed to receive repayment of all or some of principal and interest of the bonds on the basis of preferential repayment under paragraph (2), it may receive repayment from assets not subject to mortgage securitization, among the assets of a mortgage securitization company. |
[This Article Wholly Amended by Act No. 10693, May 19, 2011]
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| Article 12 (Issuance, etc. of Mortgage-Backed Securities) |
|
| (1) |
Notwithstanding Article 3 (1) of the Trust Act, a mortgage securitization company may issue mortgage-backed securities by establishing a trust for which it is the trustee according to a mortgage securitization plan. <Amended by Act No. 10924, Jul. 25, 2011> |
| (2) |
The establishment of trust under paragraph (1) shall take effect from the time it is registered with the Financial Services Commission. |
| (3) |
Mortgage-backed securities shall be in unregistered form: Provided, That they may be registered on the request of the beneficiary of the mortgage-backed securities. |
| (4) |
The transfer of mortgage-backed securities or exercise of other rights shall be made as mortgage-backed securities: Provided, That Articles 337, 338, 340 and 358-2 of the Commercial Act on shares shall apply mutatis mutandis to registered mortgage-backed securities. <Amended by Act No. 12591, May 20, 2014> |
| (5) |
A person who acquires mortgage-backed securities shall succeed to the rights and obligations arising from the relevant mortgage-backed securities. |
| (6) |
The following matters shall be stated in mortgage-backed securities, and the representative of a mortgage securitization company shall print his/her name and affix his/her seal thereto: |
| 3. |
Name or title of beneficiary, in the case of registered securities; |
| 4. |
Total amount issued, and the form of beneficiary rights; |
| 5. |
Timing and location of profit distribution; |
| 6. |
Where concluding a contract for the preservation of principal or profits, the details thereof; |
| 7. |
Total amount of mortgages that constitute the basis of issuance; |
| 8. |
Details of trust establishment; |
| 9. |
Where a payment guarantee exists, the details thereof; |
| 10. |
Where the method of operating mortgages has been prescribed, the details thereof; |
| 11. |
Other matters prescribed by Presidential Decree. |
| (7) |
Notwithstanding Article 36 of the Trust Act, a mortgage securitization company may acquire mortgage-backed securities issued by the relevant mortgage securitization company with assets not subject to mortgage securitization, as prescribed by Presidential Decree. <Amended by Act No. 10924, Jul. 25, 2011> |
[This Article Wholly Amended by Act No. 10693, May 19, 2011]
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| Article 13 (Payment Guarantees) |
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A mortgage securitization company may guarantee payment of mortgage-backed securities (including mortgage-backed securities issued by the relevant mortgage securitization company) and asset-backed securities issued by special purpose companies, etc. by setting mortgages as securitized assets pursuant to the Asset-Backed Securitization Act, within the extent not exceeding 30 times the equity capital of the relevant mortgage securitization company.
[This Article Wholly Amended by Act No. 10693, May 19, 2011]
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| Article 14 (Issuance, etc. of Corporate Bonds) |
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A mortgage securitization company may issue corporate bonds within the extent of ten times its equity capital, and may borrow money within the extent of its equity capital. In such cases, the total amount issued of mortgage-backed bonds shall not be included in the amount issued of corporate bonds.
[This Article Wholly Amended by Act No. 10693, May 19, 2011]
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| Article 15 (Restriction on Concurrent Holding of Positions or Offices by Executives, etc.) |
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Where a mortgage securitization company is likely to have a conflict of interests with a financial company, etc. that transfers mortgages, mortgage manager, or trust business operator under the Secured Bond Trust Act, an executive or employee of the mortgage securitization company may concurrently hold positions or offices as an executive or employee of such institution only upon obtaining approval from the Financial Services Commission.
