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STATUTES

THE REPUBLIC OF KOREA

Volume

ACT ON REGISTRATION OF CREDIT BUSINESS, ETC. AND PROTECTION OF FINANCE USERS

Act No. 6706, Aug. 26, 2002

Amended by Act No. 7428, Mar. 31, 2005

Act No. 7523, May 31, 2005

Act No. 8700, Dec. 21, 2007

Act No. 8852, Feb. 29, 2008

Act No. 8863, Feb. 29, 2008

Act No. 9344, Jan. 21, 2009

Act No. 9418, Feb. 6, 2009

Act No. 9617, Apr. 1, 2009

Act No. 9970, Jan. 25, 2010

Act No. 10580, Apr. 12, 2011

Act No. 11544, Dec. 11, 2012

Act No. 11690, Mar. 23, 2013

Article 1 (Purpose)

The purpose of this Act is to provide for matters necessary for the registration

Article 1

and supervision of credit business and loan brokerage business and regulate illegal debt collection and interest rates of credit businesses and credit financial institutions, thereby ensuring the sound development of credit business as well as protecting users of financial services and contributing to the stable economic environment for the public.

[This Article Wholly Amended by Act No. 9344, Jan. 21, 2009]

Article 2 (Definitions)

The definitions of the terms used in this Act are as follows:

1. The term "credit business" means a business that engages in lending money (including bill discounting, transfer for security or providing money by means of any other similar way; hereinafter referred to as "lending"), or a business that engages in acquiring claims arising from a loan agreement, by transfer and collecting them: Provided, That cases provided for by Presidential Decree, considering the nature of loan, shall be excluded;

(a) Any business that has completed registration for a credit business pursuant to Article 3 (hereinafter referred to as "credit service provider");

(b) Any credit financial institution;

2. The term "loan brokerage" means brokerage business for loans.

Article 2

3. The term "loan brokerage company" means a business that has completed registration for a brokerage business under Article 3;

4. The term "credit financial institution" means a financial institution that engages in credit business with authorization, permission, etc. under any other Act or its subordinate statute.

[This Article Wholly Amended by Act No. 9344, Jan. 21, 2009]

Article 3 (Registration)

(1) A person who intends to engage in credit business or loan brokerage business (hereinafter referred to as "credit business, etc."; excluding credit financial institutions) shall register each of his/her business offices with the competent authority having jurisdiction over the business office, such as a Special City Mayor, a Metropolitan City Mayor, a Special Self-Governing City Mayor, a Do Governor, or a Special Self-Governing Province Governor (hereinafter referred to as the "Mayor/Do Governor"): Provided, That the foregoing shall not apply to a person who engages in loan brokerage business under an entrustment contract made with a credit financial institution (if the person who intends to engage in such loan brokerage business is a corporation, including individuals who solicit persons who intend to borrow a loan under an entrustment contract directly made with such corporation; hereinafter referred to as "loan solicitors") for transactions within the scope of the relevant entrustment contract. <Amended

Article 3

by Act No. 11544, Dec. 11, 2012>

(2) A person who intends to register his/her business under paragraph (1) shall file an application with the competent Mayor/Do Governor, stating the following information therein, along with relevant certificates: <Amended by Act No. 9970, Jan. 25, 2010; Act No. 10580, Apr. 12, 2011; Act No. 11544, Dec. 11, 2012>

1. The applicant's trade name or name and address;

2. The trade name or name, address, and share of each investor (excluding those whose stockholding or equity share does not exceed the standards prescribed by Presidential Decree) and the name and address of each executive officer, if the applicant is a corporation;

3. The name and address of the employee authorized to control all business affairs of the applicant's place of business (hereinafter referred to as "general manager"), if the applicant employs such person;

4. The name and location of a business office (including each business office, if two or more business offices are established);

4-2. Proof of location of the business office (limited to a certificate of registered matters and a copy of the lease agreement, etc.);

5. Specific description

Article 3

and business plan of credit business which the applicant intends to run;

6. Telephone numbers (including the web-site address, if there is any) shown in advertisement under Article 9 (2) or (3).

(3) Unless an applicant falls under any ground for restriction on registration under each subparagraph of Article 4, the Mayor/Do Governor shall, upon receiving an application for registration under paragraph (2), verify the following matters, record the matters provided for by each subparagraph of paragraph (2), the date of registration and the registration number in the register, and then issue a registration certificate to the applicant without delay: <Amended by Act No. 11544, Dec. 11, 2012>

1. If matters entered in an application form are true: If not, before issuing a registration certificate, the Mayor/Do Governor may request the applicant to correct them or provide supporting information, setting a deadline within 30 days, and those days given for correction or providing supporting information are not counted towards the processing period;

2. If the trade name to be used is already registered in the Special City, the relevant Metropolitan City or Do or the Special Self-Governing Province (hereinafter referred to as "City/Do"): If already registered, the Mayor/Do Governor may request an applicant to use any other trade name;

Article 3

3. If an applicant has completed training under Article 3-4 (1): If an applicant is to complete such training after making registration, the Mayor/DoGovernor may, after registration, examine whether the applicant receives the training;

4. If an applicant has placed a general manager in another place of business, where the applicant has established another place of business in addition to his/her principal place of business.

(4) The Mayor/Do Governor shall make the register under paragraph (3) available to the general public: Provided, That matters prescribed by Presidential Decree from among those likely to infringe on an individual's privacy, if disclosed, shall be excluded.

(5) A registration under paragraph (1) shall be effective for three years from the date of registration.

(6) If a credit service provider or loan brokerage company (hereinafter referred to as "credit service provider, etc.") has lost its registration certificate which was issued under paragraph (3) or Article 3-2, it shall report the loss of a registration certificate with the Mayor/Do Governor and apply for the re-issuance thereof.

(7) More specific procedures for the registration under paragraphs (1) and

Article 3

(6) shall be prescribed by Presidential Decree.

Article 3-2 (Renewal of Registration)

(1) Where any credit service provider, etc. intends to keep credit business, etc. running even after the term of validity of its registration, it shall submit an application for renewal to the relevant Mayor/Do Governor by one to three months prior to the expiry.

(2) Unless an applicant falls under any ground for restriction on registration specified in any subparagraph of Article 4, the Mayor/Do Governor shall, upon receiving an application for renewal under paragraph (1), verify matters prescribed by Article 3 (3) 1, 3, and 4, record matters prescribed in each subparagraph of Article 3 (2) and the date of renewal of the registration and the registration number in the register, and then issue the applicant a registration certificate without delay. <Amended by Act No. 11544, Dec. 11, 2012>

(3) Regarding the renewal of a registration under paragraph (1), the Mayor/Do Governor shall notify the relevant credit service provider, etc. of procedures for renewal and the fact that its registration will expire unless it applies for renewal within a given period of time.

(4) Details of procedures for the renewal of registration under paragraph (1) shall be prescribed by Presidential Decree.

[This Article Newly Inserted by Act No. 9344, Jan. 21, 2009]

Article 3-2

Article 3-3 (Surrender of Registration Certificates)

(1) Any credit service provider, etc. that has closed down business under Article 5 (2) or the registration of which has been revoked under Article 13 (2) shall surrender its registration certificate to the relevant Mayor/DoGovernor without delay.

