| (1) | An ordinary financial consumer who has offered a contract for an indemnity product, an investment product, or a loan product specified by Presidential Decree or for advisory service on financial products with a financial product distributor or advisor may withdraw such offer within the relevant period specified in the following subparagraphs (if the parties to a transaction have agreed on a period longer than the period specified in the relevant subparagraph, such longer period): |
| 1. | In cases of an indemnity product: 15 days from the date on which an insurance policy under Article 640 of the Commercial Act is delivered or 30 days from the date of the offer, whichever comes earlier; |
| 2. | In cases of an investment product or advisory service on financial products: Seven days from either of the following dates: |
| (a) | The date on which contract documents are delivered under the main clause of Article 23 (1); |
| (b) | In cases of the proviso of Article 23 (1), the date of conclusion of the contract; |
| 3. | In cases of a loan product: 14 days from any of the following dates (if money, goods (hereafter referred to as “money or goods” in this Article) or service under a contract are paid, delivered, or provided later than either of the following dates, the date of payment, delivery, or provision): |
| (a) | The date on which contract documents are delivered under the main clause of Article 23 (1); |
| (b) | In cases of the proviso of Article 23 (1), the date of conclusion of the contract; |
| (2) | The withdrawal of the offer under paragraph (1) shall become effective at the time specified in the following subparagraphs: |
| 1. | In cases of indemnity products, investment products, or advisory service on financial products: When an ordinary financial consumer dispatches a written notice to manifest his or her intention to withdraw the offer (including cases where such intention is communicated by the means specified by Presidential Decree; hereafter referred to as “written notice or other means”); |
| 2. | In cases of loan products: When an ordinary financial consumer dispatches a written notice or other means to manifest his or her intention to withdraw the offer and return money or goods specified in the following items (excluding service already provided, but including rights to use certain facilities or to receive service; hereafter the same shall apply in this paragraph): |
| (a) | Money or goods already received; |
| (b) | Interest specified by Presidential Decree in connection with money already received; |
| (c) | Expenses specified by Presidential Decree, such as fees that a financial product distributor or advisor has already paid to a third party. |
| (3) | When the offer is withdrawn under paragraph (1), the financial product distributor or advisor shall return money or goods already received from the ordinary financial consumer in any of the following manners: |
| 1. | In cases of an indemnity product: The financial product distributor or advisor shall return the money or goods already received, within three business days from the filing date of the withdrawal of the offer, and shall pay an additional amount calculated in accordance with Presidential Decree for the period during which the return of money or goods are delayed; |
| 2. | In cases of an investment product or advisory service on financial products: The financial product distributor or advisor shall return the money or goods already received, within three business days from the filing date of the withdrawal of the offer, and shall pay an additional amount calculated in accordance with Presidential Decree for the period during which the return of money or goods are delayed: Provided, That if the amount to be returned is not greater than the amount specified by Presidential Decree, such amount need not be returned; |
| 3. | In cases of a loan product: The financial product distributor or advisor shall return the money or goods already received, including fees received from the ordinary financial consumer in connection with the relevant loan, to the ordinary financial consumer, in accordance with Presidential Decree within three business days from the date on which it received the money or goods and interest and fees returned by the ordinary financial consumer under paragraph (2) 2 and shall pay an additional amount calculated in accordance with Presidential Decree for the period during which the return of money or goods are delayed; |
| (4) | Where the offer is withdrawn under paragraph (1), no financial product distributor or advisor may claim compensation for damage caused by the withdrawal of the offer or the payment of money as penalty. |
| (5) | If an insurance event has already occurred before the offer of an indemnity product is withdrawn, the withdrawal of such offer shall not become effective: Provided, That the same shall not apply where an ordinary financial consumer withdraws the relevant offer, knowing that an insurance event has already occurred. |
| (6) | Any special term or condition contrary to paragraphs (1) through (5) and unfavorable to ordinary financial consumers shall be void. |
| (7) | Necessary matters concerning the exercise of the right to withdraw an offer, the effect thereof, etc. under paragraphs (1) through (3) shall be prescribed by Presidential Decree. |
[Enforcement Date: Sep. 25, 2021] Provisions relevant to financial product advisors in Article 46