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KOREA HOUSING FINANCE CORPORATION ACT

Act No. 7030, Dec. 31, 2003

Amended by Act No. 7341, Jan. 27, 2005

Act No. 7428, Mar. 31, 2005

Act No. 7837, Dec. 31, 2005

Act No. 7882, Mar. 24, 2006

Act No. 8236, Jan. 11, 2007

Act No. 8372, Apr. 11, 2007

Act No. 8635, Aug. 3, 2007

Act No. 8852, Feb. 29, 2008

Act No. 8863, Feb. 29, 2008

Act No. 9461, Feb. 6, 2009

Act No. 9584, Apr. 1, 2009

Act No. 9617, Apr. 1, 2009

Act No. 9969, Jan. 25, 2010

Act No. 10219, Mar. 31, 2010

Act No. 10303, May 17, 2010

Act No. 10522, Mar. 31, 2011

Act No. 10580, Apr. 12, 2011

Act No. 10682, May 19, 2011

Act No. 10924, Jul. 25, 2011

Act No. 11412, Mar. 21, 2012

Act No. 11690, Mar. 23, 2013

Act No. 11983, Jul. 30, 2013

Act No. 12591, May 20, 2014

Act No. 12989, Jan. 6, 2015

Act No. 13070, Jan. 20, 2015

Act No. 13805, Jan. 19, 2016

Act No. 14134, Mar. 29, 2016

Act No. 14242, May 29, 2016

Act No. 14474, Dec. 27, 2016

Act No. 15417, Feb. 21, 2018

Act No. 16652, Nov. 26, 2019

Act No. 16957, Feb. 4, 2020

Act No. 17637, Dec. 8, 2020

CHAPTER I GENERAL PROVISIONS
 Article 1 (Purpose)
The purpose of this Act is to contribute to the promotion of national welfare and the development of the national economy by establishing the Korea Housing Finance Corporation to have it perform the securitization of mortgage-backed claims, etc., issuance of credit guarantees for housing finance and guarantees for reverse annuity mortgages in order to facilitate the supply of housing finance, etc. on a long-term and stable basis.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 2 (Definitions)
The terms used in this Act are defined as follows: <Amended on May 17, 2010; Mar. 31, 2011; Mar. 21, 2012; Jul. 30, 2013; Jan. 6. 2015; Jan. 19, 2016; Mar. 29, 2016; May 29, 2016>
1. The term "mortgage securitization" means any of the following:
(a) The Korea Housing Finance Corporation (hereinafter referred to as the "Corporation") issues mortgage-backed bonds after offering mortgage-backed claims acquired by transfer from a financial institution as security and pays the principal and interest thereof to the bearer thereof;
(b) The Corporation issues mortgage-backed securities on the basis of mortgage-backed claims acquired by transfer from a financial institution and distributes to the beneficiaries thereof the profits earned from the management, operation and disposal of such mortgages;
(c) The Corporation issues student loan-backed securities on the basis of student loan-backed claims acquired by transfer from a financial institution and distributes to the beneficiaries thereof the profits earned from the management, operation and disposal of such student loan-backed claims;
2. The term "mortgage holding" means the Corporation's holding of mortgage-backed claims acquired by transfer from financial institutions for the purpose of mortgage securitization;
3. The term "mortgage-backed claim" means a claim on the loaned amount which falls under any of the following items and is secured by mortgage (including collateral security; hereinafter the same shall apply) established on a house under subparagraph 1 of Article 2 of the Housing Act (excluding houses meeting the criteria for a high-priced house under Article 89 (1) 3 of the Income Tax Act; hereinafter referred to as "house"):
(a) Money borrowed to purchase or construct the relevant house (including loaned money to supplement the money needed for the purchase or construction of a house);
(b) Money borrowed to repay the funds under item (a);
4. The term "mortgage-backed bonds" means bonds issued by the Corporation by putting up mortgage-backed claims as security;
5. The term "mortgage-backed securities" means profit-making securities issued by the Corporation on the basis of mortgage-backed claims;
6. The term "student loan-backed claim" means a claim against any fund loaned by a financial institution to a student of a school under Article 2 of the Higher Education Act (including universities and university-type facilities established under other Acts and subordinate statutes and lifelong educational facilities in the distance learning college type established under Article 33 of the Lifelong Education Act) who needs money for tuition, living expenses while attending school, etc.;
7. The term "student loan-backed securities" means profit-making securities issued by the Corporation on the basis of student loan-backed claims;
8. The term "credit guarantee" means the Corporation's act of guaranteeing the payment of an obligation incurred in any of the following cases at the expense of the Housing Finance Credit Guarantee Fund under Article 55 [excluding the Account of Guarantee for Reverse Annuity Mortgage under Article 59-2 (hereinafter referred to as the "Account"); hereinafter the same shall apply]:
(a) A loan extended by a housing consumer (limited to nationals of the Republic of Korea except for those who hold the right of permanent residence in a foreign country under foreign Acts; hereinafter the same shall apply) from a financial institution to construct, purchase, lease (including the lease of a house on a deposit basis) or improve a house, or to offset funds used therefor;
(b) A loan extended by a quasi-housing consumer (limited to nationals of the Republic of Korea except for those who hold the right of permanent residence in a foreign country under foreign Acts) from a financial institution for residential purposes to purchase, lease (including a lease on a deposit basis) or improve quasi-housing prescribed in subparagraph 4 of Article 2 of the Housing Act (limited to quasi-housing prescribed by Presidential Decree among quasi-housing that fails to satisfy the standards for a high-priced house under Article 89 (1) 3 of the Income Tax Act), or to offset funds used therefor;
(c) A loan extended by a housing business entity from a financial institution in order to construct or purchase houses with an aim to sell them in lots or lease them to housing consumers;
(d) A loan extended by a business proprietor from a financial institution to construct or purchase houses for the purpose of selling them in lot or leasing (including a lease free of charge) them to workers prescribed by Presidential Decree;
(e) Other cases necessary for the smooth supplying of housing finance, which are prescribed by Presidential Decree;
8-2. The term "guarantee for a reverse annuity mortgage" means the Corporation's act of guaranteeing the payment of a pecuniary liability incurred when a homeowner borrows funds for life after retirement from a financial institution by means of annuity payments prescribed by Presidential Decree after establishing mortgage on his/her home, at the expense of the Account. In such cases, the homeowner or a spouse thereof shall reach the age prescribed by Presidential Decree or older, and such age shall be based on the point in time when he/she registers the first settlement of mortgage on his/her home in order to obtain the Corporation's guarantee;
8-3. The term "reverse annuity mortgages claim" means a claim against the funds loaned by a financial institution to any person who uses a guarantee service for a reverse annuity mortgage;
9. The term "housing business entity" means any person who builds or purchases houses for the business purpose of selling them in lot or leasing them to housing consumers and who is prescribed by Presidential Decree;
10. The term "business proprietor" means any person who concludes an employment contract with employees under subparagraph 8 (d) and pays remunerations to them, including the State, local governments, public organizations, and other business entities;
11. The term "financial institution" means any of the following funds or institutions:
(a) The Housing and Urban Fund under Housing and Urban Fund Act;
(b) Banks established with an approval under the Banking Act (including domestic branches or agencies of foreign banks which are deemed financial institutions in accordance with Article 59 of the said Act);
(c) The Korea Development Bank under the Korea Development Bank Act;
(d) The Industrial Bank of Korea under the Industrial Bank of Korea Act;
(e) The National Credit Union Federation of Korea under the Credit Unions Act;
(f) Financial investment business entities (excluding trust business entities which are exclusively specialized in the real estate trust business) and securities finance companies under the Financial Investment Services and Capital Markets Act;
(g) Insurance companies under the Insurance Business Act;
(h) Mutual savings banks under the Mutual Savings Banks Act;
(i) Specialized credit financial business companies under the Specialized Credit Financial Business Act;
(j) The Nonghyup Bank under the Agricultural Cooperatives Act;
(k) The Suhyup Bank under the Fisheries Cooperatives Act;
(l) The Korean Federation of Community Credit Cooperatives under the Community Credit Cooperatives Act;
(m) Any other person who corresponds to items (a) through (l) and is prescribed by Presidential Decree.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 2 (Definitions)
The terms used in this Act are defined as follows: <Amended on May 17, 2010; Mar. 31, 2011; Mar. 21, 2012; Jul. 30, 2013; Jan. 6. 2015; Jan. 19, 2016; Mar. 29, 2016; May 29, 2016; Dec. 8, 2020>
1. The term "mortgage securitization" means any of the following:
(a) The Korea Housing Finance Corporation (hereinafter referred to the "Corporation") issues mortgage-backed bonds after offering mortgage-backed claims acquired by transfer from a financial institution as security and pays the principal and interest thereof to the bearer thereof;
(b) The Corporation issues mortgage-backed securities on the basis of mortgage-backed claims acquired by transfer from a financial institution and distributes to the beneficiaries thereof the profits earned from the management, operation and disposal of such mortgages;
(c) The Corporation issues student loan-backed securities on the basis of student loan-backed claims acquired by transfer from a financial institution and distributes to the beneficiaries thereof the profits earned from the management, operation and disposal of such student loan-backed claims;
2. The term "mortgage holding" means the Corporation's holding of mortgage-backed claims acquired by transfer from financial institutions for the purpose of mortgage securitization;
3. The term "mortgage-backed claim" means a claim on the loaned amount which falls under any of the following items and is secured by mortgage (including collateral security; hereinafter the same shall apply) established on a house under subparagraph 1 of Article 2 of the Housing Act (excluding houses meeting the criteria for a high-priced house under Article 89 (1) 3 of the Income Tax Act; hereinafter referred to as "house"):
(a) Money borrowed to purchase or construct the relevant house (including loaned money to supplement the money needed for the purchase or construction of a house);
(b) Money borrowed to repay the funds under item (a);
4. The term "mortgage-backed bonds" means bonds issued by the Corporation by putting up mortgage-backed claims as security;
5. The term "mortgage-backed securities" means profit-making securities issued by the Corporation on the basis of mortgage-backed claims;
6. The term "student loan-backed claim" means a claim against any fund loaned by a financial institution to a student of a school under Article 2 of the Higher Education Act (including universities and university-type facilities established under other Acts and subordinate statutes and lifelong educational facilities in the distance learning college type established under Article 33 of the Lifelong Education Act) who needs money for tuition, living expenses while attending school, etc.;
7. The term "student loan-backed securities" means profit-making securities issued by the Corporation on the basis of student loan-backed claims;
8. The term "credit guarantee" means the Corporation's act of guaranteeing the payment of an obligation incurred in any of the following cases at the expense of the Housing Finance Credit Guarantee Fund under Article 55 [excluding the Account of Guarantee for Reverse Annuity Mortgage under Article 59-2 (hereinafter referred to as the "Account"); hereinafter the same shall apply]:
(a) A loan extended by a housing consumer (limited to nationals of the Republic of Korea except for those who hold the right of permanent residence in a foreign country under foreign Acts; hereinafter the same shall apply) from a financial institution to construct, purchase, lease (including the lease of a house on a deposit basis) or improve a house, or to offset funds used therefor;
(b) A loan extended by a quasi-housing consumer (limited to nationals of the Republic of Korea except for those who hold the right of permanent residence in a foreign country under foreign Acts) from a financial institution for residential purposes to purchase, lease (including a lease on a deposit basis) or improve quasi-housing prescribed in subparagraph 4 of Article 2 of the Housing Act (limited to quasi-housing prescribed by Presidential Decree among quasi-housing that fails to satisfy the standards for a high-priced house under Article 89 (1) 3 of the Income Tax Act), or to offset funds used therefor;
(c) A loan extended by a housing business entity from a financial institution in order to construct or purchase houses with an aim to sell them in lots or lease them to housing consumers;
(d) A loan extended by a business proprietor from a financial institution to construct or purchase houses for the purpose of selling them in lot or leasing (including a lease free of charge) them to workers prescribed by Presidential Decree;
(e) Other cases necessary for the smooth supplying of housing finance, which are prescribed by Presidential Decree;
8-2. The term "guarantee for a reverse annuity mortgage" means the Corporation's act of guaranteeing the payment of a pecuniary liability incurred when a homeowner borrows funds for life after retirement from a financial institution by means of annuity payments prescribed by Presidential Decree after establishing mortgage on his/her home or registering trust in accordance with a trust contract that a homeowner enters into with the Corporation (referring to a contract that the homeowner or a spouse thereof is a beneficiary, however, the Corporation is the joint beneficiary), at the expense of the Account. In such cases, the homeowner or a spouse thereof shall reach the age prescribed by Presidential Decree or older, and such age shall be based on the point in time when he/she registers the first settlement of mortgage on his/her home or the trust in order to obtain the Corporation's guarantee;