[This Article Wholly Amended by Act No. 10693, May 19, 2011]
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| Article 16 (Supervision, etc.) |
|
| (1) |
In order to protect investors of mortgage-backed bonds and mortgage-backed securities and ensure the stability of the bond market, the Financial Services Commission may supervise the affairs of a mortgage securitization company and issue orders necessary therefor, and may request the Governor of the Financial Supervisory Service (hereinafter referred to as the "Governor") established under the Act on the Establishment, etc. of Financial Services Commission to investigate the affairs and asset status of a mortgage securitization company. |
| (2) |
The Governor may request a mortgage securitization company or an external auditor appointed by the mortgage securitization company pursuant to the Act on External Audit of Stock Companies to submit books, documentary records or other materials necessary for investigation under paragraph (1). |
| (3) |
To ensure the sound management by a mortgage securitization company, the Financial Services Commission may determine management instruction guidelines for the following matters: |
| 1. |
Matters concerning the capital adequacy; |
| 2. |
Matters concerning the soundness of capital; |
| 3. |
Matters concerning the maintaining of liquidity; |
| 4. |
Other matters deemed necessary for ensuring the soundness of management. |
| (4) |
When the Financial Services Commission recognizes that a mortgage securitization company is likely to substantially harm the soundness of management by failing to conform to the mangement instruction guidelines under paragraph (3), it may request it to take any measure necessary to improve its corporate management, such as increasing capital and restricting distribution of profits. |
[This Article Wholly Amended by Act No. 10693, May 19, 2011]
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| Article 17 (Consultation on Matters related to Housing Policy) |
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The Financial Services Commission shall consult, in advance, with the Minister of Land, Infrastructure and Transport on matters related to the affairs of a mortgage securitization company, which are recognized to have an influence on the execution of housing policy. <Amended by Act No. 11690, Mar. 23, 2013>
[This Article Wholly Amended by Act No. 10693, May 19, 2011]
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| Article 18 (Revocation, etc. of Authorization) |
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Where a mortgage securitization company falls under any of the following subparagraphs, the Financial Services Commission may order business suspension for a prescribed period of less than six months, or may revoke the authorization under Article 3:
| 1. |
Where it has obtained authorization under Article 3 by fraudulent or other unjust means; |
| 2. |
Where it fails to satisfy the requirements for authorization under Article 3 (2); |
| 3. |
Where it has carried on business during a period of business suspension; |
| 4. |
Where it has violated this Act or an order issued under this Act. |
[This Article Wholly Amended by Act No. 10693, May 19, 2011]
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| Article 19 (Effect of Revocation of Authorization) |
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Where authorization is revoked pursuant to Article 18, the relevant mortgage securitization company shall be dissolved.
[This Article Wholly Amended by Act No. 10693, May 19, 2011]
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| Article 20 (Hearings) |
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Where the Financial Services Commission intends to revoke authorization pursuant to Article 18, it shall hold a hearing.
[This Article Wholly Amended by Act No. 10693, May 19, 2011]
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| Article 21 (Sanctions against Executives and Employees) |
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| (1) |
Where an executive of a mortgage securitization company violates this Act or an order issued under this Act or commits an act that substantially harms the sound management of the mortgage securitization company, the Financial Services Commission may order the executive to suspend performance of his/her affairs and may advise the general shareholders' meeting to dismiss the executive. |
| (2) |
Where an employee of a mortgage securitization company violates this Act or an order issued under this Act or commits an act that substantially harms the sound management of the mortgage securitization company, the Governor may request the relevant mortgage securitization company to appropriately reprimand the employee by means of dismissal, suspension from office, reduction in wages, or reprimand. |
[This Article Wholly Amended by Act No. 10693, May 19, 2011]
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| Article 22 (Submission, etc. of Materials) |
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| (1) |
If necessary for investigation under Article 16 (1), the Financial Services Commission may require a mortgage securitization company to submit a report on its affairs and property status. |
| (2) |
A mortgage securitization company shall submit a monthly business report and an annual task report to the Financial Services Commission, as prescribed by the Financial Services Commission. |
| (3) |
A mortgage securitization company shall publicly announce primary information and materials on the management status, as prescribed by the Financial Services Commission. |
[This Article Wholly Amended by Act No. 10693, May 19, 2011]
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| Article 22-2 (Provision and Utilization of Information on Debtors) |
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| (1) |
Notwithstanding Article 4 of the Act on Real Name Financial Transactions and Confidentiality, a financial company, etc. or mortgage securitization company may provide information on the financial capacity of the debtor of the mortgage concerned within the extent necessary for the execution of a mortgage securitization plan to the investors and transferees of mortgages, mortgage-backed bonds or mortgage-backed securities or to other interested parties corresponding thereto. |
| (2) |
The transferee of mortgages (including a person who has been entrusted with affairs) under a mortgage securitization plan shall not use the information on the financial capacity of the debtor of the mortgages for any purpose, other than for repayment of the relevant mortgage. |
[This Article Wholly Amended by Act No. 10693, May 19, 2011]
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| Article 23 (Penal Provisions) |
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A person falling under any of the following subparagraphs shall be punished by imprisonment for not more than three years or by a fine not exceeding 20 million won:
| 1. |
A person who obtains authorization under Article 3 (1) by fraudulent or other illegal means; |
| 2. |
A person who conducts mortgage securitization affairs without obtaining authorization under Article 3 (1); |
| 3. |
A person who falsely prepares an application for registration or contract under Article 5 (2); |
| 4. |
A person who concurrently holds a position or office as an executive or employee of a financial company, etc. that transfers mortgages, mortgage manager or trust business operator under the Secured Bond Trust Act, without obtaining approval under Article 15; |
| 5. |
A person who uses the information on the financial capacity of debtors for any purpose, other than for repayment of the relevant mortgage, in violation of Article 22-2 (2). |
[This Article Wholly Amended by Act No. 10693, May 19, 2011]
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| Article 24 (Penal Provisions) |
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A person falling under any of the following subparagraphs shall be punished by imprisonment for not more than one year or by a fine not exceeding ten million won:
| 1. |
A person who guarantees payment in excess of the extent under Article 13; |
| 2. |
A person who issues a corporate bond or borrows funds in excess of the extent under Article 14. |
[This Article Wholly Amended by Act No. 10693, May 19, 2011]
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| Article 25 (Joint Penal Provision) |
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When the representative of a corporation, or an agent, an employee or other servant of a corporation or an individual commits a violation listed in Article 23 or 24 in connection with the business of the corporation or individual, not only shall such offender be punished but also such corporation or individual shall be punished by a fine prescribed in the relevant Article: Provided
, That when the corporation or individual has not been neglect of considerable attention and supervision regarding the relevant business to prevent the violation, this shall not apply.