(2) Any credit service provider, etc. that has received an order of suspension of business under Article 13 (1) shall surrender its registration certificate, and the Mayor/DoGovernor shall retain it during the period of suspension of business.

(3) In cases of the loss of a registration certificate, any credit service provider, etc. that is obliged to surrender its registration certificate under paragraph (1) or (2) shall report the loss of its registration certificate pursuant to Article 3 (6).

[This Article Newly Inserted by Act No. 9344, Jan. 21, 2009]

Article 3-4 (Training for Credit Business)

(1) A person who intends to have credit business, etc. registered pursuant to Article 3 (1), a person who intends to apply for the renewal of registration of credit business, etc. pursuant to Article 3-2 (1), or a person who intends to revise the registration of the representative or a general manager pursuant to Article 5 (1) shall complete the training course regarding regulations

Article 3-3 ~ 3-4

on credit business, etc.: Provided, That a person may complete such training course within the period specified by Presidential Decree after the registration of credit business, etc. or the renewal or revision of registration is completed, if the person is unable to attend such training course due to an extenuating circumstance specified by Presidential Decree. <Amended by Act No. 11544, Dec. 11, 2012>

(2) Matters necessary for training institutions, persons subject to training, the details of, method and procedures for training under paragraph (1) shall be prescribed by Presidential Decree.

[This Article Newly Inserted by Act No. 9344, Jan. 21, 2009]

Article 4 (Restriction on Registration)

A person falling under any of the following (an executive officer or general manager, if the applicant is a corporation; or the representative or a general manager, if the applicant is an individual, falls under any of the following) shall not be qualified for the registration of credit business, etc.: Provided, That the foregoing shall apply only where a person falls under any provision of subparagraphs 1 through 6, if the person is a general manager: <Amended by Act No. 9617, Apr. 1, 2009; Act No. 9970, Jan. 25, 2010; Act No. 11544, Dec. 11, 2012>

1. Any minor, incompetent or quasi-incompetent;

2. Any person

Article 4

declared bankrupt and not reinstated yet;

3. Any person in whose case five years have not passed since his/her imprisonment without labor or heavier punishment sentenced by a court was completely executed (including where it is deemed such sentence has been completely executed), or exempted from being executed;

4. Any person who is under the suspension of the execution of imprisonment without labor or heavier punishment;

5. Any person who is under the suspension of sentence of imprisonment without labor or heavier punishment;

6. Any person in whose case two years have not passed since he/she was fined upon conviction of the violation of any provisions of the following statutes:

(a) This Act;

(b) Article 257 (1), 260 (1), 276 (1), 283 (1), 319, 350, or 366 of the Criminal Act (applicable only where collection of claim is involved);

(d) Article 32 (1) or (2) 8 of the Use and Protection of Credit Information Act;

(e) The

Article 4

Fair Debt Collection Practices Act;

6-2. Any person in whose case one year has not passed since he/she permanently closed his/her business pursuant to Article 5 (2) (referring to cases where all registered places of business were permanently closed, if two or more places of business had been established);

7. Any person in whose case five years have not passed since the revocation of registration under Article 13 (2) was disposed of against him/her, or since the closedown of his/her business and substantial grounds for the revocation of registration exist if he/she had not closed his/her business (including an executive officer who is directly responsible for the grounds for revocation or who would have substantially caused the revocation of registration, if the person, whom the revocation of registration was disposed against or who would have substantially caused the revocation of registration, is a corporation);

8. Any person who does not own a permanent place of business prescribed by Presidential Decree for credit business, etc. (referring to cases where, if an applicant is a corporation, such corporation does not own a permanent place of business).

[This Article Wholly Amended by Act No. 9344, Jan. 21, 2009]

Article 5 (Registration of Changes, etc.)

(1) Where an entry under any subparagraph of Article 3 (2) has been changed,

Article 5

a credit service provider etc. shall file for the registration of change with the Mayor/DoGovernor within 15 days after a change in any detail set forth in paragraph (2) of the said Article has occurred: Provided, That this shall not apply for miscellaneous changes prescribed by presidential Decree.

(2) Where any credit service provider closes down its business, it shall report it to the Mayor/Do Governor as prescribed by Presidential Decree.

(3) Upon receipt of a report on permanent closure under paragraph (2), a Mayor/Do Governor shall notify other Mayors/Do Governors thereof without delay through an electronic information processing system or by other means. <Newly Inserted by Act No. 11544, Dec. 11, 2012>

[This Article Wholly Amended by Act No. 9344, Jan. 21, 2009]

Article 5-2 (Trade Names, etc.)

(1) Each credit service provider (including a credit service provider that also engages in loan brokerage business) shall use the word, "loan," in its trade name.

(2) Each loan brokerage company that only engages in loan brokerage business shall use the word, "loan brokerage," in its trade name.

(3) Notwithstanding paragraph (2), among credit service providers, etc. that also engage in business other than credit business, those

Article 5-2

meeting standards prescribed by Presidential Decree, considering the ratio of business profit from credit business out of the total profit from their whole business, may not use the word, "loan" or "loan brokerage," in their trade names.

(4) No credit service provider may allow another person to engage in credit business under its name, or lend its registration certificate for such business.

[This Article Wholly Amended by Act No. 9344, Jan. 21, 2009]

Article 5-3 (General Manager, etc.)

(1) A credit service provider, etc. shall place a general manager at each place of business: Provided, That it is unnecessary to place a general manager, if the applicant is an individual who has only one place of business.

(2) Details about the scope of duty of a general manager shall be prescribed by Presidential Decree.

[This Article Newly Inserted by Act No. 11544, Dec. 11, 2012]

Article 6 (Entering into Loan Agreements, etc.)

(1) Each credit service provider shall, upon entering into a loan agreement with the opposite contractual party, verify the identity of the opposite contractual party and provide the opposite contractual party with loan agreement paper in which the following are stated: <Amended by Act No. 9970, Jan. 25, 2010>▷

Article 5-3 ~ 6

1. Trade or full names and addresses of the credit service provider (including its branch offices) and the opposite contractual party involved;

2. Date of agreement;

3. Amount of loan;

4. Loan interest rates (including the details of the interest rate under Article 8 (2) and the converted rate into the interest rate per annum);

5. Term of and method for repayment;

6. Bank account number in the name of the credit service provider, designated for the repayment of loan, if the method referred to in subparagraph 5 is bank transfer;

7. All expenses incidental to the corresponding transaction;

8. Terms and conditions concerning the amount of damages or forced execution, if any;

9. Details of guarantee agreement, if any;

10. Terms and conditions concerning earlier repayment of obligations;

Article 6

11. Overdue interest rate;

12. Other necessary matters prescribed by Presidential Decree for the protection of the opposite contractual parties.

(2) Each credit service provider shall, upon entering into a loan agreement under paragraph (1), explain all matters set out in each subparagraph of paragraph (1) to the opposite contractual party.