8-3. The term "reverse annuity mortgages claim" means a claim against the funds loaned by a financial institution to any person who uses a guarantee service for a reverse annuity mortgage;
9. The term "housing business entity" means any person who builds or purchases houses for the business purpose of selling them in lot or leasing them to housing consumers and who is prescribed by Presidential Decree;
10. The term "business proprietor" means any person who concludes an employment contract with employees under subparagraph 8 (d) and pays remunerations to them, including the State, local governments, public organizations, and other business entities;
11. The term "financial institution" means any of the following funds or institutions:
(a) The Housing and Urban Fund under Housing and Urban Fund Act;
(b) Banks established with an approval under the Banking Act (including domestic branches or agencies of foreign banks which are deemed financial institutions in accordance with Article 59 of the said Act);
(c) The Korea Development Bank under the Korea Development Bank Act;
(d) The Industrial Bank of Korea under the Industrial Bank of Korea Act;
(e) The National Credit Union Federation of Korea under the Credit Unions Act;
(f) Financial investment business entities (excluding trust business entities which are exclusively specialized in the real estate trust business) and securities finance companies under the Financial Investment Services and Capital Markets Act;
(g) Insurance companies under the Insurance Business Act;
(h) Mutual savings banks under the Mutual Savings Banks Act;
(i) Specialized credit financial business companies under the Specialized Credit Financial Business Act;
(j) The Nonghyup Bank under the Agricultural Cooperatives Act;
(k) The Suhyup Bank under the Fisheries Cooperatives Act;
(l) The Korean Federation of Community Credit Cooperatives under the Community Credit Cooperatives Act;
(m) Any other person who corresponds to items (a) through (l) and is prescribed by Presidential Decree.
[This Article Wholly Amended on Jan. 25, 2010]
[Enforcement Date: Jun. 9, 2021] Article 2
 Article 3 (Legal Personality)
(1) The Corporation shall be incorporated as a corporation.
(2) The Corporation shall be operated in accordance with this Act, the Act on the Management of Public Institutions, and its articles of incorporation.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 4 (Offices)
(1) The main office of the Corporation shall be located as provided in its articles of incorporation. <Amended on Jan. 20, 2015>
(2) The Corporation may, when necessary for performing its duties, establish branch offices or business offices as provided in its articles of incorporation.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 5 (Capital)
The capital of the Corporation shall be five trillion won and invested by the Government and the Bank of Korea. <Amended Mar. 26, 2015>
 Article 6 (Articles of Incorporation)
(1) The articles of incorporation of the Corporation shall contain the following:
1. Purpose;
2. Name;
3. Matters relating to the main office, branches, and business offices;
4. Matters relating to capital;
5. Matters relating to the issuance of bonds;
6. Matters relating to the Housing Finance Management Committee under Article 9;
7. Matters relating to the board of directors;
8. Matters relating to executive officers and employees;
9. Matters relating to services and performance thereof;
10. Matters regarding the Housing Finance Credit Guarantee Fund under Article 55 (hereinafter referred to as the "Fund");
11. Matters relating to the Account;
12. Matters relating to accounting;
13. Matters relating to the methods of public announcement;
14. Matters relating to amendments to the articles of incorporation;
15. Other matters prescribed by Presidential Decree.
(2) The Corporation shall, when it intends to amend its articles of incorporation, obtain authorization from the Financial Services Commission following a resolution by the Housing Finance Management Committee under Article 9.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 7 (Registration)
(1) The Corporation shall be registered in accordance with Presidential Decree.
(2) The Corporation shall be duly established by registration of its incorporation at the location of its main office.
(3) The matters required to be registered in accordance with paragraph (1) shall not be established against a third person until the registration thereof is completed.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 8 (Prohibition on Use of Similar Name)
Any person, other than the Corporation under this Act, shall be prohibited from using the name, Korea Housing Finance Corporation, or any other name similar thereto.
[This Article Wholly Amended on Jan. 25, 2010]
CHAPTER II HOUSING FINANCE MANAGEMENT COMMITTEE
 Article 9 (Establishment and Functions)
(1) The Housing Finance Management Committee shall be established under the Corporation in order to formulate the basic direction regarding the operation of the Corporation and review its business plan, etc.
(2) The Housing Finance Management Committee (hereinafter referred to as the "Committee") shall review, and adopt resolutions on, the following matters:
1. Formulation of and amendments to the basic operational policy and business plan of the Corporation;
2. Amendments to the articles of incorporation.
3. Drawing-up of and amendments to the budget, and the settlement of accounts;
4. Matters on criteria for the taking-over of mortgage-backed claims;
5. Matters on criteria for providing guarantees for reverse annuity mortgages;
6. Formulation of and amendment to the operational plan of the Fund;
7. Matters on amortization of reimbursement claims;
8. Other matters related to the operation of the Corporation, the Fund and the Account, which are provided for in the articles of incorporation.
(3) The following matters shall be included in the criteria for acquiring mortgage-backed claims pursuant to paragraph (2) 4:
1. The ratio of loan amount received from financial institutions by mortgaging a house to the price of such house;
2. Limit on loan amount, within the amount prescribed by Presidential Decree, for a house offered to a financial institution as security;
3. The ability to repay debts of a person who has loaned from a financial institution by mortgaging his/her house, in view of the person's income level;
4. The number of houses owned by a person who has borrowed money from a financial institution by mortgaging his/her house;
5. Fees for the early repayment of mortgage-backed claims;
6. Matters on appraisal of the value of the house offered to a financial institution as security;
7. Other matters prescribed by Presidential Decree.
(4) The criteria for providing guarantees for reverse annuity mortgages pursuant to paragraph (2) 5 shall include each of the following:
1. The number of houses owned by any person who uses a guarantee service for a reverse annuity mortgage;
2. The ceiling on reverse annuity mortgage loans;
3. Matters on appraisal of the value of houses offered as security for guarantees for reverse annuity mortgages;
4. The growth rate of house prices which is necessary for determining guarantee amount of a guarantee for a reverse annuity mortgage and other matters prescribed by Presidential Decree.
(5) Matters under paragraph (4) 4 shall be recalculated once or more per year and be reflected in determining the amounts of annuity of persons who conclude contracts to use a guarantee service for reverse annuity mortgages after the date of recalculation.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 10 (Organization)
(1) The Committee shall be comprised of six members, including one chairperson.
(2) The following persons shall serve as the members of the Committee: <Amended on Mar. 23, 2013>
1. President of the Corporation;
2. One person designated by the Financial Services Commission from among public officials belonging thereto;
3. One person designated by the Minister of Land, Infrastructure and Transport from among the public officials belonging to the Ministry;
4. One person commissioned by the Financial Services Commission from among executive officers of financial institutions or persons deemed to have abundant expertise in housing finance;
5. Two persons recommended respectively by the Minister of Land, Infrastructure and Transport and the Governor of the Bank of Korea and commissioned by the Financial Services Commission from among executive officers of financial institutions or persons deemed to have abundant expertise in housing finance.
(3) The term of office of members under paragraph (2) 4 and 5 shall be two years: Provided, That the term of office of a member newly commissioned due to resignation of a member of the Committee, etc. shall be the remaining term of his/her predecessor.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 11 (Operation)
(1) The president of the Corporation shall serve as the chairperson of the Committee.
(2) The chairperson shall represent the Committee and exercise general supervision over its affairs.
(3) Where the chairperson is unable to perform his/her duties due to extenuating circumstances, a member designated by the Committee in advance shall act for the chairperson.
(4) Meetings of the Committee shall be convened with the attendance of a majority of its members, and resolutions shall be adopted by the affirmative vote of a majority of those present.
(5) Matters necessary for the operation of the Committee other than those provided for in paragraphs (1) through (4) shall be prescribed by Presidential Decree.
[This Article Wholly Amended on Jan. 25, 2010]
CHAPTER III EXECUTIVE OFFICERS AND EMPLOYEES
 Article 12 (Executive Officers)
(1) The Corporation shall have as its executive officers one president, one vice president, four or fewer standing directors, four or more non-standing directors, and one auditor.
(2) When any vacancy occurs for the position of executive officer, a new executive officer shall be appointed, and his/her term of office shall be calculated from the date of his/her appointment.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 13 Deleted. <Jan. 25, 2010>
 Article 14 Deleted. <Jan. 25, 2010>
 Article 15 Deleted. <Jan. 25, 2010>
 Article 16 (Disqualifications for Executive Officers)
Any of the following persons may not become an executive officer of the Corporation:
1. Any person who is not a Korean national;
2. Any person falling under any of subparagraphs of Article 34 (1) of the Act on the Management of Public Institutions.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 17 (Guarantee of Executive Officers' Status)
No executive officer shall be discharged from office against his/her own will during his/her term of office unless he/she falls under any of the following cases:
1. Where he/she falls under any subparagraph of Article 16;
2. Where he/she violates this Act, the orders issued hereunder, or the articles of incorporation;
3. Where he/she is unable to perform his/her duties on account of mental disorders.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 18 Deleted. <Jan. 25, 2010>
 Article 19 (Appointment of Agents)
(1) The president may appoint an agent from among the vice-president, directors, or employees to have authority to conduct all judicial or extra-judicial actions pertaining to the affairs of the Corporation.
(2) The scope of employees who may be appointed as an agent for judicial actions pursuant to paragraph (1) shall be prescribed by Presidential Decree.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 20 (Appointment and Dismissal of Employees)
Employees of the Corporation shall be appointed and discharged by the president.
 Article 21 (Prohibition of Divulging Confidential Information)
No person who is or has been an executive officer or employee of the Corporation shall divulge any confidential information that he/she has acquired in the course of performing his/her duties. However, public interest report provided in subparagraph 3 of Article 2 of the Protection of Public Interest Reporters Act shall not be deemed a divulgence of confidential information acquired in the course of performing duties. <Amended on Act No.15417, Feb. 21, 2018>
[This Article Wholly Amended on Jan. 25, 2010]
CHAPTER IV SERVICES
 Article 22 (Scope of Services)
(1) The Corporation shall provide each of the following services:
1. Mortgage securitization;
2. Mortgage holding;
3. Payment guarantee services for each of the following items:
(a) Mortgage-backed securities;
(b) Student loan-backed securities;
(c) Asset-backed securities issued by special purpose companies, etc. for asset-backed securitization provided for in Article 3 (1) of the Asset-Backed Securitization Act by making mortgage-backed claims the subject matter of asset securitization;
4. Extension of credit for financial institutions;
5. Evaluation and actual survey of mortgage-backed claims or student loan-backed claims;
6. Management and operation of the Fund and the Account;
7. Credit guarantees;
8. Discharge of credit guarantee obligations related to subparagraph 7 and the exercise of right to demand a reimbursement;
9. Guarantees for reverse annuity mortgages;
10. Fulfillment of credit guarantee obligations for the reverse annuity mortgages and exercise of right to demand a reimbursement;
11. Acquisition by transfer and the holding of reverse annuity mortgages claims under Article 43-5 and payment of annuities backed by reverse annuity mortgages;
12. Credit survey related to subparagraphs 7 and 9 and the comprehensive management of credit information;
13. Investigation and research of housing finance, collection and preparation of statistical data, and exchange and cooperation with related domestic and foreign institutions;
14. The services incidental to subparagraphs 1 through 13 and approved by the Financial Services Commission.
(2) When the Corporation provides the services referred to in the subparagraphs of paragraph (1), it shall preferentially support the purchase of houses, etc. by ordinary people by taking into account fluctuations in house prices.
(3) The Corporation may contribute all or some of its capital to a corporation providing services under the subparagraphs of paragraph (1) or any other service similar thereto, following the resolution of the Committee.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 22 (Scope of Business)
(1) The Corporation shall perform the following affairs in order to achieve the objectives of trade insurance business: <Amended on Dec. 8, 2020>
1. Mortgage securitization;
2. Mortgage holding;
3. Payment guarantee services for each of the following items:
(a) Mortgage-backed securities;
(b) Student loan-backed securities;
(c) Asset-backed securities issued by special purpose companies, etc. for asset-backed securitization provided for in Article 3 (1) of the Asset-Backed Securitization Act by making mortgage-backed claims the subject matter of asset securitization;
