Article 1 (Enforcement date)
This Act shall enter into force six months after the date of its promulgation; provided, Article 3 of the Addenda shall enter into force on the date of its promulgation. Article 2 (Repeal of other statutes)
Article 3 (Preparation for establishment of Agency)
| (1) | The Financial Services Commission shall establish the preparatory committee for establishment (hereinafter referred to as the "Preparatory Committee") in order to deal with affairs concerning the establishment of the Agency. |
| (2) | The Preparatory Committee shall be comprised of up to seven members including a chairperson; the chairperson and members shall be appointed and dismissed or commissioned by the Chairman of the Financial Services Commission. |
| (3) | The Preparatory Committee shall formulate the articles of incorporation of the Agency before this Act enters into force, and shall obtain authorization from the Chairman of the Financial Services Commission. |
| (4) | Upon receipt of authorization under paragraph (3), the Preparatory Committee shall without delay register the incorporation of the Agency, etc. under joint signature; thereafter, if the chairperson is appointed, transfer duties to the chairperson without delay. |
| (5) | When the transfer of duties under paragraph (4) is completed, the Preparatory Committee shall be dissolved, and the chairperson and members are deemed discharged or released. |
| (6) | Expenses incurred in incorporating the Agency shall be borne by the Agency. |
Article 4 (Transitional measures concerning competent affairs by new establishment of the Agency)
| (1) | The property, rights and obligation of the Dormant Accounts Management Foundation (hereinafter referred to as the "Foundation") under the Establishment, etc. of Microfinance Foundation Act shall be succeeded to by the Agency. In such cases, the value of property which the Agency has succeeded to shall be the book value as at the time of succession. |
| (2) | A welfare business entity (hereinafter referred to as a "welfare business entity") under the Establishment, etc. of Microfinance Foundation Act, as at the time this Act enters into force, shall be deemed the business execution organization pursuant to this Act. |
| (3) | Any conduct by or toward the Federation before this Act enters into force shall be deemed done by or toward the Agency. |
Article 5 (Transitional measures concerning revocation to determine issuance of support fund)
Article 6 (Transitional measures concerning penalty provisions.)
Article 7 (Transitional measures concerning request for payment of dormant deposits)
Where five years has lapsed since a dormant deposit was contributed to the Foundation as at the time this Act enters into force, the former provisions shall apply, notwithstanding Article 45. Article 8 (Transitional measures concerning Credit Counseling and Recovery Service)
| (1) | The Credit Counseling and Recovery Service Association Incorporated under Article 32 of the Civil Act as at the time this Act enters into force shall be deemed the Committee established under Article 56. |
| (2) | The Credit Counseling and Recovery Service Association Incorporated (hereinafter referred to as "Counseling and Recovery Service Association Incorporated") deemed the Committee under paragraph (1) shall formulate the articles of incorporation of the Committee within a month after this Act enters into force, and shall obtain authorization from the Financial Services Commission. |
| (3) | Upon obtaining authorization under paragraph (2), the Credit Counseling and Recovery and Service Association Incorporated shall register the incorporation of the Committee without delay. |
| (4) | Upon completing registration for incorporation under paragraph (3), the Credit Counseling and Recovery and Service Association Incorporated shall be deemed dissolved, notwithstanding the provisions concerning the dissolution and liquidation of the corporation under the Civil Act. |
| (5) | The Committee shall succeed to all the property, rights, and obligations of the Credit Counseling and Recovery and Service Association Incorporated by universal title as of the date of registration of establishment. In such cases, the value of property which the Committee has succeeded to shall be the book value at the time of succession. |
| (6) | The register concerning the property, rights, and obligations succeeded to by a universal title under paragraph (5) and the name of the Credit Counseling and Recovery and Service Association Incorporated indicated in other official books shall be deemed the name of Committee. |
| (7) | Any act done by or toward the Credit Counseling and Recovery and Service Association Incorporated before this Act enters into force shall be deemed done by or toward the Committee. |
| (8) | When the registration for incorporation is completed under paragraph (3), the terms of office of the executive officers of the Credit Counseling and Recovery and Service Association Incorporated shall be deemed terminated. |
Article 9 (Transitional measures concerning employee of federation and credit counseling and recovery service association incorporated)
| (1) | An employee affiliated with Federation as at the time this Act enters into force shall be deemed an employee affiliated with the Agency under this Act. |
| (2) | An employee affiliated with the Credit Counseling and Recovery Service Association Incorporated as at the time this Act enters into force shall be deemed an employee affiliated with the Committee pursuant to this Act. |
Article 10 (Transitional measures concerning composition of guaranty accounts)
| 1. | A person falling under the subparagraphs of Article 47 (2); |
Article 12 (Relationship with other statutes)
| (2) | Where other statutes cite the welfare business entity under the former provisions of the Establishment, etc. of Microfinance Foundation Act as at the time this Act enters into force, the business execution organization under this Act shall be deemed quoted. |