(3) Each credit service provider shall, in cases of entering into a guarantee agreement regarding a loan agreement, provide a guarantor with guarantee agreement paper on which the following matters are stated in writing and a copy of loan agreement paper under paragraph (1):

1. Trade or full names and addresses of the credit service provider (including its branch offices) and the primary debtor;

2. Date of agreement;

3. The term of guarantee;

4. The amount of debt guaranteed;

5. The scope of guarantee;

6. If the guarantor

Article 6

holds joint liability with the primary debtor, the details thereof;

7. Other necessary matters prescribed by Presidential Decree for the protection of guarantors.

(4) Each credit service provider shall, upon entering into a loan agreement under paragraph (1), explain all matters set out in each subparagraph of paragraph (3) to a guarantor.

(5) Each credit service provider shall, upon entering into a loan agreement under paragraph (1) or a guarantee agreement under paragraph (3), retain agreement paper and other documents related to the agreement as prescribed by Presidential Decree for two years from the date of fulfillment of the loan agreement or guarantee agreement (in cases where agreement paper and other documents related to the agreement have been returned to the opposite contractual party or guarantor upon the pay-off of debts, and return of those documents has been requested in writing, referring to the copies thereof and the request letter; the same applies hereafter).

(6) Any person who has entered into a loan agreement or guarantee agreement related to the agreement may request a credit service provider for making agreement paper prescribed by Presidential Decree available for review or for issuing documents related to debts or the guarantee thereof. In such cases, no credit service provider may refuse such request without justifiable ground otherwise.

[This Article Wholly

Article 6

Amended by Act No. 9344, Jan. 21, 2009]

Article 6-2 (Major Matters to be Handwritten)

(1) A credit service provider shall, when entering into a loan agreement with the opposite contractual party, have the opposite contractual party handwrite the following matters:

1. Amount of loan under Article 6 (1) 3;

2. Interest rate under Article 6 (1) 4;

3. Period of payment under Article 6 (1) 5;

4. Other matters that are necessary for the protection of the opposite contractual party and are prescribed by Presidential Decree.

(2) A credit service provider shall, when entering into a guarantee agreement with the opposite contractual party, have the guarantor handwrite the following matters:

1. The term of guarantee under Article 6 (3) 3;

2. The amount of loan guaranteed under Article 6 (3) 4;

3. The scope of guarantee under Article 6 (3) 5;

4. Other matters that are necessary for the protection of the guarantor and are prescribed by Presidential Decree.

(3) Where entering

Article 6-2

into a loan agreement or guarantee agreement and fall under either of the following subparagraphs, a credit service provider shall be deemed to have a debtor or a guarantor handwrite the matters set out in the each subparagraph of paragraph (1) or (2):

1. Where the identification of the opposite contractual party or guarantor has been verified by means of the certified electronic identification under subparagraph 8 of Article 2 of the Digital Signature Act, and the matters set out in each subparagraph of paragraph (1) or (2) has been entered by the opposite contractual party or guarantor on the Internet;

2. Where the identification of the opposite contractual party or guarantor, and intention of the opposite contractual party or guarantor regarding the matters set out in each subparagraph of paragraph (1) or (2) is verified by means prescribed by Presidential Decree, such as voice recording.

[This Article Newly Inserted by Act No. 9344, Jan. 21, 2009]

Article 7 (Prohibition of Excessive Loan)

(1) A credit service provider shall, upon entering into a loan agreement, review the opposite contractual party's income, assets and debts by having the opposite contractual party submit, in advance, evidentiary documents prescribed by Presidential Decree, such as those related to his/her income, assets and debts: Provided, That this shall not apply to cases where the amount

Article 7

of loan falls short of the am prescribed by Presidential Decree.

(2) No credit service provider may enter into a loan agreement exceeding the opposite contractual party's capability for payment, considering his/her income, assets, debts, credit, payment plans, etc.

(3) No credit service provider may use documents under paragraph (1) for purposes other than reviewing the opposite contractual party's income, assets and debts.

[This Article Wholly Amended by Act No. 9344, Jan. 21, 2009]

Article 7-2 (Duty to Confirm Provision of Security)

Where a person who intends to enter into a loan agreement with a credit service provider provides a security which is in a third party's name, the credit service provider shall verify the provision of security with the third party.

[This Article Newly Inserted by Act No. 9970, Jan. 25, 2010]

Article 8 (Restrictions on Interest Rates Offered by Credit Service Providers)

(1) No credit service provider may lend an individual or a small corporation defined by Presidential Decree a loan at an interest rate exceeding the rate prescribed by Presidential Decree within the limit of 50/100 per annum. <Amended by Act No. 9970, Jan.

Article 7-2 ~ 8

25, 2010>

(2) In calculating the interest rate under paragraph (1), any amount that the credit service provider receives in connection with a loan, no matter what the amount is referred to, such as reward, rebate, fee, deduction, overdue interest, or substitute payment, shall be deemed interest: Provided, That the foregoing shall not apply to the expenses prescribed by Presidential Decree as incidental to the execution of the corresponding transaction and repayment. <Amended by Act No. 11544, Dec. 11, 2012>

(3) If a credit service provider enters into a loan agreement in violation of paragraph (1), the provisions of the agreement for the interest exceeding the interest rate specified in paragraph (1) shall be void.

(4) If a debtor paid interest exceeding the interest rate under paragraph (1), the amount overpaid shall be counted as principal and the debtor may request the refund of the interest overpaid, if any balance remains thereafter.

(5) If a credit service provider deducts pre-paid interest in advance, in calculating the interest rate under paragraph (1), the amount a debtor actually receives shall be the principal, excluding the amount deducted.

[This Article Wholly Amended by Act No. 9344, Jan. 21, 2009]

Article 9 (Posting Notices and Advertisement of Terms and Conditions of Loans)

Article 9

(1) A credit service provider shall post the certificate of registration and a notice of its loan interest rate, interest computation methods, means of payment, overdue interest rate, and other important information prescribed by Presidential Decree at each place of business so that the general public can notice them. <Amended by Act No. 9970, Jan. 25, 2010; Act No. 11544, Dec. 11, 2012>

(2) An indication or advertisement placed by a credit service provider concerning its terms and conditions of a loan (referring to the indication or advertisement as defined in the Act on Fair Labeling and Advertising; hereinafter referred to as "advertisement") shall include the following information: <Amended by Act No. 11544, Dec. 11, 2012>

1. Trade name or its representative's name;

2. Registration number of credit business;

3. Loan interest rates (including the rate converted into the interest rate per annum) and overdue interest rates;

4. Details of expenses additional to interests, if any;

5. A statement warning the danger of excessive debts and other necessary matters prescribed by Presidential Decree for protection of opposite contractual parties of credit service providers.

(3) Where a loan

Article 9

brokerage compay places advertisemet o the terms ad conditions of a loan, the following matters shall be included: <Amended by Act No. 11544, Dec. 11, 2012>

1. Trade name or its representative's name;

2. Registration number of loan brokerage business;

3. Loan interest rates if a loan is made via brokerage (including the rate converted into the interest rate per annum);

4. Details of expenses additional to interests, if any;

5. A statement warning the danger of excessive debts and other necessary matters prescribed by Presidential Decree for protection of opposite contractual parties of loan brokerage companies.