4. Extension of credit for financial institutions;
5. Evaluation and actual survey of mortgage-backed claims or student loan-backed claims;
6. Management and operation of the Fund and the Account;
7. Credit guarantees;
8. Discharge of credit guarantee obligations related to subparagraph 7 and the exercise of right to demand a reimbursement;
9. Guarantees for reverse annuity mortgages;
9-2. Trust related to subparagraph 9;
10. Fulfillment of credit guarantee obligations for the reverse annuity mortgages and exercise of right to demand a reimbursement;
11. Acquisition by transfer and the holding of reverse annuity mortgages claims under Article 43-5 and payment of annuities backed by reverse annuity mortgages;
12. Credit survey related to subparagraphs 7 and 9 and the comprehensive management of credit information;
13. Investigation and research of housing finance, collection and preparation of statistical data, and exchange and cooperation with related domestic and foreign institutions;
14. The services incidental to subparagraphs 1 through 13 and approved by the Financial Services Commission.
(2) When the Corporation provides the services referred to in the subparagraphs of paragraph (1), it shall preferentially support the purchase of houses, etc. by ordinary people by taking into account fluctuations in house prices.
(3) The Corporation may contribute all or some of its capital to a corporation providing services under the subparagraphs of paragraph (1) or any other service similar thereto, following the resolution of the Committee.
(4) The Financial Investment Services and Capital Markets Act shall not apply to the trust referred to in paragraph (1) 9-2. <Newly Inserted on Dec. 8, 2020>
[This Article Wholly Amended on Jan. 25, 2010]
[Enforcement Date: Jun. 9, 2021] Article 22
 Article 22-2 (Prior Agreement on Acquisition by Transfer of Mortgage-Backed Claims)
The Corporation may conclude an agreement for acquisition by transfer of mortgage-backed claims before a financial institution lends money to a debtor. In such cases, the repayment period of such mortgage-backed claims shall be 10 years or longer.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 23 (Registration of Mortgage Securitization Plans)
(1) The Corporation shall, when it intends to securitize or hold mortgages, register a mortgage securitization plan or a plan for mortgage holding (hereinafter referred to as "mortgage securitization plan") with the Financial Services Commission by preparing documents prescribed by the Financial Services Commission. The same shall also apply where any change is made in the mortgage securitization plan registered (excluding cases where any change is made in the minor matters prescribed by Presidential Decree).
(2) The mortgage securitization plan shall include the following matters: Provided, That where the mortgage securitization plan is to be registered for the purpose of mortgage holding, appraised amounts under subparagraph 3 and matters under subparagraph 4 shall be excluded:
1. Name of the Corporation and the location of office;
2. Period of the mortgage securitization plan;
3. Specifications of mortgage-backed claims, and the total amount and appraised amounts thereof;
4. Types, total amount, and conditions of the issuance of mortgage-backed bonds and mortgage-backed securities to be issued;
5. Matters on the management, operation and disposal of mortgage-backed claims (including where a trust is established in accordance with Article 32 (1));
6. Where business affairs concerning the management, operation and disposal of mortgage-backed claims are entrusted in accordance with Article 45 (1), the relevant administrator of claims entrusted with such affairs;
7. Other matters on the mortgage securitization plan, which are prescribed by Presidential Decree.
(3) When any of the following cases occur, the Financial Services Commission may refuse the registration of a mortgage securitization plan or demand amendments to the contents thereof:
1. Where a registration application form has been falsely entered or necessary matters are omitted therefrom;
2. Where any matter violating Acts and subordinate statutes is included in the details of the mortgage securitization plan.
(4) When the Financial Services Commission refuses registration under paragraph (3) or demands any amendment to the mortgage securitization plan, it shall notify the Corporation in writing by specifying detailed grounds therefor.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 24 (Registration of Transfer of Mortgage-Backed Claims)
(1) The Corporation shall, when a transfer, trust or restitution (hereinafter referred to as "transfer, etc.") of mortgage-backed claims occurs under the mortgage securitization plan, register such fact with the Financial Services Commission without delay. In such cases, the restitution includes a restitution following the exercise of a prior purchase right by a financial institution or the Corporation.
(2) The Corporation shall, when it intends to register the transfer, etc. of mortgage-backed claims pursuant to paragraph (1), submit an application for registration and a copy of the contract on transfer, etc. of mortgage-backed claims to the Financial Services Commission.
(3) In the registration application referred to in paragraph (2), the following matters shall be stated, and matters under subparagraph 1 shall be prepared and submitted in electronic form or by other means equivalent thereto:
1. Specifications of mortgage-backed claims;
2. Means and the schedule of transfer, etc. of mortgage-backed claims and means of payment;
3. Whether the conditions for perfecting the transfer of claims are satisfied;
4. Requisites for the cancellation of contract on transfer, etc. of mortgage-backed claims;
5. Whether a financial institution or the Corporation holds a prior purchase right, if the transferee of mortgage-backed claims disposes of the relevant mortgage-backed claims;
6. Other matters necessary for the protection of investors, which are prescribed by the Financial Services Commission.
(4) Where the Corporation makes a request for the issuance of documents evidencing the registration of individual mortgage-backed claims, the Financial Services Commission shall issue them without delay.
(5) The Corporation shall, as prescribed by Presidential Decree, keep and manage a written contract, certificate of completion of registration, written notice of details of completion of registration or certificate of registration, and other kinds of written evidence, in relation to transfer, etc. of mortgage-backed claims, and comply with a request for perusal thereof, upon receipt of the request for the perusal by the Financial Services Commission or the relevant investor. <Amended on Apr. 12, 2011>
(6) Matters related to the registration application form, methods of completing it, processing procedures, etc. under paragraph (3) shall be prescribed by the Financial Services Commission.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 25 (Means of Transfer)
A transfer of mortgage-backed claims shall be performed pursuant to each of the following subparagraphs in accordance with the mortgage securitization plan. In such cases, the foregoing shall not be deemed an establishment of security rights:
1. It shall be performed by means of trade or exchange;
2. The beneficial rights and the right of disposal of mortgage-backed claims shall be held by the transferee. In such cases, even if the transferor has a preferential purchase right on the mortgage-backed claims when the transferee disposes of them, it shall be deemed that the transferee holds the beneficial rights and the right of disposal;
3. The transferor shall not hold the right of restitution claim on mortgage-backed claims, and the transferee shall not hold the right of restitution claim on the compensation for mortgage-backed claims;
4. The transferee shall accept the risks involved in the transferred assets: Provided, That the forgoing shall not apply where the transferor bears the relevant risks involving the mortgage-backed claims during a specific period or a liability for warranty (including where the transferor of claims secures the fund-raising ability of the debtor).
[This Article Wholly Amended on Jan. 25, 2010]
 Article 26 (Special Cases concerning Conditions for Perfecting Transfer of Mortgage-Backed Claims)
(1) No transfer, etc. of mortgage-backed claims in accordance with the mortgage securitization plan may be set up against the debtor unless a transferor (including a truster; hereinafter the same shall apply) or transferee (including a trustee; hereinafter the same shall apply) has notified the debtor or the debtor has consented thereto: Provided, That if the transferor or the transferee issues a notice of transfer, etc. by sending a contents-certified mail to either of the following addresses at least two times and the mail is returned to the transferor or the transferee because the whereabouts of the debtor are unknown or for any other reason, the transferor or the transferee may place a public notice of transfer, etc. in at least two daily newspapers (including at least one daily newspaper of nationwide circulation) whose main circulation areas cover the place of the debtor’s address, and in such cases the notice shall be deemed to have been issued to the debtor on the date of such public notice:
1. The address of the debtor stated in the registry (if the address shown in the registry is not the last address of the debtor and the transferor or transferee knows the last address of the debtor, referring to such last address of the debtor);
2. The last address of the debtor, if no address is shown in the registry and the transferor or transferee knows the last address of the debtor.
(2) When the transfer, etc. of mortgage-backed claims in accordance with the mortgage securitization plan is registered pursuant to Article 24 (1), conditions for perfecting the transfer, etc. under Article 450 (2) of the Civil Act shall be deemed to have been met by such registration against any third party other than the debtor of the relevant claims, as of the date of such registration.
(3) The notice under paragraph (1) may be issued with the date of transfer, etc. specified therein, even before the transfer, etc. is made: Provided, That when the transfer, etc. is made on a date different from the notified one, the notice shall be re-issued clearly stating the date when such transfer, etc. has been made.
(4) The consent of the debtor referred to in paragraph (1) may be obtained even before the mortgage securitization plan is registered. In such cases, the debtor may be asserted against the Corporation due to a cause that has arisen before the transfer of the relevant mortgage-backed claims.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 27 (Settlement of Claims Secured with Collateral Security)
(1) Where mortgage-backed claims to be transferred in accordance with the mortgage securitization plan are secured by collateral security, if a contents-certified notice stating the purport that the financial institution having established such collateral security will transfer all the relevant claims without creating additional claims by fixing the orignal of the claims secured by collateral security to the debtor, has been served, the relevant claims shall be deemed settled as of the date following the date of the service of notification: Provided, That where the debtor raises an objection within 10 days, the forgoing shall not apply.
(2) Upon agreement with the debtor, a financial institution may settle claims secured by the right to collateral security before the registration of the mortgage securitization plan with the aim of mortgage securitization or mortgage holding.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 28 (Special Cases concerning Acquisition of Mortgages)
(1) The Corporation shall, when a registration is completed in accordance with Article 24 (1), acquire the mortgages established in order to secure the mortgage-backed claims transferred or trusted in accordance with the mortgage securitization plan.
(2) Where the Corporation is registered as the person entitled to the registration of mortgages acquired in accordance with paragraph (1), the Corporation shall be deemed a public agency and the provisions of Article 98 of the Registration of Real Estate Act shall apply mutatis mutandis. In such cases, the document attesting the grounds for registration and the written acceptance of a person liable for registration shall be replaced by the document evidencing registration of mortgage-backed claims issued by the Financial Services Commission under Article 24 (4). <Amended on Apr. 12, 2011>
(3) Where the Corporation effects registration pursuant to paragraph (2), fees under Article 22 (3) of the Registration of Real Estate Act may be reduced by at least 50/100, as prescribed by the regulations of the Supreme Court. <Amended on Apr. 12, 2011>
[This Article Wholly Amended on Jan. 25, 2010]
 Article 29 (Disclosure of Registration Documents)
(1) The Financial Services Commission shall allow the public to peruse documents on registration under Articles 23 and 24.
(2) The Corporation shall prepare and keep documents on particulars of mortgage-backed claims and the current status thereon and allow the public to peruse them.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 30 (Management of Mortgage-Backed Claims)
(1) The Corporation shall manage mortgage-backed claims subject to securitization pursuant to subparagraph 1 of Article 2 (including rights to property, such as money, acquired following the management, operation or disposal of mortgage-backed claims; hereafter the same shall apply in this Article and Articles 31 (3), 45 (3) and (4) and 68 (1) 3) by separating them from other assets and shall separately manage the mortgage-backed claims according to the respective securitization plans: Provided, That if a separately managed asset is money, the Corporation may consolidate the management of the mortgage-backed claims, except advances on the original and dividends, where a settlement is made accurately with respect to each securitization plan.
(2) The mortgage-backed claims managed separately pursuant to paragraph (1) shall not constitute a bankruptcy estate of the Corporation.
(3) No creditor of the Corporation may perform a compulsory execution on mortgage-backed claims managed separately pursuant to paragraph (1), and the mortgage-backed claims shall not be subject to an order for injunctive relief or order for discontinuation under the Debtor Rehabilitation and Bankruptcy Act.
