| (1) | Where a financial product distributor or advisor concludes a contract for any financial product specified by Presidential Decree with a financial consumer, in violation of Article 17 (3), 18 (2), 19 (1) or (3), 20 (1), or 21, the financial consumer may demand the termination of the contract by a written notice or other means, within the period specified by Presidential Decree within a maximum of five years: In such cases, the financial product distributor or advisor shall notify the financial consumer of whether to accept such demand within 10 days from the date on which it receives the demand for termination and shall also give the reason for refusal if it refuses to accept such demand. |
| (2) | If the financial product distributor or advisor does not comply with the demand under paragraph (1), without good cause, the ordinary financial consumer may terminate the relevant contract. |
| (3) | When a contract is terminated under paragraph (1) or (2), the financial product distributor or advisor shall not claim expenses relating to the termination of contract, including fees and penalty. |
| (4) | Necessary matters concerning the requirements for exercise of the right to demand the termination of a contract under paragraphs (1) through (3), the scope of exercise of such right, valid reasons therefor, etc. shall be prescribed by Presidential Decree. |
[Enforcement Date: Sep. 25, 2021] Provisions relevant to financial product advisors in Article 47