(4) Where a credit service provider, etc. places an advertisement under paragraph (2) or (3), he/she shall use words and post notices in the manner prescribed by Presidential Decree, so that the general public can easily acknowledge matters set out in each subparagraph of paragraph (2) or (3).

[This Article Wholly Amended by Act No. 9344, Jan. 21, 2009]

Article 9-2 (Prohibition of Advertisement for Credit Business)

(1) No person, other than credit service providers or credit financial institutions,

Article 9-2

may place an advertisement for credit business.

(2) No person, other than a loan brokerage company or a loan solicitor, shall place an advertisement for loan brokerage business. <Amended by Act No. 11544, Dec. 11, 2012>

[This Article Wholly Amended by Act No. 9344, Jan. 21, 2009]

Article 9-3 (Prohibition of Fraudulent or Exaggerated Advertisement)

(1) No credit service provider, etc. may engage in any of the following acts:

1. Placing advertisement by means of any of the following items, regarding loan interest rates, the opposite contractual parties subject to loan or loan brokerage services, credit service providers to make loan by means of loan brokerage, or other details of loan or loan brokerage services:

(a) Placing false or excessively overstated advertisement;

(b) Hiding or understating facts;

(c) Omitting the subject of, or standards for comparison, or stating, without any objective validity, its own loans or loan brokerage services have more advantage than

Article 9-3

those of other credit service providers;

2. Placing advertisement by means of any of the following items, causing misunderstanding or deception that loans or loan brokerage services could be provided:

(a) Any means that violate this Act or other Acts or subordinate statutes;

(b) Any means that violate property rights of another person;

3. Other acts of advertisement prescribed by Presidential Decree from among the cases necessary for the protection of the opposite contractual parties of credit service providers or for the prevention of illegal transactions;

(2) The Mayor/DoGovernor shall, where he/she has imposed a fine for negligence under Article 21 on a credit service provider which has violated paragraph (1), report such fact to the Fair Trade Commission without delay.

[This Article Newly Inserted by Act No. 9344, Jan. 21, 2009]

Article 9-4 (Prohibition of Acquisition of Claims from Unregistered Credit Service Providers, Collection of such Claims, etc.)

(1) No credit service provider, etc. may acquire claims, arising from loan agreement, by transfer from any person who actually engages

Article 9-4

in credit business without making registration of credit business under Article 3 or renewing registration under Article 3-2 (hereinafter referred to as "unregistered credit service provider"), or collect them.

(2) No credit service provider shall lend a loan to an opposite contractual party to a transaction through loan brokerage arranged by a person who actually engages in loan brokerage business without making registration of loan brokerage business under Article 3 or renewing registration under Article 3-2 (hereinafter referred to as "unregistered loan broker"). <Newly Inserted by Act No. 11544, Dec. 11, 2012>

[This Article Newly Inserted by Act No. 9344, Jan. 21, 2009]

Article 9-5 (Employment Restrictions, etc.)

(1) A credit service provider, etc. shall not employ a person who falls under any of the following subparagraphs:

1. A person who is sentenced to imprisonment without prison labor or more severe punishment under Article 4 of the Punishment of Violences, etc. Act and for whom five years have not lapsed since completion of the execution of the sentence (including cases where the sentence is deemed completed) or since exemption from execution of the sentence;

2. A person who violates any item of subparagraph 6 of Article 4 and falls under any of the following items:

(a) A person

Article 9-5

who is sentenced to imprisonment without prison labor and for whom two years have not lapsed since completion of the execution of the sentence (including cases where execution of the sentence is deemed completed) or since exemption from execution of the sentence;

(b) A person for whom the execution or imposition of sentence of imprisonment without prison labor is suspended and who is currently under suspension;

(2) A credit service provider, etc. shall not delegate the affairs of credit business, etc. to a person who falls under any subparagraph of paragraph (1) or have such person act on behalf of the credit service provider, etc. in the affairs of credit business.

[This Article Newly Inserted by Act No. 9970, Jan. 25, 2010]

Article 10 Deleted. <by Act No. 9418, Feb. 6, 2009>

Article 10-2 (Collection Agencies' Obligation to State their Positions and Full Names)

Any person who engages in collection of claims, arising from loan agreement, shall state his/her position and full name to debtors or their related persons.

Article 10 ~ 10-2

[This Article Newly Inserted by Act No. 9344, Jan. 21, 2009]

Article 11 (Limitation on Interest Rates of Unregistered Credit Service Providers)

(1) Article 2 (1) of the Interest Limitation Act and Articles 8 (2) through (5) of this Act shall apply mutatis mutandis to any unregistered credit service providers.

(2) Deleted. <by Act No. 11544, Dec. 11, 2012>

[This Article Newly Inserted by Act No. 9344, Jan. 21, 2009]

Article 11-2 (Restriction, etc. on Brokerage)

(1) No loan brokerage company may act as a broker for any unregistered credit service provider.

(2) No loan brokerage company or loan solicitor (hereinafter referred to as "loan brokerage company, etc.") or unregistered credit service provider shall collect any charge in connection with loan brokerage (hereinafter referred to as "brokerage commission") in whatsoever name, such as fee, reward, or down payment, from the party who borrows a loan. <Amended by Act No. 11544, Dec. 11, 2012>

(3) The amount of the brokerage commission that a credit service provider shall pay to a loan brokerage company, etc. when a loan is lent to an individual or a small corporation specified by Presidential

Article 11 ~ 11-2

Decree shall not exceed the amount calculated by the rate prescribed by Presidential Decree, which shall not exceed 5/100 of the amount of the relevant loan. <Newly Inserted by Act No. 11544, Dec. 11, 2012>

(4) Paragraph (3) shall apply mutatis mutandis to the maximum amount of a brokerage commission that a credit financial institution shall pay to a loan brokerage company, etc. <Newly Inserted by Act No. 11544, Dec. 11, 2012>

(5) The Financial Services Commission may order a credit financial institution that has paid a brokerage commission in violation of paragraph (4) to rectify such violation. <Newly Inserted by Act No. 11544, Dec. 11, 2012>

(6) No loan brokerage company, etc. shall receive a brokerage commission from a credit service provider or credit financial institution in excess of the amounts specified in paragraphs (3) and (4). <Newly Inserted by Act No. 11544, Dec. 11, 2012>

[This Article Wholly Amended by Act No. 9344, Jan. 21, 2009]

Article 12 (Inspections)

(1) The Mayor/Do Governor may require a credit service provider to make a report on its business and assets related to its business or issue a necessary order to submit information or data or any other necessary order, or assign public official under his/her control to access its business office to make an inspection of its business or assets related to its business.

Article 12

(2) The Mayor/Do Governor may request another Mayor/Do Governor who has administrative jurisdiction over one of a credit service provider's business offices to make an inspection (including a joint inspection) of the business office, if the credit service provider has its business offices in different administrative jurisdictions of two or more Cities or Do s, if it is deemed necessary to protect opposite contractual parties.