(4) Paragraph (2) shall apply mutatis mutandis where rehabilitation procedures under the Debtor Rehabilitation and Bankruptcy Act are commenced.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 31 (Issuance of Mortgage-Backed Bonds)
(1) The Corporation may issue mortgage-backed bonds within the scope not exceeding 50 times its equity capital (referring to the sum of core capital and supplementary capital as prescribed by Presidential Decree pursuant to the standards set by the Bank for International Settlements; hereinafter the same shall apply) secured by mortgage-backed claims which are classified and managed by the respective mortgage securitization plans in accordance with Article 30.
(2) The holder of a mortgage-backed bond has the right to be reimbursed in priority over any third party from the mortgage-backed claims which are classified and managed by the relevant mortgage securitization plan unless otherwise stipulated in any other Act.
(3) The holder of a mortgage-backed bond may, if he/she has not been reimbursed all or some of the principal and interest of claims by prior reimbursement under paragraph (2), be reimbursed from assets of the Corporation other than the mortgage-backed claims which are classified and managed in accordance with Article 30 (1).
(4) The mortgage-backed bonds issued pursuant to paragraph (1) shall be deemed special bonds under Article 4 (3) of the Financial Investment Services and Capital Markets Act.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 32 (Issuance of Mortgage-Backed Securities)
(1) Notwithstanding Article 3 (1) of the Trust Act, the Corporation may issue mortgage-backed securities by establishing a trust which makes itself a trustee in accordance with the mortgage securitization plan. <Amended on Jul. 25, 2011>
(2) The establishment of a trust under paragraph (1) shall come into effect at the time it is registered with the Financial Services Commission.
(3) The mortgage-backed securities shall be issued in bearer form: Provided, That they may be issued in registered form at the request of a beneficiary of mortgage-backed securities.
(4) The transfer of mortgage-backed securities and other types of exercise of rights shall be performed by using mortgage-backed securities: Provided, That in the case of registered mortgage-backed securities, Articles 337, 338, 340 and 358-2 of the Commercial Act regarding stocks shall apply mutatis mutandis. <Amended on May 20, 2014>
(5) Any person who acquires mortgage-backed securities shall succeed to rights and duties arising from the relevant mortgage-backed securities.
(6) The following matters shall be indicated in mortgage-backed securities, and the president of the Corporation shall affix his/her sign and seal thereon:
1. Issuance number;
2. Name of the Corporation;
3. Total amount of issuance and types of beneficial interests;
4. Total amount of mortgage-backed claims constituting the underlying basis for the issuance;
5. Details on the settlement of trust;
6. Other matters prescribed by Presidential Decree.
(7) Notwithstanding Article 36 of the Trust Act, the Corporation may acquire mortgage-backed securities issued by the Corporation with assets which are not subject to mortgage securitization, as prescribed by Presidential Decree. <Amended on Jul. 25, 2011>
(8) The Corporation may, if necessary to complete trust and perform payment guarantee obligations with respect to mortgage-backed securities, acquire mortgage-backed claims which constitute the underlying assets, notwithstanding Article 34 of the Trust Act. <Amended on Jul. 25, 2011>
(9) When the Corporation issues mortgage-backed securities in accordance with paragraph (1), it shall be deemed to have obtained authorization under Article 12 of the Financial Investment Services and Capital Markets Act with regards to the relevant business. In such cases, Article 4 of the Trust Act and Articles 30 through 33, 38 (6), 105, 110 (1) through (4), 415, 416, 420 and 422 of the Financial Investment Services and Capital Markets Act shall not apply. <Amended on Jul. 25, 2011>
[This Article Wholly Amended on Jan. 25, 2010]
 Article 33 (Exception to Issuance of Mortgage-Backed Securities)
The Corporation shall be prohibited from issuing mortgage-backed bonds or mortgage-backed securities in either of the following cases:
1. Where the Committee recognizes that the Corporation is expected to suffer a substantial fall in its equity capital due to loss from a change in economic circumstances, including fluctuations in interest rates;
2. Where any reason prescribed by Presidential Decree arises, including early repayment of loans and insolvency.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 34 (Payment Guarantees)
(1) The Corporation may provide payment guarantee services for mortgage-backed securities, student loan-backed securities and securitization securities issued by a special purpose company, etc. for asset-backed securitization by making mortgage-backed claims the subject matter of asset securitization in accordance with the Asset-Backed Securitization Act, within the scope not exceeding 50 times its equity capital. <Amended on Jan. 11, 2007; Feb. 6, 2009>
(2) Where the supply of housing finance, etc. becomes unstable due to problems in liquidity of financial institutions and the Corporation finds it necessary to take urgent measures thereon, the Corporation may provide payment guarantee services within the limit not exceeding 70 times its equity capital following the review and resolution of the Committee and with the approval of the Financial Services Commission, notwithstanding paragraph (1). <Newly Inserted on Feb. 6, 2009>
 Article 34-2 (Special Cases concerning Mortgage Securitization)
Where the extent of payment guarantee has been extended in accordance with Article 34 (2), limitation on house prices and restriction on the use of loan under subparagraph 3 of Article 2 and limitation on the amount of loan and the number of houses owned under Article 9 (3) 2 and 4 shall not apply to mortgage securitization and mortgage holding.
[This Article Newly Inserted on Feb. 6, 2009]
 Article 35 (Granting of Credit for Financial Institutions)
(1) The Corporation may grant credit, including loans, to financial institutions as prescribed by Presidential Decree. In such cases, the financial institutions to whom such credit is granted shall use the funds for the purpose of loans giving rise to long-term mortgage-backed claims.
(2) The Corporation shall, when it grants credit under paragraph (1), determine conditions for loans for the purpose of creating long-term mortgage-backed claims by financial institutions and inform the public through daily newspapers or information networks.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 36 (Provision and Use of Information on Debtors)
(1) Notwithstanding Article 4 of the Act on Real Name Financial Transactions and Confidentiality, financial institutions or the Corporation may, in order to execute a mortgage securitization plan, provide information on the debt repayment capacity of the debtor of mortgage-backed claims to any of the following persons, as prescribed by Presidential Decree:
1. Transferee of mortgage-backed claims;
2. Investor of mortgage-backed bonds;
3. Investor of mortgage-backed securities;
4. Other interested persons equivalent to subparagraphs 1 through 3.
(2) No transferee (including person who has been entrusted with the relevant affairs) of mortgage-backed claims under the mortgage securitization plan shall use information on the debt-servicing ability of the debtor of mortgage-backed claims for any other purpose than for the repayment of the relevant claims.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 37 (Establishment of Credit Guarantee Relationship)
(1) Where the Corporation has decided to provide a credit guarantee service, it shall issue notice to that effect to the person who will use such credit guarantee service and his/her proposed creditor.
(2) The credit guarantee relationship shall be established when a primary obligation comes into effect between the person who receives a credit guarantee service and his/her creditor.
(3) Where no primary obligation comes into effect within 60 days from the date when the notice under paragraph (1) is issued to the parties concerned, the relevant credit guarantee relationship shall not be established.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 38 (Fulfillment of Credit Guarantee Liability)
(1) The creditor of the person who receives a credit guarantee service may, when the ground for not fulfilling obligations prescribed by Presidential Decree has occurred, demand the fulfillment of the relevant credit guarantee liability to the Corporation.
(2) Where a demand for fulfillment is made pursuant to paragraph (1), the Corporation shall, without delay, discharge the primary obligations and the subordinate debt obligations prescribed by Presidential Decree.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 39 (Exercise of Right to Demand Reimbursement)
(1) Where the Corporation fulfills a credit guarantee liability, the relevant creditor shall, without delay, deliver to the Corporation such documents as may be necessary to the Corporation in exercising its right to demand a reimbursement arising therefrom and fully cooperate with the Corporation in exercising such right.
(2) The Corporation may take each of the following measures as a follow up management of the right to demand a reimbursement against the debtor, which has been acquired in accordance with Article 38:
1. Where it is essentially necessary for the preservation of the right to demand a reimbursement: Acquisition of collateral;
2. Where it is impossible to exercise the right to demand a reimbursement by legal procedures or any other possible means: Depreciation of the right to demand a reimbursement.
(3) The Corporation may, when a primary debtor falls under any of the following subparagraphs even after it has fulfilled a credit guarantee liability in accordance with Article 38, suspend the exercise of the right to demand a reimbursement against the relevant primary debtor:
1. Where it is deemed improbable that any balance in property of the relevant primary debtor will remain after being appropriated for the expenses incurred in exercising the right to demand a reimbursement;
2. Where it is deemed probable that the debt-servicing ability of the relevant primary debtor will be enhanced in the future by the suspension of the exercise of the right to demand a reimbursement;
3. Other cases necessary for the increased recovery of claims for indemnity and prescribed by Presidential Decree.
(4) When the Corporation deems it necessary for the efficient recovery and management of a claim for indemnity, it may sell such claim for indemnity to any of the following persons after resolution by the board of directors:
1. Corporate restructuring investment companies under the Corporate Restructuring Investment Companies Act;
2. Corporate restructuring associations registered under Article 15 of the Industrial Development Act (referring to the one before wholly amended by Act No. 9584);
3. Other persons specializing in the trade and management of insolvent loans, which are prescribed by Presidential Decree.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 40 (Duties of Creditors)
In any of the following cases, a creditor who has been notified in accordance with Article 37 (1) shall, without delay, notify the Corporation of such fact:
1. Where a primary obligation comes into effect;
2. Where the primary obligation involved has been in whole or in part extinguished;
3. Where the relevant debtor has defaulted on any of his/her obligations;
4. Where the relevant debtor has forfeited the benefit of time;
5. Where any other event which may affect the guarantee obligations has occurred.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 41 (Guarantee Fees)
(1) The Corporation may charge any person who uses a credit guarantee service guarantee fees prescribed by Presidential Decree within the scope not exceeding 2/100 per annum of his/her guaranteed amount, taking into account the credit rating of the person who uses the credit guarantee service and the operation status of the Fund.
(2) Where any person who has used a credit guarantee service does not fulfill the relevant obligation and thus the Corporation has not been released from the responsibility to fulfill the guarantee obligation, the Corporation may, as prescribed by Presidential Decree, charge the relevant person additional guarantee fees on the non-performing amount out of the amount to which the Corporate provides credit guarantee.
(3) Where any person who uses a credit guarantee service fails to pay guarantee fees within the payment period of such guarantee fees, the Corporation may, as prescribed by Presidential Decree, charge late fees on the unpaid guarantee fees.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 42 (Penalties)
Where the Corporation has fulfilled a credit guarantee liability, it shall collect from the relevant debtor a penalty calculated at a rate not exceeding 20/100 per annum of the amount paid by the Corporation, as prescribed by Presidential Decree.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 43 (Maximum Amount of Credit Guarantee)
(1) The aggregate amount of credit guarantee provided by the Fund shall be prescribed by Presidential Decree, within the limit of 40 times the sum of the following amounts:
1. Fundamental property (referring to the sum of the amounts referred to in Article 56 (1) 1 and 2);
2. Reserve funds of the Fund.
(2) The maximum amount of credit guarantee to be provided to the same person or same enterprise shall be prescribed by Presidential Decree.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 43-2 (Establishment of Guarantee Relationship for Reverse Annuity Mortgages)
(1) The Corporation shall explain each of the following to any person who wants to use a guarantee service for reverse annuity mortgages with regards to a guarantee for reverse annuity mortgages:
1. Matters on the amount to be paid as a reverse annuity and the time and manner of repayment;
2. Matters on the establishment of mortgage on the house owned by the person;
3. Matters on the scope of exercise of reverse annuity mortgage claims, etc. under Article 43-4;
4. Matters on the restriction on the establishment of mortgages, etc. in accordance with Article 43-7;
5. Matters on guarantee fees for reverse annuity mortgages under Article 43-8.
(2) The Corporation may, with regards to the house provided by any person who uses a guarantee service for reverse annuity mortgages, register itself as a mortgagee for the purpose of guarantee for reverse annuity mortgages.
(3) Where the Corporation has decided to provide a guarantee service for reverse annuity mortgages, it shall give notice to that effect to the person who will use such guarantee service for reverse annuity mortgages and his/her proposed creditor.
