No. 20239
Promulgation Date 2024-02-06
Korea Fair Trade Commission
ALL
CHAPTER I GENERAL PROVISIONS
Article 1 (Purpose)
Article 2 (Definitions)
Article 3 (Exclusion from application)
Article 4 (Relationship with other Acts)
CHAPTER II INSTALLMENT TRANSACTIONS
Article 5 (Provision of information before conclusion of contract)
Article 6 (Principle of executing installment contract in written form)
Article 7 (Actual rate of installment commission)
Article 8 (Withdrawal of offers)
Article 9 (Notification of withdrawal of offer of indirect installment contract)
Article 10 (Effect of withdrawal of offer)
Article 11 (Rescission of installment contract by installment business operator)
Article 12 (Limitation of amount of damages filed by installment business operator)
Article 13 (Acceleration of consumer’s obligation)
Article 14 (Consumer's payment before due date)
Article 15 (Extinctive prescription of claim for installment payments)
Article 16 (Consumer's defense)
Article 17 (Handling procedures regarding withdrawal of offer during period of suspension of business)
CHAPTER III PREPAID INSTALLMENT TRANSACTIONS
Section 1 Registration of Business
Article 18 (Registration of business)
Article 18-2 (Submission and public disclosure of accounting audit reports)
Article 19 (Capital)
Article 20 (Grounds for disqualification)
Article 21 (Ex officio cancellation of registration)
Article 22 (Succession of status)
Article 22-2 (Transfer of prepaid installment contracts)
Section 2 Protection of Consumers' Rights and Interests
Article 23 (Provision of information before conclusion of contracts and issuance of contracts due to conclusion of contracts)
Article 24 (Consumer's withdrawal of offer)
Article 25 (Rescission of prepaid installment contract by consumer)
Article 26 (Rescission of prepaid installment contract by prepaid installment business operator)
Article 27 (Consumer damage indemnification insurance contract, etc.)
Article 27-2 (Obligations of prepaid installment business operators to give notice of advance payment)
Article 27-3 (Enactment of guidelines for consumer protection in prepaid installment transactions)
Article 28 (Establishment of mutual aid association)
Article 29 (Business of mutual aid association)
Article 30 (Articles of association and mutual aid regulations of mutual aid association)
Article 31 (Supervision of mutual aid association)
Article 32 (Business operations for withdrawal of offer during period of temporary closure of business)
Article 33 (Perusal of transaction records)
Article 34 (Prohibited Acts)
Section 3 Investigation and Supervision
Article 35 (Investigation of offenses)
Article 36 (Disclosure of information on illegal Acts)
Article 37 (Reporting and supervision)
Section 4 Corrective Action and Imposition of Penalty Surcharges
Article 38 (Corrective recommendations for offenses)
Article 39 (Corrective action)
Article 39-2 (Cooperation of related agencies)
Article 40 (Suspension of business)
Article 41 (Requests for mediation of dispute arising from consumer damage)
Article 42 (Penalty surcharges)
CHAPTER IV SUPPLEMENTARY PROVISIONS
Article 42-2 (Provisions applicable mutatis mutandis)
Article 43 (Prohibition of contracts detrimental to consumers)
Article 44 (Exclusive jurisdiction)
Article 45 (Registration of trade association)
Article 46 (Entrustment of business affairs)
Article 47 (Application mutatis mutandis of the Monopoly Regulation and Fair Trade Act)
CHAPTER V PENALTY PROVISIONS
Article 48 (Penalty provisions)
Article 49 (Penalty provisions)
Article 50 (Penalty provisions)
Article 51 (Penalty provisions)
Article 52 (Joint penalty provisions)
Article 53 (Administrative fines)
Article 54 (Special cases concerning application of provisions governing administrative fines)
ADDENDA <Act No. 10141, Mar. 17, 2010>
ADDENDA <Act No. 10303, May 17, 2010>
ADDENDA <Act No. 11461, Jun. 1, 2012>
ADDENDA <Act No. 13452, Jul. 24, 2015>
ADDENDUM <Act No. 14144, Mar. 29, 2016>
ADDENDA <Act No. 15022, Oct. 31, 2017>
ADDENDUM <Act No. 15143, Nov. 28, 2017>
ADDENDUM <Act No. 16180, Dec. 31, 2018>
ADDENDA <Act No. 17799, Dec. 29, 2020>
ADDENDA <Act No. 19256, Mar. 21, 2023>
ADDENDA <Act No. 20239, Feb. 6, 2024>