(3) The Mayor/Do Governor may request the Governor of the Financial Supervisory Service under the Act on the Establishment, etc. of Financial Services Commission (hereinafter referred to as the "Governor of the Financial Supervisory Service") to make an inspection of a credit service provider as prescribed by Presidential Decree, if it is necessary to make a specialized inspection of the credit service provider.

(4) The Governor of the Financial Supervisory Service shall, in cases prescribed by Presidential Decree from among the cases where a specialized inspection of a credit service provider is required in view of the scale of assets of such credit service provider, inspect the operation of such credit service provider and assets related to its business operation and then notify the Mayor/DoGovernor of the results thereof.

(5) Where deemed necessary for inspection under paragraphs (3) and (4), the Governor of the Financial Supervisory Service may request any credit service provider, etc. to report its business and

Article 12

business assets, to submit information, or to have any related parties present and state their opinions.

(6) Any person who has access to premises to make an inspection under paragraphs (1) through (4) shall carry a certificate showing his/her authority to present it to persons concerned.

(7) The Mayor/Do Governor may issue an order necessary for the supervision of a credit service provider, if necessary, as a result of a review of the report or inspection under paragraphs (1) through (4). In such cases, the Mayor/Do Governor shall make a notice of the details of the order to another Mayor/Do Governor who has administrative jurisdiction over another business office of the credit service provider, if it has another business office in the City/Do.

(8) If the Governor of the Financial Supervisory Service deems it necessary as a result of an inspection conducted under paragraph (4), he/she may request a Mayor/Do Governor to take necessary measures against the credit service provider involved. In such cases, a Mayor/Do Governor shall comply with such request, except in extenuating circumstances, and shall notify the Governor of the Financial Supervisory Service of the results of the measures taken. <Amended by Act No. 11544, Dec. 11, 2012>

(9) Each business office of a credit service provider, etc. shall submit the competent Mayor/Do Governor reports, stating the matters classified pursuant to the following, for each period of time, procedures and means prescribed by Presidential Decree:

Article 12

Provided, That in such cases, the main office shall submit reports on each business office run by the relevant credit service provider, etc.:

1. In cases of a credit service provider:

(a) Amount of loan;

(b) The number of opposite contractual parties for whom loans are made;

(c) Other matters prescribed by Presidential Decree as necessary for comprehension of the status of business of business offices;

2. In cases of a credit brokerage company:

(a) Amount of loan made by brokerage;

(b) The number of opposite contractual parties for whom loan brokerage services are made;

(c) Other matters prescribed by Presidential Decree as necessary for comprehension of the status of business of business offices.

[This Article Wholly Amended by Act No. 9344, Jan. 21, 2009]

Article 13 (Suspension of Business and Revocation of Registration)

Article 13

(1) The Mayor/Do Governor may issue an order to suspend the whole or part of business of a credit service provider according to the standards prescribed by Presidential Decree within a fixed period not exceeding one year, if the credit service provider, etc. falls under any of the following: <Amended by Act No. 9418, Feb. 6, 2009>

1. If it falls under any subparagraph of the attached Table, or if it violates Article 5 (1), Articles 7 through 9, Article 10 (1) or Articles 11 through 13 of the Fair Debt Collection Practices Act;

2. If one of its business offices registered with another Mayor/Do Governor becomes subject to the disposition of the suspension of business.

(2) The Mayor/Do Governor may revoke the registration of a credit service provider, if the credit service provider, etc. falls under any of the following: Provided, That its registration shall be revoked if it falls under subparagraph 1: <Amended by Act No. 9970, Jan. 25, 2010>

1. If the registration under Article 3 or Article 3-2 was made by deceit or any other fraudulent means;

2. If the credit service provider falls under any of subparagraphs 1 through 6 or 8 of Article 4;

3. If no business performance exists for six months continuously;

Article 13

4. If the credit service provider has violated the order of the suspension of business issued under paragraph (1);

5. If the credit service provider, etc. had received an order of the suspension of business under paragraph (1) but failed to remove grounds for the suspension of business within the period of time of the suspension of business, resulting in receiving orders of the suspension of business multiple times greater than the number prescribed by Presidential Decree;

6. If there is no responding notice from the credit service provider, etc., even though 30 days have passed since the Mayor/Do Governor made a public notice to find out the credit service provider's whereabout as prescribed by Presidential Decree because its whereabout cannot be ascertained.

7. If a credit service provider, etc. falls under paragraph (1) 1 and there is high risk of threatening the interest of the opposite contractual parties to the credit service provider, etc.;

8. If any of the credit service provider's business offices registered with another Mayor/Do Governor becomes subject to the disposition of the revocation of registration.

(3) When the Mayor/Do

Article 13

Governor intends to revoke the registration pursuant to paragraph (2), he/she shall hear opinions: Provided, That the foregoing shall not apply to a case under paragraph (2) 6:

1. In cases of paragraph (2) 1, 3, 4, 5, 7 or 8: Holding a hearing;

2. In cases of paragraph (2) 2: Granting opportunities to state opinions.

(4) Notwithstanding paragraph (3), in cases of the following subparagraphs, hearing opinions need not be followed:

1. In cases objectively proven, by a trial, etc., as falling under paragraph (2) 2;

2. Where substantial grounds exist to be deemed that hearing opinions is definitely unnecessary or impracticable;

3. Where a credit service provider, etc. explicitly expresses that hearing opinions is unnecessary.

(5) When a Mayor/Do Governor makes a disposition against a credit service provider, etc., such as the suspension of business operation or the revocation of registration under paragraph (1) or (2), he/she shall notify other Mayors/Do Governors of the disposition without delay through an electronic information processing system or by other means. <Amended by Act No. 11544, Dec. 11, 2012>

Article 13

[This Article Wholly Amended by Act No. 9344, Jan. 21, 2009]

Article 14 (Closing of Transactions Ensuing from the Revocation of Registration, etc.)

Any credit service provider (including a successor, if the credit service provider is a natural person) falling under any of the following subparagraphs, shall be deemed to be a credit service provider within the extent that it closes the transactions pending under the loan agreements already executed by it.

1. Where the effective period of registration under Article 3 (5) has been expired;

2. Where it has reported closedown of business;

3. Where it has been subject to the disposition of revocation of registration under Article 13 (2).

[This Article Wholly Amended by Act No. 9344, Jan. 21, 2009]

Article 15 (Limitation to Interest Rates)

(1) No credit financial institution may charge interests for its loan exceeding the rate set by Presidential Decree, within the extent of 50/100 pur annum. <Amended by Act No. 9970, Jan. 25, 2010>

(2) Article 8 (2)

Article 14 ~ 15

shall apply mutatis mutandisto calculate interest rate under paragraph (1).

(3) No credit financial institution may charge overdue interests for its loan exceeding the rate set by Presidential Decree, considering the expenses for financing the loan, the expenses incurred to manage overdue loan, the amount of overdue loan, overdue period, characteristics of financial business etc.

(4) The Financial Services Commission may order a credit financial institution to correct its practice of charging overdue interests in violation of paragraph (1) or (3).