(4) The guarantee relationship for reverse annuity mortgages shall be established when a primary obligation comes into effect between any person who uses a guarantee service for reverse annuity mortgages and his/her creditor.
(5) Where no primary obligation is put into effect within 60 days from the date when the notice under paragraph (3) is issued to the parties concerned, the relevant relationship of guarantee for reverse annuity mortgages shall not be established.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 43-2 (Establishment of Guarantee Relationship for Reverse Annuity Mortgages)
(1) The Corporation shall explain each of the following to any person who wants to use a guarantee service for reverse annuity mortgages with regards to a guarantee for reverse annuity mortgages: <Amended on Dec. 8, 2020>
1. Matters on the amount to be paid as a reverse annuity and the time and manner of repayment;
2. Matters on the establishment of mortgage or registration of trust on the house owned by the person;
3. Matters on the scope of exercise of reverse annuity mortgage claims, etc. under Article 43-4;
4. Matters on the restriction on the establishment of mortgages, etc. in accordance with Article 43-7;
5. Matters on guarantee fees for reverse annuity mortgages under Article 43-8.
(2) The Corporation may, with regards to the house provided by any person who uses a guarantee service for reverse annuity mortgages, register itself as a mortgagee or as a joint beneficiary for the purpose of guarantee for reverse annuity mortgages. <Amended on Dec. 8, 2020>
(3) Where the Corporation has decided to provide a guarantee service for reverse annuity mortgages, it shall give notice to that effect to the person who will use such guarantee service for reverse annuity mortgages and his/her proposed creditor.
(4) The guarantee relationship for reverse annuity mortgages shall be established when a primary obligation comes into effect between any person who uses a guarantee service for reverse annuity mortgages and his/her creditor.
(5) Where no primary obligation is put into effect within 60 days from the date when the notice under paragraph (3) is issued to the parties concerned, the relevant relationship of guarantee for reverse annuity mortgages shall not be established.
[This Article Wholly Amended on Jan. 25, 2010]
[Enforcement Date: Jun. 9, 2021] Article 43-2
 Article 43-3 (Fulfillment of Credit Guarantee Liabilities for Reverse Annuity Mortgages)
(1) Where any cause prescribed by Presidential Decree has occurred, including the death of a person who has used a guarantee service for reverse annuity mortgages or the death of a spouse prescribed by Presidential Decree, any financial institution may request the Corporation to fulfill the credit guarantee liability for reverse annuity mortgages.
(2) Where the demand for fulfillment is made pursuant to paragraph (1), the Corporation shall discharge, without delay, the primary obligations and the subordinate obligations prescribed by Presidential Decree.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 43-4 (Scope of Exercise of Reverse Annuity Mortgage Claims)
(1) A reverse annuity mortgage claim and a right to demand a reimbursement following the fulfillment of credit guarantee liabilities for the reverse annuity mortgages by the Corporation shall be exercised exclusively against a house securing such reverse annuity mortgage claim (hereinafter referred to as "mortgaged house").
(2) The Corporation and financial institutions may, with regards to the amount uncollectible from mortgaged houses due to any of the following causes which override mortgages, exercise a reverse annuity mortgage claim and a right to demand a reimbursement against other properties of the debtor, notwithstanding paragraph (1): <Amended on Mar. 31, 2010; Dec. 27, 2016>
2. Wage claims, accident compensation claims, and retirement allowance claims under Article 38 (2) of the Labor Standards Act and Article 11 (2) of the Guarantee of Workers' Retirement Benefits Act;
3. Amounts of reverse annuity mortgages paid after the occurrence of a cause for terminating the contract, including the death of the person who has used a guarantee service for reverse annuity mortgages;
4. The amount that is uncollectible because a mortgaged house has been damaged by the person who has used a guarantee service for reverse annuity mortgages, intentionally or by gross negligence.
(3) The means of exercising mortgages shall be prescribed by Presidential Decree.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 43-4 (Scope of Exercise of Reverse Annuity Mortgage Claims)
(1) A reverse annuity mortgage claim and a right to demand a reimbursement following the fulfillment of credit guarantee liabilities for the reverse annuity mortgages by the Corporation shall be exercised exclusively against a house securing such reverse annuity mortgage claim (hereinafter referred to as "mortgaged house").
(2) The Corporation and financial institutions may, with regards to the amount uncollectible from mortgaged houses due to any of the following causes which override mortgages or rights to benefit from a trust, exercise a reverse annuity mortgage claim and a right to demand a reimbursement against other properties of the debtor, notwithstanding paragraph (1). <Amended on Mar. 31, 2010; Dec. 27, 2016; Dec. 8, 2020>
2. Wage claims, accident compensation claims, and retirement allowance claims under Article 38 (2) of the Labor Standards Act and Article 11 (2) of the Guarantee of Workers' Retirement Benefits Act;
3. Amounts of reverse annuity mortgages paid after the occurrence of a cause for terminating the contract, including the death of the person who has used a guarantee service for reverse annuity mortgages;
4. The amount that is uncollectible because a mortgaged house has been damaged by the person who has used a guarantee service for reverse annuity mortgages, intentionally or by gross negligence.
(3) The means of exercising mortgages and rights to benefit from a trust shall be prescribed by Presidential Decree. <Amended on Dec. 8, 2020>
(4) Notwithstanding paragraphs (1) through (3), the Corporation may acquire a mortgaged house at the expense of the account as prescribed by a trust contract. <Newly Inserted on Dec. 8, 2020>
[This Article Wholly Amended on Jan. 25, 2010]
[Enforcement Date: Jun. 9, 2021] Article 43-4
 Article 43-5 (Acquisition by Transfer of Reverse Annuity Mortgages Claims)
(1) The Corporation may, at the expense of the Account, acquire and hold reverse annuity mortgage claims falling under causes prescribed by Presidential Decree, including where the principal and interest of reverse annuity mortgage loans already paid exceed the price of a mortgaged house.
(2) The Corporation shall, when it acquires by transfer reverse annuity mortgage claims in accordance with paragraph (1), succeed to the rights and obligations held by a financial institution against any person who has used a guarantee service for reverse annuity mortgages.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 43-6 (Protection of Persons Using Guarantee Service for Reverse Annuity Mortgages)
The right to receive annuities backed by reverse annuity mortgages be inalienable and unattachable and shall not be provided as security.
[This Article Newly Inserted on Jan. 11, 2007]
 Article 43-6 (Protection of Persons Using Guarantee Service for Reverse Annuity Mortgages)
(1) The right to receive annuities backed by reverse annuity mortgages be inalienable and unattachable and shall not be provided as security. <Amended on Dec. 8, 2020>
(2) The right to benefit from a trust under subparagraph 8-2 of Article 2 of a person who has used a guarantee service for reverse annuity mortgages and his/her spouse shall not be transferred, seized, provisionally seized, and provided as security. <Newly Inserted on Dec. 8, 2020>
(3) The claim on deposits in the exclusive account for reverse annuity mortgages designated pursuant to Article 43-13 (1) shall not be seized. <Newly Inserted on Dec. 8, 2020>
[This Article Newly Inserted on Jan. 11, 2007]
[Enforcement Date: Jun. 9, 2021] Article 43-6
 Article 43-7 (Restriction on Establishment of Mortgages)
(1) Any person who has used a guarantee service for reverse annuity mortgages shall be prohibited from performing the following acts except in cases prescribed by Presidential Decree which do not hamper the securing of claims against the mortgaged house:
1. Establishing actual rights granted by way of security, such as mortgages or provisionally-registered security rights, on the mortgaged house;
2. Establishing rights to lease on a deposit basis on the mortgaged house;
3. Leasing a mortgaged house.
(2) Any person who has used a guarantee service for reverse annuity mortgages shall make a supplementary registration in the ownership registration for the mortgaged house to the effect that the property shall not be a subject matter for establishing a limited real right, seizure, provisional seizure, temporary disposition, lease, etc. without the consent of the Corporation. In such cases, matters on time, details and cancellation of the supplementary registration shall be prescribed by Presidential Decree.
(3) Where a limited real right has been established on the mortgaged house or it has been subject to seizure, provisional seizure, temporary disposition, lease, etc. after the date of supplementary registration under paragraph (2), such shall be invalidated.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 43-7 (Restriction on Establishment of Mortgages)
(1) Any person who has used a guarantee service for reverse annuity mortgages shall be prohibited from performing the following acts except in cases prescribed by Presidential Decree which do not hamper the securing of claims against the mortgaged house:
1. Establishing actual rights granted by way of security, such as mortgages or provisionally-registered security rights, on the mortgaged house;
2. Establishing rights to lease on a deposit basis on the mortgaged house;
3. Leasing a mortgaged house.
(2) Any person who has used a guarantee service for reverse annuity mortgages shall make a supplementary registration in the ownership registration for the mortgaged house to the effect that the property shall not be a subject matter for establishing a limited real right, seizure, provisional seizure, temporary disposition, lease, etc. without the consent of the Corporation. In such cases, matters on time, details and cancellation of the supplementary registration shall be prescribed by Presidential Decree.
(3) Where a limited real right has been established on the mortgaged house or it has been subject to seizure, provisional seizure, temporary disposition, lease, etc. after the date of supplementary registration under paragraph (2), such shall be invalidated.
(4) Notwithstanding paragraph (2), in cases where the Corporation performs the affairs under Article 22 (1) 9-2, a supplementary registration in the ownership registration may not be required. <Newly Inserted on Dec. 8, 2020>
[This Article Wholly Amended on Jan. 25, 2010]
[Enforcement Date: Jun. 9, 2021] Article 43-7
 Article 43-8 (Guarantee Fees for Reverse Annuity Mortgages)
(1) Where the Corporation enters into a contract for a guarantee service for reverse annuity mortgages, it may charge any person who has used a guarantee service for reverse annuity mortgages initial guarantee fees calculated by multiplying the price of his/her mortgaged house by any rates prescribed by Presidential Decree within the scope not exceeding 2/100 of the price of the mortgaged house.
(2) The Corporation may charge any person who has used a guarantee service for reverse annuity mortgages guarantee fees calculated by multiplying his/her guaranteed amount by any rates prescribed by Presidential Decree within the scope not exceeding 2/100 per annum of the guaranteed amount, taking into account the operating status of the Account, etc.
(3) The initial guarantee fees and guarantee fees referred to in paragraphs (1) and (2) shall, as prescribed by Presidential Decree, be paid to the Corporation by a financial institution at the expense of the person who has used a guarantee service for reverse annuity mortgages.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 43-9 (Aggregate Ceiling on Guarantees for Reverse Annuity Mortgages)
The aggregate of guarantees for reverse annuity mortgages performed by the Account shall be prescribed by Presidential Decree, within the limit of 40 times the sum of the following amounts:
1. Fundamental property (referring to the total amount of contributions under Article 59-3 (1) 1 through 3);
2. Reserve funds in the Account.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 43-10 (Provisions Applicable Mutatis Mutandis)
Articles 39, 40 and 42 shall apply mutatis mutandis to guarantee services for reverse annuity mortgages. In such cases, “credit guarantee liabilities” shall be construed as “credit guarantee liabilities for reverse annuity mortgages.”
[This Article Wholly Amended on Jan. 25, 2010]
 Article 43-11 (Special Cases concerning House Subject to Guarantees for Reverse Annuity Mortgages)
(1) A house under subparagraph 8-2 of Article 2, 9 (4), 43-2, 43-4, 43-5, 43-7, and 43-8 shall be any of the following houses and facilities, etc. and include houses and facilities of which value publicly notified or announced pursuant to the Act on the Public Announcement of Real Estate Values (referring to the value in accordance with the criteria for providing guarantees in Article 9 (4) 3 determined by the Committee, if there is no relevant value) shall not exceed 900 million won:
1. Welfare houses for senior citizens that are sold among the welfare houses for senior citizens under Article 32 (1) 3 of the Welfare of Senior Citizens Act;
2. Houses which satisfy the criteria for high-priced houses under Article 89 (1) 3 of the Income Tax Act;
3. Officetels used for residential purposes, among quasi-housing under subparagraph 4 of Article 2 of the Housing Act.
(2) Where the Corporation intends to provide a guarantee service for reverse annuity mortgages on the houses or facilities, etc. referred to in paragraph (1) that meet the criteria for high-priced houses prescribed in Article 89 (1) 3 of the Income Tax Act and determine the amounts of annuity, the standard value of a high-priced house prescribed in Article 89 (1) 3 of the Income Tax Act shall be deemed the value of the relevant mortgaged house.
[This Article Wholly Amended on Dec. 8, 2020]
 Article 43-12 (Special Cases Concerning Establishment of Trust)
Article 3 of the Act on Special Measures for the Registration of Real Estate shall not apply where the Corporation establishes or terminates a trust in order to perform the services under Article 22 (1) 9-2.
