| (1) | A person who concludes a contract on credit granting with a bank may request a reduction in interest rates to the relevant bank in accordance with Article 30-2 (1) of the Act, in any of the following cases: <Amended on Aug. 4, 2020> |
| 1. | Where an individual concludes a contract of credit granting: Where the credit standing is deemed to have been improved through employment, promotion, increase of property or increase in personal credit score; |
| 2. | Where a person who is not an individual (including an individual business entity) concludes a contract on credit granting: Where the credit standing is deemed to have been improved through enhancement of financial position, or an increase in credit rating or personal credit score. |
| (2) | A bank which received a request for a reduction in interest rates pursuant to paragraph (1) may consider matters determined and publicly notified by the Financial Services Commission, such as whether the improved credit standing affects the calculation of interest rates, in deciding whether to accept such request. |
| (3) | The bank shall notify a person who requests a reduction in interest rates of a decision whether to accept such request and grounds therefor within 10 business days from the date of receipt of a request for a reduction in interest rates pursuant to paragraph (1) (not including the period from the date a person who requests a reduction in interest rates is required to supplement materials to the date such materials are submitted) in writing, or by telephone, text message, electronic mail or fax or in other manners similar thereto. |
| (4) | Except as provided in paragraphs (1) through (3), matters regarding requirements, procedures, etc. for a request for a reduction in interest rates shall be determined and publicly notified by the Financial Services Commission. |
[This Article Added on Jun. 11, 2019]