(5) Where a credit financial institute has charged interest or overdue interest exceeding the standard under paragraph (1) or (3), the provisions of Article 8 (3) through (5) shall apply mutatis mutandisto the validity of agreement on the interest.

[This Article Wholly Amended by Act No. 9344, Jan. 21, 2009]

Article 15-2 (Establishment of Credit Business Policy Council)

(1) The Credit Business Policy Council shall be established under the Financial Services Commission in order to consistently devise and implement policies on credit business, etc. in comprehensive manner, and to efficiently discuss and mediate matters that require agreement among relevant administrative agencies.

(2) The Credit

Article 15-2

Business Policy Council may establish the Administrative Council under itself for the efficient administration of its meetings.

(3) A City/Docouncil shall be established in each City/Doin order to implement affairs regarding credit business, etc. efficiently, and to discuss matters regarding effective prevention and control of illegal activities.

(4) The organization and administration of the Credit Business Policy Council under paragraph (1), the Administrative Council under paragraph (2) and City/DoCouncils under paragraph (3), and other necessary matters shall be prescribed by Presidential Decree.

[This Article Newly Inserted by Act No. 9344, Jan. 21, 2009]

Article 16 (Surveys on Actual Status of Credit Service Providers)

(1) The Mayor/Do Governor shall frequently survey on the current status of credit service providers and submit the results therefrom to the Minister of Security and Public Administration and the Financial Services Commission each year. <Amended by Act No. 11690, Mar. 23, 2013>

(2) The Minister of Security and Public Administration and the Financial Services Commission may request the Mayor/Do Governor, or a head of the relevant administrative organ or public organization to provide information or materials necessary for comprehension of the current status of credit service providers and for research on the related systems. <Amended by Act

Article 16

No. 11690, Mar. 23, 2013>

[This Article Wholly Amended by Act No. 9344, Jan. 21, 2009]

Article 17 (Registration Fees)

(1) Any person, who wants to file for the registration under Article 3, shall pay fees as prescribed by Presidential Decree.

(2) Any credit service provider, who is subjected to the inspection under Article 12 (1) through (4), shall pay inspection fees prescribed by Presidential Decree to the Mayor/DoGovernor or the Governor of the Financial Supervisory Service.

[This Article Wholly Amended by Act No. 9344, Jan. 21, 2009]

Article 18 (Settlement of Disputes)

(1) In order to settle disputes between a credit service provider, etc. and the opposite contractual party, the Committee for Conciliation of Disputes shall be established under the competent Mayor/DoGovernor who has administrative jurisdiction over the relevant credit service provider's business office.

(2) A credit service provider, etc. and the opposite contractual party may request for the conciliation of disputes to the Consumer Protection Committee under Article 60 of the Framework Act on Consumers, where they have failed to settle disputes between them at the Committee for Conciliation of Disputes under paragraph (1).

Article 17 ~ 18

(3) Necessary matters for the conciliation of disputes, such as the organization and administration of the Committee for Conciliation of Disputes under paragraph (1), the procedure and methods for the conciliation of disputes, shall be prescribed by Presidential Decree.

[This Article Wholly Amended by Act No. 9344, Jan. 21, 2009]

Article 18-2 (Credit Business and Credit Brokerage Business Association)

(1) In order to keep the business affairs of credit services providers, etc. in order, to develop credit business soundly and to protect consumers, the Credit Business and Credit Brokerage Business Association (hereinafter referred to as the "Association") shall be established.

(2) The Association shall be established as a legal entity.

(3) The Association shall establish its main office in the Seoul Metropolitan City, but it may establish a branch office in each City/Do.

(4) Establishment of the Association shall take effect upon completing the registration of establishment with the seat of its main office as prescribed by Presidential Decree.

(5) No entity, other than the Association under this Act, may use the title, "Credit Business and Credit Brokerage Business Association,"

Article 18-2

or similar thereto.

[This Article Newly Inserted by Act No. 9344, Jan. 21, 2009]

Article 18-3 (Business Affairs)

The Association shall perform the following business affairs

1. Providing its members with guidelines and suggestions, in order to comply with this Act or other related Acts or subordinate statutes;

2. Providing its members with improvement plans and suggestion, regarding ways of their business in order to protect users of credit business, etc.;

3. Providing advice for appeals made by users of credit business, etc. and processing the result thereof;

4. Other affairs prescribed by Presidential Decree to attain the purposes of the Association.

[This Article Newly Inserted by Act No. 9344, Jan. 21, 2009]

Article 18-4 (Articles of Association)

(1) The articles of association shall be framed at its establishment meeting and be approved by the Financial Services Commission. The same shall apply where it intend to make a change thereto.

(2) The articles

Article 18-3 ~ 18-4

of aociation hall include the following:

1. Objectives, title, and location of the main office;

2. Matters regarding executive members and employees;

3. Matters regarding the appointment of executive members;

4. Matters regarding the rights and obligations of members;

5. Matters regarding business affairs and the implementation thereof;

6. Matters regarding membership fees, budget and accounting;

7. Matters regarding meetings;

8. Other matters regarding administration of the Association.

[This Article Newly Inserted by Act No. 9344, Jan. 21, 2009]

Article 18-5 (Joining the Association)

(1) Any credit service provider, etc. may join the Association: Provided, That a credit service provider subject to inspection, under Article 12 (4), conducted by the Governor of the Financial Supervisory Service shall join the Association immediately upon being subject to such inspection.

(2) Where a credit

Article 18-5

service provider, etc. wishes to join, the Association shall not refuse admission or attach unreasonable conditions thereto.

(3) The Association may collect membership fees form its members, as prescribe by its articles of association.

[This Article Newly Inserted by Act No. 9344, Jan. 21, 2009]

Article 18-6 (Application Mutatis Mutandis of the Civil Act)

Where no provisions regarding the Association exist otherwise in this Act, the provisions on a corporation, in the Civil Act, shall apply mutatis mutandis.

[This Article Newly Inserted by Act No. 9344, Jan. 21, 2009]

Article 18-7 (Entrustment of Affairs)

(1) The affairs of the Mayor/DoGovernor under this Act may partially entrusted, as prescribed by Presidential Decree, to the Association.

(2) The Association shall report the result of processing affairs, which have been entrusted under paragraph (1), to the Mayor/DoGovernor each quarter.

[This Article Newly Inserted by Act No. 9344, Jan. 21, 2009]

Article 18-8 (Request for Assistance)

The Mayor/DoGovernor

Article 18-6 ~ 18-8

may request the relevant agency to verify information, where the verification of fact by the relevant agency is necessary for the regulation and supervision over credit service providers, etc. In such cases, the relevant agency shall verify such fact and notify the Mayor/DoGovernor thereof if no justifiable ground exists otherwise.