[This Article Newly Inserted on Dec. 8, 2020]
[Enforcement Date: Jun. 9, 2021] Article 43-12
 Article 43-13 (Exclusive Account for Reverse Annuity Mortgages)
(1) Where a person who is paid in cash for reverse annuity mortgages under this Act requests, a financial institution shall pay the reverse annuity mortgages not exceeding the amount prescribed in subparagraph 3 of Article 195 of the Civil Execution Act into an account opened in the name of the person who receives reverse annuity mortgages (hereinafter referred to as "exclusive account for reverse annuity mortgages"): Provided, That where the financial institution cannot transfer reverse annuity to an exclusive account for reverse annuity mortgages due to unavoidable reasons including an information and communications network malfunction, it may directly pay the reverse annuity mortgages in cash, as prescribed by Presidential Decree.
(2) A financial institution which opens exclusive accounts for reverse annuity mortgages shall ensure that only reverse annuity mortgages are transferred to such accounts.
(3) Methods of and procedures for application under paragraph (1) and matters necessary for the management of exclusive accounts for reverse annuity mortgages under paragraph (2) shall be prescribed by Presidential Decree.
[This Article Newly Inserted on Dec. 8, 2020]
[Enforcement Date: Jun. 9, 2021] Article 43-13
 Article 44 (Entrustment of Business of the Financial Services Commission)
The Financial Services Commission may entrust the whole or part of its business under this Act to the Governor of the Financial Supervisory Service, as prescribed by Presidential Decree.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 45 (Entrustment of Business of Corporation)
(1) The Corporation may entrust its business concerning the management, operation and disposal of mortgage-backed claims to any of the following persons (hereinafter referred to as "administrator of claims") in accordance with the mortgage management entrustment contract. In such cases, the entrusted financial institution may, notwithstanding Article 4 (1) of the Credit Information Use and Protection Act, perform claims collection business under subparagraph 10 of Article 2 of the same Act and other service incidental to a claims collection agency under Article 11-2 of the same Act within the scope of such entrusted business: <Amended on May 19, 2011; Nov. 26, 2019; Feb. 4, 2020>
1. Financial institutions;
2. Korea Asset Management Corporation under the Act on the Establishment of Korea Asset Management Corporation;
3. Claims collection agencies which have obtained permission in accordance with the Use and Protection of Credit Information Act (hereinafter referred to as “claims collection agencies").
(2) The Corporation may not oppose against the debtor of mortgage-backed claims on the ground that the right of the administrator of claims to receive payment has ceased to exist because it terminated the mortgage management entrustment contract: Provided, That where the debtor has known or could have known that the right of the administrator of claims to receive payment became extinct, this shall not apply.
(3) The administrator of claims shall manage the mortgage-backed claims entrusted and managed pursuant to paragraph (1) separately from his/her own property and shall prepare and keep books regarding the management of such mortgage-backed claims.
(4) Where the administrator of claims goes bankrupt, the mortgage-backed claims entrusted and managed pursuant to paragraph (1) shall not constitute the administrator of claims' bankruptcy estate, and the Corporation may request the administrator of claims or bankruptcy administrator to deliver mortgage-backed claims.
(5) Paragraph (4) shall apply mutatis mutandis where rehabilitation procedures under the Debtor Rehabilitation and Bankruptcy Act are commenced.
(6) The creditor of the administrator of claims may not perform forcible execution on mortgage-backed claims being entrusted to and managed by the administrator of claims pursuant to paragraph (1), and the mortgage-backed claims shall not be subject to an order for injunctive relief or an order for discontinuation under the Debtor Rehabilitation and Bankruptcy Act.
(7) The Corporation may entrust some of its business falling under Article 22 (1) 7 through 12 and other businesses incidental thereto, which are approved by the Financial Services Commission, to any person falling under any subparagraph of paragraph (1) as prescribed by Presidential Decree.
(8) A person entrusted with the business of the Corporation as provided in paragraph (1) or (7) may act on behalf of the Corporation with respect to such business in both judicial and extrajudicial areas: Provided, That in the case of a claims collection agency, it shall be limited to extrajudicial activities. <Amended on Feb. 4, 2020>
[This Article Wholly Amended on Jan. 25, 2010]
 Article 46 (Issuance of Student Loan-Backed Securities)
(1) The Corporation may issue student loan-backed securities.
(2) Articles 23 through 26, 29, 30, 32, 36, 44 and 45 shall apply mutatis mutandis with regard to the student loan-backed securities issued by the Corporation. In such cases, "mortgage-backed claims" shall be construed as "student loan-backed claims", and "mortgage-backed securities" as "student loan-backed securities."
[This Article Wholly Amended on Jan. 25, 2010]
CHAPTER V FINANCE AND ACCOUNTING
 Article 47 (Fiscal Year)
The fiscal year of the Corporation shall be the same as that of the Government.
 Article 48 (Business Plans, Budgets, and Settlement of Accounts)
(1) The business plan and budget of the Corporation shall be approved by the Financial Services Commission following the resolution of the Committee before the commencement of each fiscal year, and the same shall apply to any case in which the approved plan or budget is modified.
(2) The Corporation shall prepare a written settlement of accounts, a balance sheet, and an income statement with regards to the Corporation and submit them to the Financial Services Commission following the resolution of the Committee, within three months following the end of each fiscal year.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 49 (Separate Accounting)
The accounting of the Corporation, the Fund and the Account shall be managed separately.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 50 (Disposal of Earnings)
(1) The Corporation shall, when it makes profit as a result of closing its accounts each fiscal year, appropriate it in the following order:
1. 20/100 of the profit shall be accumulated in reserve until such reserve amounts to the total amount of the capital;
2. The profit shall be distributed to investors after obtaining approval from the Minister of Economy and Finance as prescribed by Presidential Decree;
3. The residual earnings, after subtracting the amount reserved under subparagraph 1 and dividends under subparagraph 2 from the total earnings, shall be disposed of by obtaining approval from the Financial Services Commission following the resolution of the Committee.
(2) When the Minister of Economy and Finance grants approval under subparagraph 2 of paragraph (1), he/she shall consult with the Financial Services Commission in advance with regards to the appropriateness of distribution by taking into account the managerial soundness of the Corporation and any impact on the provision of its services, including mortgage securitization and credit guarantees.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 51 (Coverage of Losses)
When any loss has incurred at the closing of books of the Corporation, it shall be covered by the reserve accumulated in accordance with subparagraph 1 of Article 50, and, when such reserve is insufficient, the Government shall cover it.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 52 (Issuance of Debentures)
(1) The Corporation may, following the resolution of the board of directors, issue debentures or corporate commercial papers under Article 4 (3) of the Financial Investment Services and Capital Markets Act (hereinafter referred to as "debentures, etc.") within the scope not exceeding ten times its equity capital. In such cases, the total amount of mortgage-backed bonds issued shall not be included in the issue amount of debentures, etc.
(2) The extinctive prescription of the debentures shall be five years for principal and two years for interest.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 53 (Borrowing of Funds)
The Corporation may borrow funds necessary for providing services by the following means:
1. Borrowings from the Government;
2. Borrowings from financial institutions or international financial institutions.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 54 (Operation of Surplus Funds)
The Corporation shall operate its surplus by the following means: Provided, That in the case of subparagraphs 3 and 4, approval from the Financial Services Commission shall be obtained:
1. Deposits in financial institutions;
2. Purchase of state bonds, local government bonds and other bonds whose payment is guaranteed by the Government, local governments or financial institutions;
3. Subscription or purchase of stocks (including investment certificates), debentures or other securities;
4. Other means necessary to achieve the purposes of this Act.
[This Article Wholly Amended on Jan. 25, 2010]
CHAPTER VI HOUSING FINANCE CREDIT GUARANTEE FUND
 Article 55 (Establishment of Housing Finance Credit Guarantee Fund)
The Housing Finance Credit Guarantee Fund shall be established under the Corporation to facilitate housing finance by extending credit guarantee.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 56 (Creation of Fund)
(1) The Fund shall consist of the following financial resources:
1. Contributions from the Government;
2. Contributions from financial institutions;
3. Contributions from persons other than the Government and financial institutions;
4. Revenues from guarantee fees;
5. Revenues from the exercise of a right to demand a reimbursement;
6. Earnings from the operation of the Fund;
7. Borrowings from the funds managed and operated by financial institutions or the Government;
8. Other financial resources prescribed by Presidential Decree for raising the Fund.
(2) The Government may contribute a specific amount to the Fund within budgetary limits for each fiscal year.
(3) Financial institutions under Article 2 (11) (a) through (e) and (j) through (l) shall contribute to the Fund the amount obtained by multiplying their loan amounts by the rate prescribed by Ordinance of Prime Minister within the scope not exceeding 3/1000 per annum. <Amended on Mar. 21, 2012>
(4) The scope of loans under paragraph (3), the means of contribution and the timing thereof, and other matters necessary for contributions shall be prescribed by Ordinance of Prime Minister.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 57 (Uses of Fund)
The Fund shall be used for any of the following purposes:
1. Fulfillment of credit guarantee liabilities;
2. Repayment of principal of and interest on borrowings;
3. Expenses for the creation, operation and management of the Fund;
4. Research and development for fostering of the Fund;
5. Other cases necessary to achieve the purposes of establishing the Fund and prescribed by Presidential Decree.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 58 (Management and Operation of Fund)
(1) The Fund shall be managed and operated by the Corporation.
(2) The Fund shall be operated by each of the following means:
1. Deposits in the financial institutions referred to in subparagraph 11 (b) through (d), (f), (j), and (k) of Article 2;
2. Other means necessary to achieve the purposes of establishing the Fund and prescribed by Presidential Decree.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 59 (Budgeting and Settlement of Accounts of Fund)
(1) The fiscal year of the Fund (including the Account; hereafter in this Article the same shall apply) shall be the same as that of the Government.
(2) The Corporation shall formulate a draft plan for operation of the Fund regarding the total income and total expenditure for each fiscal year and obtain the approval thereof from the Financial Services Commission before the commencement of the relevant fiscal year, and the same shall also apply where it alters the approved plan.
(3) The Corporation shall prepare a written settlement of accounts, a balance sheet, and an income statement with regards to the Fund, and submit them to the Financial Services Commission, within three months following the end of each fiscal year.
(4) When any profit has occurred at the closing of books of the Fund, the entire amount thereof shall be reserved.
(5) When any loss has incurred at the closing of books of the Fund, it shall be compensated by the reserve under paragraph (4), and when such reserve is insufficient, the Government shall compensate such loss.
[This Article Wholly Amended on Jan. 25, 2010]
CHAPTER VI-2 ACCOUNT OF GUARANTEE FOR REVERSE ANNUITY MORTGAGES
 Article 59-2 (Establishment of Account of Guarantee for Reverse Annuity Mortgages)
The Account of Guarantee for Reverse Annuity Mortgages shall be established in the Fund to smoothly supply funds for livelihood of senior citizens by providing a guarantee for reverse annuity mortgages.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 59-3 (Creation of Account)
(1) The Account shall consist of the following financial resources:
1. Contributions by the Government;
2. Contributions by financial institutions;
3. Contributions by persons other than the Government and financial institutions;
4. Revenues from guarantee fees;
5. Revenues from the exercise of a right to demand a reimbursement;
6. Earnings from the operation of revenues from the Account;
7. Borrowings from the funds managed or operated by financial institutions or the Government;
8. Other types of financial resources prescribed by Presidential Decree in order to create the Account.
(2) The Government may contribute a specific amount to the Account within budgetary limits for each fiscal year.
(3) Financial institutions shall contribute to the Account the amount obtained by multiplying their loan amounts by the rate prescribed by Ordinance of the Prime Minister within the scope not exceeding 3/1000 per annum.
(4) The scope of loans under paragraph (3), the means of contribution and the timing thereof, and other matters necessary for contributions shall be prescribed by Ordinance of Prime Minister.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 59-4 (Uses of Account)
The Account shall be used for each of the following purposes:
1. Fulfillment of credit guarantee liabilities for the reverse annuity mortgages;
2. Repayment of principal of and interest on borrowed funds;