[This Article Wholly Amended by Act No. 10044, Feb. 4, 2010]
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| Article 26 (Fines for Negligence) |
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| (1) |
A person falling under any of the following subparagraphs shall be punished by a fine for negligence not exceeding five million won: |
| 1. |
A person who fails to separately manage mortages and assets not subject to mortgage securitization, or fails to separately manage mortgages for different mortgage securitization plans, in violation of Article 9 (1); |
| 2. |
A person who fails to separately manage mortgages entrusted for management and original assets of a mortgage manager or fails to separately prepare and retain books on the management of mortgages, in violation of Article 10 (4). |
| (2) |
Fines for negligence under paragraph (1) shall be imposed and collected by the Financial Services Commission. |
[This Article Wholly Amended by Act No. 10693, May 19, 2011]
ADDENDUM
This Act shall enter into force three months after the date of its promulgation.
ADDENDA <Act No. 5982, May 24, 1999>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation: Provided, That Article 3 (71) of Addenda shall enter into force on July 1, 1999 and, inparagraph (72) of the same Article, matters regarding amendment to Article 90 (4) 5 shall enter into force on August 6, 1999, respectively.
Articles 2 through 6 Omitted.
ADDENDUM <Act No. 6182, Jan. 21, 2000>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 6429, Mar. 28, 2001>
Article 1 (Enforcement Date)
This Act shall enter into force on the date prescribed by Presidential Decree within the extent not exceeding two years from the date of its promulgation. (Proviso Omitted.)
Articles 2 through 11 Omitted.
ADDENDUM <Act No. 6678, Mar. 30, 2002>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 6916, May 29, 2003>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation. (Proviso Omitted.)
Articles 2 through 13 Omitted.
ADDENDA <Act No. 7428, Mar. 31, 2005>
Article 1 (Enforcement Date)
This Act shall enter into force one year after the date of its promulgation.
Articles 2 through 6 Omitted.
ADDENDA <Act No. 8635, Aug. 3, 2007>
Article 1 (Enforcement Date)
This Act shall enter into force one and half years after the date of its promulgation. (Proviso Omitted.)
Articles 2 through 44 Omitted.
ADDENDA <Act No. 8852, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Act shall enter into force one year after the date of its promulgation. (Proviso Omitted.)
Articles 2 through 7 Omitted.
ADDENDA <Act No. 8863, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles 2 though 5 Omitted.
ADDENDA <Act No. 9617, Apr. 1, 2009>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation.
Articles 2 though 13 Omitted.
ADDENDUM <Act No. 10044, Feb. 4, 2010>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 10303, May. 17, 2010>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation. (Proviso Omitted.)
Articles 2 though 10 Omitted.
ADDENDA <Act No. 10522, Mar. 31, 2011>
Article 1 (Enforcement Date)
This Act shall enter into force on March 2, 2012. (Proviso Omitted.)
Articles 2 through 28 Omitted.
ADDENDA <Act No. 10580, Apr. 12, 2011>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation. (Proviso Omitted.)
Articles 2 though 5 Omitted.
ADDENDA <Act No. 10693, May 19, 2011>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Article 2 Omitted.
ADDENDA <Act No. 10924, Jul. 25, 2011>
Article 1 (Enforcement Date)
This Act shall enter into force one year after the date of its promulgation.
Articles 2 though 4 Omitted.
ADDENDA <Act No. 11690, Mar. 23, 2013>
Article 1 (Enforcement Date)
| (1) |
This Act shall enter into force on the date of its promulgation. |
Articles 2 though 7 Omitted.
ADDENDA <Act No. 12591, May 20, 2014>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles 2 through 4 Omitted.