[This Article Newly Inserted by Act No. 9344, Jan. 21, 2009]

Article 19 (Penal Provisions)

(1) Any of the following persons shall be punished by imprisonment with labor for no more than five years or by a fine not exceeding 50 million won: <Amended by Act No. 9418, Feb. 6, 2009>

1. Any person who is engaged in credit business without registration or renewal of registration in violation of Article 3 or 3-2;

2. Any person who attains registration or renewal of registration under Article 3 or 3-2 by deceit or any other fraudulent means;

3. Any person who places an advertisement for credit business or credit brokerage business in violation of Article 9-2 (1) or (2);

4. Deleted. <by Act No. 9418, Feb. 6, 2009>

(2) Any of the following persons shall be punished by imprisonment with labor

Article 19

f no me than three years by a fine not exceeding 30 million won: <Amended by Act No. 9418, Feb. 6, 2009; Act No. 11544, Dec. 11, 2012>

1. Any person who allows another person to engage in credit business under his/her name, or lends his/her registration certificate to another person in violation of Article 5-2 (4);

2. Any person who has used documents for the purposes other than they mean to be used, in violation of Article 7 (3);

3. Any person who charges interests exceeding the interest rates under Article 8 or 11 (1);

4. Any person who collects a claim under a loan agreement, which he/she has acquired from an unregistered credit service provider in violation of Article 9-4 (1) or (2), or any person who lends a loan to a party through loan brokerage arranged by an unregistered loan broker;

5. Deleted; <by Act No. 9418, Feb. 6, 2009>.

6. Any person who acts as a broker or receives brokerage commission in violation of Article 11-2 (1) or (2);

7. Any person who pays a brokerage commission in excess of the maximum amount prescribed under Article 11-2 (3);

8. Any person

Article 19

who fails to comply with an order issued for rectification under Article 11-2 (5);

9. Any person who receives a brokerage commission in violation of Article 11-2 (6);

10. Any person who fails to comply with an order issued for rectification under Article 15 (4).

(3) The imprisonment and fine under paragraphs (1) and (2) may be imposed concurrently.

[This Article Wholly Amended by Act No. 9344, Jan. 21, 2009]

Article 20 (Joint Penal Provisions)

If the representative of a corporation, or an agent, an employee, or any other employed person of the corporation or an individual commits a violation prescribed in Article 19 in connection with the business affairs of the said corporation or individual, not only shall such offender be punished accordingly, but the corporation or individual shall also be fined under the same Article: Provided, That this may shall not apply in cases where the corporation or individual has paid reasonable attention and supervision over the relevant business affairs in order to prevent such violation.

[This Article Wholly Amended by Act No. 9344, Jan. 21, 2009]

Article 21 (Fines for Negligence)

(1) Any of the

Article 20 ~ 21

following persons shall be punished by a fine for negligence not exceeding 20 million won: <Amended by Act No. 9418, Feb. 6, 2009; Act No. 9970, Jan. 25, 2010>

1. Any person who fails to file for the registration of change or to report the closedown of business, in violation of Article 5 (1) or (2);

2. Any person who does not use the word, "loan" or "loan brokerage," in his/her trade name, in violation of Article 5-2 (1);

3. Any person who fails to provide agreement paper in violation of Article 6 (1) or (3), or who provides agreement paper on which the whole or part of matters set out in the subparagraphs of paragraph (1) or (3) of the same Article has been omitted or falsely entered;

4. Any person who fails to perform obligation to explain, in violation of Article 6 (2) or (4);

5. Any person who fails to have the opposite contractual party or guarantor handwrite matters set out in each subparagraph of paragraph (1) or (3) of the same Article, in violation of Article 6-2;

6. Any person who fails to attain evidentiary documents regarding income, assets and debts from the opposite contractual parties, in violation of Article 7 (1);

6-2. Any person

Article 21

who fails to verify provision of security with a third party, in violation of Article 7-2;

7. Any person who fails to post major matters, in violation of Article 9 (1);

8. Any person who places an advertisement, in violation of Article 9 (2) or (3);

9. Any person who commits an act falling under any subparagraph of Article 9-3 (1).

10. Any person who employs an employee, delegates the affairs of credit business to an employee, or has an employee act on behalf of the person in the affairs of credit business, in violation of Article 9-5 (1) or (2);

11. Any person who fails to respond properly to, or interferes with, the inspection under Article 12 (1) through (4);

12. Any person who fails to submit a report, submits a false report or submits report on which the whole or part of matters that shall be entered has not been entered.

(2) Any of the following persons shall be punished by a fine for negligence not exceeding five million won: <Amended by Act No. 9418, Feb. 6, 2009; Act No. 11544, Dec. 11, 2012>

1. Any person

Article 21

who fails to report the loss of registration certificate, in violation of Article 3 (6);

2. Any person who fails to surrender the registration certificate, in violation of Article 3-3 (10 or (2);

3. Deleted; <by Act No. 11544, Dec. 11, 2012>

4. Any person who fails to fulfill obligation to retain agreement paper and the documents related to the agreement, in violation of Article 6 (5);

5. Any person who refuses the access to agreement papers or documents related to the agreement or refuses to issue evidentiary documents without justifiable grounds, in violation of Article 6 (6);

6. Any person who fails to fulfill obligation regarding expression and indication on advertisement, in violation of Article 9 (4);

7. Deleted; <by Act No. 9418, Feb. 6, 2009>

8. Any person who fails to state his/her position and full name, in violation of Article 10-2;

9. Any person who refuses to report or submit information under Article 12 (1) or (5), or reports or submits false information;

10. Any person

Article 21

who uses the title, the Credit Busiess ad Credit Brokerage Business Association under Article 18-2 (5) or similar thereto.

(3) The fines for negligence under paragraph (1) or (2) shall be imposed and collected by the Mayor/Do Governor as prescribed by Presidential Decree.

[This Article Wholly Amended by Act No. 9344, Jan. 21, 2009]

ADDENDA

Article 1 (Enforcement Date)

This Act shall enter into force from the date on which two months lapse after the promulgation of this Act.

Article 2 (Effective Period, etc.)

(1) Articles 8 (including the case to which the said Article shall be applicable mutatis mutandisunder Article 11) and 12 shall be effective until December 31, 2008.

(2) Articles 19 (2) 2 and 21 (1) 6 shall apply to a person who receives interests in violation of Article 8 (1), fails to respond properly to, or interferes with, the inspection under Article 12 (1) through (4) during the effective period under paragraph (1), even after the expiry of the effective period under paragraph (1).

Article 3 (Applicability)

Addenda

This Act shall become applicable to the loan agreements executed after this Act enters into force.

Article 4 (Transitional Measures Concerning Registration of Credit Business)

(1) A person, who engages in credit business at the time when this Act enters into force, shall file for the registration of his/her credit business with the Mayor/DoGovernor within three months after this Act enters into force.

(2) Article 19 (1) 1 shall not apply to a person who engages in credit business at the time when this Act enters into force before and until the end of the effective period under paragraph (1).

(3) Article 4 shall not apply to a person who engages in credit business with a business registration at the time when this Act enters into force.

ADDENDA <Act No. 7428, Mar. 31, 2005>

Article 1 (Enforcement Date)

This Act shall enter into force from the date on which one year lapses after the promulgation of this Act.

Articles 2 through 6 Omitted.

ADDENDA <Act No. 7523, May 31, 2005>

Addenda

(1) (Enforcement Date) This Act shall enter into force from the date on which three months lapse after the promulgation of this Act.