3. Acquisition by transfer of claims for reverse annuity mortgages under Article 43-5 and payments of annuities from reverse mortgages;
4. Expenses for the creation, operation and management of the Account;
5. Research and development for fostering the reverse annuity mortgages system;
6. Other cases necessary to achieve the purposes of establishing the Account and prescribed by Presidential Decree.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 59-4 (Uses of Account)
The Fund shall be used for the following purposes: <Amended on Dec. 8, 2020>
1. Fulfillment of credit guarantee liabilities for the reverse annuity mortgages;
2. Repayment of principal of and interest on borrowings;
2-2. Acquisition of mortgaged houses under Article 43-4 (4);
3. Acquisition by transfer of claims for reverse annuity mortgages under Article 43-5 and payments of annuities from reverse mortgages;
4. Expenses for the creation, operation and management of the Account;
5. Research and development for fostering the reverse annuity mortgages system;
6. Other cases necessary to achieve the purposes of establishing the Account and prescribed by Presidential Decree.
[This Article Wholly Amended on Jan. 25, 2010]
[Enforcement Date: Jun. 9, 2021] Article 59-4
 Article 59-5 (Provisions Applicable Mutatis Mutandis Concerning Fund)
Article 58 shall apply mutatis mutandis to the management and operation of the Fund. In such cases, the “Fund” shall be construed as the “Account.”
[This Article Wholly Amended on Jan. 25, 2010]
CHAPTER VII SUPPLEMENTARY PROVISIONS
 Article 60 (Supervision)
(1) The Financial Services Commission may supervise the Corporation with regards to each of the following affairs as prescribed by Presidential Decree in order to secure the soundness of business administration and may issue orders necessary for such supervision:
1. Budgeting and accounting;
2. Formulation of and amendment to business plans;
3. Operation of surplus funds;
4. Formulation of and amendment to fund operation plans;
5. Accounting of the Fund;
6. Business affairs under Article 22 (1) 1 through 13;
7. Business affairs incidental to those under subparagraph 6 and approved by the Financial Services Commission.
(2) The Minister of Land, Infrastructure and Transport may make requests to the Financial Services Commission as necessary to supervise the Corporation. <Amended on Mar. 23, 2013>
(3) Where the Corporation has violated an order issued under paragraph (1) and thus it is deemed that it may undermine the sound management of the Corporation, the Financial Services Commission may take any of the following measures:
1. Issuing an order to correct the relevant violation;
2. Suspending part of its business for up to six months;
3. Discontinuing the relevant violation, issuing a warning, etc.
(4) Where an executive officer of the Corporation has intentionally violated any order issued under paragraph (1) or done great harm to the sound management of the Corporation, the Financial Services Commission may take appropriate measures, including suspending his/her duties, dismissing, and issuing a warning to, the relevant executive.
(5) Where an employee of the Corporation has intentionally violated an order issued under paragraph (1) or done great harm to the sound management of the Corporation, the Financial Services Commission may request the president of the Corporation to take appropriate punitive measures, including dismissing him/her from office, suspending his/her duties, reducing salary, imposing other punishments.
(6) Where it is deemed that an executive officer or employee of the Corporation who has retired or resigned from office would have been subject to a measure taken under paragraph (4) or (5), if he/she was holding office in the Corporation, the Financial Services Commission may inform the president of the Corporation of the details of such measure.
(7) The president of the Corporation who has been notified in accordance with paragraph (6) shall inform the relevant executive officer or employee of such fact, and enter and keep it in the records of personnel administration.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 60 (Supervision)
(1) The Financial Services Commission may supervise the Corporation with regards to each of the following affairs as prescribed by Presidential Decree in order to secure the soundness of business administration and may issue orders necessary for such supervision: <Amended on Dec. 8, 2020>
1. Budgeting and accounting;
2. Formulation of and amendment to business plans;
3. Operation of surplus funds;
4. Formulation of and amendment to fund operation plans;
5. Accounting of the Fund;
6. Business affairs under Article 22 (1) 1 through 9, 9-2, and 10 through 13;
7. Business affairs incidental to those under subparagraph 6 and approved by the Financial Services Commission.
(2) The Minister of Land, Infrastructure and Transport may make requests to the Financial Services Commission as necessary to supervise the Corporation. <Amended on Mar. 23, 2013>
(3) Where the Corporation has violated an order issued under paragraph (1) and thus it is deemed that it may undermine the sound management of the Corporation, the Financial Services Commission may take any of the following measures:
1. Issuing an order to correct the relevant violation;
2. Suspending part of its business for up to six months;
3. Discontinuing the relevant violation, issuing a warning, etc.
(4) Where an executive officer of the Corporation has intentionally violated any order issued under paragraph (1) or done great harm to the sound management of the Corporation, the Financial Services Commission may take appropriate measures, including suspending his/her duties, dismissing, and issuing a warning to, the relevant executive officer.
(5) Where an employee of the Corporation has intentionally violated an order issued under paragraph (1) or done great harm to the sound management of the Corporation, the Financial Services Commission may request the president of the Corporation to take appropriate punitive measures, including dismissing him/her from office, suspending his/her duties, reducing salary, imposing other punishments.
(6) Where it is deemed that an executive officer or employee of the Corporation who has retired or resigned from office would have been subject to a measure taken under paragraph (4) or (5), if he/she was holding office in the Corporation, the Financial Services Commission may inform the president of the Corporation of the details of such measure.
(7) The president of the Corporation who has been notified in accordance with paragraph (6) shall inform the relevant executive officer or employee of such fact, and enter and keep it in the records of personnel administration.
[This Article Wholly Amended on Jan. 25, 2010]
[Enforcement Date: Jun. 9, 2021] Article 60
 Article 61 (Submission of Report and Inspection of Documents)
(1) The Financial Services Commission may, if deemed necessary to conduct supervision pursuant to Article 60, request the Corporation, any person entrusted by the Corporation with its business in accordance with Article 45 (hereafter referred to as "trustee" in this Article), or financial institutions making contributions to the Fund (including the Account; hereafter in this Article the same shall apply) to submit reports or may instruct public officials belonging to the Financial Services Commission or employees of the Financial Supervisory Service to examine their operational status, books and documents or other necessary matters: Provided, That with regard to trustees, such reporting or inspection shall be limited to their entrusted business, and, with regard to financial institutions making contributions to the Fund, such reporting or inspection shall be limited to matters relating to their contributions.
(2) The Financial Services Commission may, if deemed necessary, entrust inspections under paragraph (1) to the Governor of the Financial Supervisory Service as prescribed by Presidential Decree.
(3) Any person who conducts an inspection according to paragraphs (1) and (2) shall carry a document indicating his/her authority and show it to the relevant persons.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 62 (Consultation on Matters relating to Housing Policy)
The Financial Services Commission shall consult the Minister of Land, Infrastructure and Transport in advance, with regards to matters on business of the Corporation which are deemed affecting the implementation of housing policy. <Amended on Mar. 23, 2013>
[This Article Wholly Amended on Jan. 25, 2010]
 Article 63 (Special Cases concerning Notice of Auction or Delivery of Notice of Auction)
(1) A notice of auction or delivery of such notice in an auction proceeding under the Civil Execution Act (limited to auction proceedings to exercise a security right) which is commenced by the court upon an application filed by the Corporation shall be deemed delivered when mailed to the address as listed in the registry of the relevant real estate at the time of application for auction (where the address differs from the one entered in the resident registration table provided for in the Resident Registration Act, the address entered in the resident registration table shall be included, and, when an address is reported to the court, such notice shall be delivered to the reported address), and, where an address is not entered in the register and the resident registration table and an address is not reported to the court, such notice shall be delivered by means of public notice.
(2) In the auction proceeding referred to in paragraph (1), the Corporation shall notify the relevant debtor and the owner of the planned auction, before application for auction, at the address listed on the registry of the real estate (including addresses entered in the resident registration table provided for in the Resident Registration Act, where such address differs from the one entered in the resident registration table). In such cases, the delivery of such notification shall be deemed made when mailed.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 64 (Requests to Furnish Data)
(1) The Corporation may, if deemed necessary to perform its business, request the State, local governments, financial institutions, the National Pension Service under the National Pension Act, the National Health Insurance Corporation under the National Health Insurance Act, and other public organizations to furnish data.
(2) The Corporation may request the head of the competent tax office or the relevant local government to provide information on taxation (limited to taxation information of global income tax and local tax, and specific items related to business registration data) with document indicating any of the following subparagraphs. In such cases, the request to provide taxation information shall be made within the minimum scope necessary to exercise the the right to demand a reimbursement under Article 22 (1) 8, and shall not be abused for other purposes: <Newly Inserted on Mar. 29, 2016>
1. Personal information of a taxpayer;
2. The purpose of use.
(3) Any person who has been requested to furnish data under paragraphs (1) and (2) shall comply therewith unless there is a compelling reason not to do so. <Amended on Mar. 29, 2016>
(4) The request to provide data or provision of such data under paragraphs (1) through (3) shall be in accordance with the Personal Information Act. <Newly Inserted on Mar. 29, 2016>
[This Article Wholly Amended on Jan. 25, 2010]
 Article 65 (Liability for Damage)
(1) If an executive officer of the Corporation has caused any damage to the Corporation as a result of violating any Act or subordinate statute or its articles of incorporation, or neglecting its duties, he/she shall be jointly and severally liable to the Corporation for the resultant damage.
(2) If a person engaged in the business of the Corporation has intentionally or by gross negligence inflicted damage on the Corporation in the course of performing its business, he/she shall be liable for such damage. In such cases, the liability may be reduced unless the damage is caused intentionally.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 66 (Special Cases concerning Mortgage Loans for Smooth Securitization)
The National Credit Union Federation of Korea under subparagraph 11 (e) of Article 2 may provide mortgage loan if the criteria for the taking-over of mortgage-backed claims under Article 9 (2) 4 are met, in order to facilitate smooth securitization of loan claims (limited to cases prescribed by Presidential Decree).
[This Article Wholly Amended on Jan. 25, 2010]
CHAPTER VIII PENALTY PROVISIONS
 Article 67 (Penalty Provisions)
(1) Any person who uses information on the debt-servicing ability of a debtor for any other purpose than for the redemption of relevant claims in violation of Article 36 (2) shall be punished by imprisonment with labor for not more than three years or by a fine not exceeding 30 million won. <Amended on Feb. 21, 2018>
(2) Any person who divulges confidential information in violation of Article 21 shall be punished by imprisonment with labor for not more than two years or by a fine not exceeding 20 million won. <Amended on Nov. 21, 2018>
[This Article Wholly Amended on Jan. 25, 2010]
 Article 68 (Administrative Fines)
(1) Any of the following persons shall be punished by an administrative fine not exceeding five million won:
1. Any person who uses the name "Korea Housing Finance Corporation" or a similar name thereto, in violation of Article 8;
2. Any person who uses the amount provided by the Corporation as a credit extended for any other purpose than for a loan which has created long-term mortgage-backed claims, in violation of Article 35 (1);
3. Any person who fails to operate mortgage-backed claims, with which he/she has been entrusted for the management, separately from his/her own property or fails to separately prepare and keep books on the management of mortgage-backed claims, in violation of Article 45 (3);
4. Any person who fails to submit a report under Article 61 (1) or submits a false report or any person who rejects, impedes or avoids any inspection under the same paragraph.
(2) The Financial Services Commission shall impose and collect administrative fines under paragraph (1), as prescribed by Presidential Decree.
[This Article Wholly Amended on Jan. 25, 2010]
 Article 69 (Legal Fiction as Public Officials in Application of Penalty Provisions)
Any of the following persons shall be deemed a public official in applying Articles 129 through 132 of the Criminal Act:
1. Members under Article 10 (2) 4 and 5;
2. Executive officers of the Corporation;
3. Employees of the Corporation prescribed by Presidential Decree.
[This Article Wholly Amended on Jan. 25, 2010]
ADDENDA <Act No. 7030, Dec. 31, 2003>
Article 1 (Enforcement Date)
This Act shall enter into force on March 1, 2004: Provided, That the provisions of Article 3 of the Addenda shall enter into force on the date of its promulgation.
Article 2 (Abrogation of other Acts)
Article 3 (Establishment Committee)
(1) The Minister of Finance and Economy shall organize an establishment committee by commissioning members for establishment, and have them perform the affairs relating to the preparation for establishment of the Corporation. In such cases, he/she shall consult with the Minister of Construction and Transportation on the organization of the establishment committee.
(2) The establishment committee shall formulate the articles of incorporation of the Corporation, and obtain authorization thereof from the Minister of Finance and Economy.
(3) The establishment committee shall, when it obtains authorization pursuant to paragraph (2), register the establishment of the Corporation under joint signature of members for establishment.
(4) The establishment committee shall, when it completes the establishment registration of the Corporation pursuant to paragraph (3), transfer its affairs and assets to the president of the Corporation.
(5) Members of the establishment committee shall be deemed to be discharged from the committee when they completely transfer affairs and assets pursuant to paragraph (4).
(6) The Corporation shall bear the expenses of its establishment.
Article 4 (Employment of Employees at Establishment)
When the Corporation employs experienced employees at the time of its establishment, it shall give prior consideration to a career in housing finance-related field to efficiently perform its duties and to secure the expertise.
Article 5 (Transitional Measures concerning Previous Mortgage-backed Claims)
Any of the following claims shall be deemed mortgage-backed claims under this Act:
1. Claims for loaned money whose redemption period is ten years or longer and secured by the mortgages established on the house at the time this Act enters into force;
2. If claims for loaned money secured by the mortgages established over the house at the time this Act enters into force are converted to the claims for loaned funds of which redemption period is ten years or longer by December 31, 2009, such claims.
Article 6 (Transitional Measures concerning Housing Finance Credit Guarantee Fund)
(1) The Housing Finance Credit Guarantee Fund under the Act on the Assistance to Residential Stability and Lump Sum-Raising Savings of Workers prior to the enforcement of this Act shall be deemed the Housing Finance Credit Guarantee Fund under Article 55.
(2) Any contribution, credit guarantee and other legal acts performed by the Housing Finance Credit Guarantee Fund under the Act on the Assistance to Residential Stability and Lump Sum-Raising Savings of Workers as at the time this Act enters into force shall be deemed performed under the provisions of this Act.
Article 7 (Changing Title of Succeed of Properties)
The title of "Credit Guarantee Fund which is a managing agency of the Housing Finance Credit Guarantee Fund" or "Credit Guarantee Fund" indicated on the register on properties of the Housing Finance Credit Guarantee Fund which is managed by the Credit Guarantee Fund under the Credit Guarantee Fund Act, and succeeded by the Corporation and on other types of official books, shall be deemed the title of the Corporation.
Article 8 (Matters concerning Merger with Special Purpose Companies for Securitization of Mortgage-backed Claims and Acquisition of Business by Transfer)
(1) The Corporation may absorb or merge with any special purpose company for mortgage-backed bonds under the Special Purpose Companies for Mortgage-Backed Bonds Act (hereinafter referred to as "company for securitization") or may take over of the business of securitization from a company for securitization in order to efficiently perform the business of securitization.
(2) When the Corporation intends to make a merger or acquire a business by transfer, it shall prepare a merger contract or contract on acquisition of business by transfer and obtain approval from the Minister of Finance and Economy thereon.
(3) When the Corporation completes the procedures for merger or acquisition of business by transfer, it shall report matters on the merger or acquisition of business by transfer to Minister of Finance and Economy without delay.
Article 9 (Effect of Merger with Special Purpose Companies for Mortgage-backed Bonds)
(1) The Corporation shall complete registration of changes within two weeks at the location of its head office, and within three weeks at the location of its branch office from the date when the report on matters of merger is made to the Minister of Finance and Economy pursuant to Article 8 (3) of the Addenda.
(2) The merger of the Corporation shall be effective at the time matters under paragraph (1) are registered at the location of its head office.
(3) Where the Corporation makes a merger, the property, rights and duties vested in the company for securitization shall be taken over as a whole by the Corporation. In such cases, the trust established on the company for securitization shall be deemed the trust established on the Corporation under this Act, and the Corporation shall succeed the status as a trustee.
(4) The title of company for securitization indicated on the register on property of the company for securitization which merges with the Corporation and on other types of official books, shall be deemed the title of the Corporation.
(5) The mortgage securitization and other legal acts performed by a company for securitization which merges with the Corporation in accordance with the Special Purpose Companies for Mortgage-Backed Bonds Act at the time of such merger, shall be deemed performed pursuant to this Act.
(6) The merger with a company for securitization shall be governed by the provisions of the Commercial Act, except as otherwise prescribed by this Act.
Article 10 (Effect of Acquisition of Business by Transfer with Special Purpose Companies for Mortgage-backed Bonds, etc.)
(1) The Corporation shall publish a public notice in two or more daily newspapers of nationwide circulation within two weeks from the date a report on the takeover of business is made to the Minister of Finance and Economy in accordance with Article 8 (3) of the Addenda, by prescribing matters on a company for securitization which has transferred the business and mortgage securitization subject to the takeover of business.
(2) Where the Corporation takes over the business, the property, rights and duties with regards to mortgage securitization (including the payment guarantee; hereafter in this Article the same shall apply) vested in the company for securitization shall be deemed taken over by the Corporation on the date following the date of publication under paragraph (1). In such cases, the trust established on the company for securitization shall be deemed a trust established on the Corporation pursuant to this Act, and the Corporation shall succeed the status as a trustee.
(3) A company for securitization shall be waived from the duty, with regards to the mortgage securitization within the limit of those succeeded to the Corporation pursuant to paragraph (2).
(4) With regards to mortgage-backed claims which are subject to mortgage securitization, succeeded by the Corporation, where the announcement referred to in paragraph (1) has been made, requirements for opposition under Article 450 (2) of the Civil Act shall be deemed to have been met by such announcement: Provided, That the requirements for setting up against the debtor of mortgage-backed claims shall be governed by the provisions of Article 26 (1) and (3).
(5) The title of a company for securitization on the register on mortgage-backed claims, mortgages and other rights which are subject to mortgage securitization to be succeeded by the Corporation and on other types of official books, shall be deemed the title of the Corporation.
(6) The mortgage securitization and other legal acts performed by a company for securitization which transfers the business to the Corporation at the time of business transfer in accordance with the Special Purpose Companies for Mortgage-Backed Bonds Act shall be deemed performed by this Act within the limit of the property, rights and duties with regards related to mortgage securitization succeeded by the Corporation.
(7) Where the Corporation may not perform the liability succeeded under paragraph (2) due to any loss incurred by the Corporation, the government shall replenish its loss in accordance with Article 51 in order to assist the Corporation to perform its liabilities.
(8) The provisions of the Special Purpose Companies for Mortgages-Backed Bonds Act and the Commercial Act shall apply to the transfer of business of a company for securitization, except those prescribed by this Act otherwise.
Article 11 Omitted.
Article 12 (Relationship with other Acts)
(1) Any citation of the former Act on the Assistance to Residential Stability and Lump Sum-Raising Savings of Workers or any provision thereof by other Acts at the time this Act enters into force shall be deemed a citation of this Act or the corresponding provisions hereof, in lieu of the former provisions, if such corresponding provisions exists herein.
(2) Any citation of the Housing Finance Credit Guarantee Fund by other Acts at the time this Act enters into force shall be deemed a citation of the Housing Finance Credit Guarantee Fund under this Act.
ADDENDUM <Act No. 7341, Jan. 27, 2005>
This Act shall enter into force on the date of its promulgation.
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. 7837, Dec. 31, 2005>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 2006. (Proviso Omitted.)
Articles 2 through 22 Omitted.
ADDENDA <Act No. 7882, Mar. 24, 2006>
(1) (Enforcement Date) This Act shall enter into force on the date of its promulgation.
(2) (Transitional Measures concerning Ceiling of Aggregate of Credit Guarantee) When the Fund sums up the amount subleased by sublessee under subparagraph 9 of Article 2 of the Introduction and Management of Public Loans Act and the amounts under Article 43 (1) 1 and 2 as at the time this Act enters into force, it shall be governed by the former provisions until the subleased amount is refunded.
ADDENDA <Act No. 8236, Jan. 11, 2007>
Article 1 (Enforcement Date)
This Act shall enter into force three months after the date of its promulgation.
Article 2 (Special Cases concerning Amendment to Plan for Operation of Fund of 2007)
(1) When the Account has been established, the president of the Corporation shall, without delay, prepare a draft plan for operation of the Fund for the year 2007, and submit it to the Minister of Finance and Economy following the resolution of the Committee, and the Minister of Finance and Economy shall consult with the Minister of Planning and Budget thereon.
(2) The Minister of Finance and Economy shall submit the draft plan for operation of the Fund for the year 2007 referred to in paragraph (1) to the National Assembly after deliberation by the State Council and approval from the President of the Republic of Korea. In such cases, any amendment to the draft plan for operation of the Fund for the year 2007 shall be deemed confirmed, notwithstanding the provisions of the National Finance Act and the National Assembly Act.
Article 3 Omitted.
ADDENDA <Act No. 8372, Apr. 11, 2007>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 17 Omitted.
ADDENDA <Act No. 8635, Aug. 3, 2007>
Article 1 (Enforcement Date)
This Act shall enter into force one year and six months 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 on 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 through 5 Omitted.
ADDENDUM <Act No. 9461, Feb. 6, 2009>
This Act shall enter into force on the date of its promulgation: Provided, That the amended provisions of Article 9 (3) 2 shall enter into force three months after the date of its promulgation.
ADDENDA <Act No. 9584, Apr. 1, 2009>
Article 1 (Enforcement Date)
This Act shall enter into force on May 8, 2009.
Articles 2 through 6 Omitted.
ADDENDA <Act No. 9617, Apr. 1, 2009>
Article 1 (Enforcement Date)
This Act shall enter into force six month after the date of its promulgation.
Articles 2 through 13 Omitted.
ADDENDUM <Act No. 9969, Jan. 25, 2010>
This Act shall enter into force on the date of its promulgation: Provided, That the amended provisions of Article 43-11 shall enter into force on July 1, 2010.
ADDENDA <Act No. 10219, Mar. 31, 2010>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 2011.
Articles 2 through 12 Omitted.
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 through 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 through 5 Omitted.
ADDENDA <Act No. 10682, May 19, 2011>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles 2 and 3 Omitted.
ADDENDA <Act No. 10924, Jul 25, 2011>
Article 1 (Enforcement Date)
This Act shall enter into force one year after its promulgation.
Articles 2 through 4 Omitted.
ADDENDUM <Act No. 11412, Mar. 21, 2012>
This Act shall enter into force three months after its promulgation.
ADDENDA <Act No. 11690, Mar. 23, 2013>
Article 1 (Enforcement Date)
(1) This Act shall enter into force on the date of its promulgation.
(2) Omitted.
Articles 2 through 7 Omitted.
ADDENDUM <Act No. 11983, Jul. 30, 2013>
This Act shall enter into force on the date of its promulgation.
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.
ADDENDA <Act No. 12989, Jan. 6, 2015>
Article 1 (Enforcement Date)
This Act shall enter into force on July 1, 2015.
Articles 2 through 6 Omitted.
ADDENDUM <Act No. 13070, Jan. 20, 2015>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 13805, Jan. 19, 2016>
Article 1 (Enforcement Date)
This Act shall enter into force on August 12, 2016.
Articles 2 through 22 Omitted.
ADDENDUM <Act No. 14134, Mar. 29, 2016>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 14242, May 29, 2016>
Article 1 (Enforcement Date)
This Act shall enter into force on December 1, 2016.
Articles 2 through 22 Omitted.
ADDENDA <Act No. 14474, Dec. 27, 2016>
Article 1 (Enforcement Date)
This Act shall enter into force three months after its promulgation.
Articles 2 through 14 Omitted.
ADDENDUM <Act No. 15417, Feb. 21, 2018>
This Act shall enter into force on the date of its promulgation.
ADDENDUM <Act No. 16652, Nov. 26, 2019>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles 2 through 3 Omitted.
ADDENDA <Act No. 16957, Feb. 4, 2020>
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.
ADDENDUM <Act No. 17637, Dec. 8, 2020>
This Act shall enter into force six months after the date of its promulgation: Provided, That the amended provisions of Article 43-11 shall enter into force on the date of its promulgation.