(2) (Applicability of Interest Rates) The amended provisions of Article 8 (1) shall apply to the loan agreements executed after this Act enters into force.

(3) (Transitional Measures Concerning Effective Period of Registration of Credit Business) With respect to credit service providers already registered at the time when this Act enters into force, the effective period of the registration shall be counted from the enforcement date of this Act, in applying the amended provisions of Article 3 (5).

ADDENDA <Act No. 8700, Dec. 21, 2007>

(1) (Enforcement Date) This Act shall enter into force from the date on which three months lapse after the promulgation of this Act.

(2) (Applicability on Restriction of Interest Rates) After the enforcement date of this Act, the amended provisions of Article 8 (1) shall apply even to the loan agreements executed before this Act enters into force.

ADDENDA <Act No. 8852, Feb. 29, 2008>

Article 1 (Enforcement Date)

This Act shall enter

Addenda

into force one year after the date of its promulgation.

Articles 2 through 7 Omitted.

ADDENDA <Act No. 8863, Feb. 29, 2008>

Article 1 (Enforcement Date)

This Act shall enter into force on the date of its promulgation.

Articles 2 through 5 Omitted.

ADDENDA <Act No. 9344, Jan. 21, 2009>

Article 1 (Enforcement Date)

This Act shall enter into force from the date on which three months lapse after the promulgation of this Act: Provided, That the amended provisions of Articles 8, 11 (1) and 12 shall enter into force on the date of its promulgation.

Articles 2 (Effective Period)

(1) The amended provisions of Articles 8, 11 (1), and 15 (1) and (2) shall be effective until December 31, 2013.

(2) Articles 15 (4) and 19 (2) 3 and 7 shall apply to those who have charged interest in violation of the amended provisions of Articles 2, 11 (1), and 15 (1) and (2) for the effective period under

Addenda

paragraph (1), even aft the expiration of effective piod under paragraph (1).

Article 3 (Applicability Concerning Documents, such as Agreement Paper)

The amended provisions of Articles 6 (5), 6-2 and 7 (1) shall apply to the first loan agreement or guarantee agreement made after this Act enters into force.

Article 4 (Applicability Concerning Excessive Interest)

The amended provision of Article 8 (4) (including the case to which the said Article shall be applicable mutatis mutandisunder Article 11 (1) and 15 (5)) shall apply to the first case where interest, exceeding the interest rates under the amended provisions of Article 8 (1), 11 (1) or 15 (1), has been charged and accruing for the first time after this Act enters into force.

Article 5 (Applicability Concerning Restriction on Interest Rates, etc.)

The amended provisions of Articles 8 (excluding paragraph (4) of the same Article), 11 (1) (excluding Article 8 (4) which applies mutatis mutandisunder Article 11 (1)) and 15 (excluding Article 8 (4) which applies mutatis mutandisunder Article 15 (5)) shall also apply to interest rates under a loan agreement made before this Act enters into force.

Addenda

Article 6 (Special Provisions on Use of Trade Names of Credit Service Providers, etc.)

At the time this Act enters into force, notwithstanding the amended provisions of Article 5-2 (1) and (2), any person who has registered his/her credit business under the former Article 3 may keep using the former trade name until effective period of the registration expires.

Article 7 (Transitional Measures Concerning Existing Credit Service Providers)

(1) At the time this Act enters into force, any person who has registered his/her credit business under the former Article 3 shall be deemed to have registered his/her credit business, etc. under the amended provisions of Article 3 until effective period of the registration expires. In such cases, any person who is deemed to have registered his/her credit business, etc. under the amended provisions of Article 3 shall attain a new registration certificate of credit business or credit brokerage business under the amended provision of Article 3 within three month after this Act enters into force.

(2) Any person who engages in acquiring claims, arising from loan agreement, by transfer and collecting them shall register his/her business as credit business under the amended provision of Article 3 within three month after this Act enters into force.

Addenda

Article 8 (Transitional Measures Concerning Administrative Dispositions)

Administrative dispositions which have been taken, under the former provisions, against acts conducted before this Act enters into force shall be enforced under the former provisions.; however, against violations related to loan brokerage, administrative dispositions shall be taken just as loan brokerage companies deemed to have registered under Article 7 (1) of these addenda; against other violations, administrative dispositions shall be taken just as credit service providers deemed to have registered under Article 7 (1) of these addenda

Article 9 Omitted.

ADDENDA <Act No. 9418, Feb. 6, 2009>

Article 1 (Enforcement Date)

This Act shall enter into force from the date on which six months lapse after the promulgation of this Act.

Articles 2 through 5 Omitted.

ADDENDA <Act No. 9617, Apr. 1, 2009>

Article 1 (Enforcement Date)

This Act shall enter into force from the date on which six months lapse after

Addenda

the promulgation of this Act.

Articles 2 through 13 Omitted.

ADDENDA <Act No. 9970, Jan. 25, 2010>

Article 1 (Enforcement Date)

This Act shall enter into force from the date on which three months lapse after the promulgation of this Act.

Article 2 (Applicability concerning Documents, such as Agreement Paper)

The amended provisions of Articles 6 (1) and 7-2 shall apply beginning with the first loan agreement executed after this Act enters into force.

Article 3 (Applicability concerning Restrictions on Interest Rates, etc.)

The amended provisions of Articles 8 (1) and 15 (1) shall also apply to interest rates under loan agreements executed before this Act enters into force.

Article 4 (Transitional Measures concerning Credit Service Providers, etc.)

A person who has registered his/her credit business, etc. under the former Article

Addenda

3 at the time this Act enters into force shall be deemed to have registered his/her credit business, etc. under the amended provisions of Article 3 until the expiration date of such registration.

Article 5 (Transitional Measures concerning Disqualification of Persons Engaged in Credit Business)

Where a person engaged in credit business, etc. at the time this Act enters into force falls under any of the grounds for disqualification under the amended provisions of Article 9-5 due to a cause accrued before this Act enters into force, the former provisions shall apply notwithstanding the amended provisions of the same Article.

Article 6 (Transitional Measures concerning Administrative Dispositions)

Administrative dispositions concerning acts done before this Act enters into force shall be governed by the former provisions.

ADDENDA <Act No. 10580, Apr. 12, 2011>

Article 1 (Enforcement Date)

This Act shall enter into force six months after the date of its promulgation. (Proviso Omitted.)

Articles 2 through 5 Omitted.

Addenda

ADDENDA <Act No. 11544, Dec. 11, 2012>

Article 1 (Enforcement Date)

This Act shall enter into force six months after the date of its promulgation.

Article 2 (Applicability to Restriction on Registration of Persons who Closed Business)

The amended provisions of subparagraph 6-2 of Article 4 shall apply to business closure for which an application is filed after this Act enters into force.

Article 3 (Applicability to General Managers, etc.)

The amended provisions of Article 5-3 shall apply to a person who engages in credit business, etc. from the time when the relevant registration is renewed pursuant to Article 3-2.

Article 4 (Applicability to Brokerage Commission)

The amended provisions of Article 11-2 shall apply to loan brokerage conducted after this Act enters into force.

Article 5 (Transitional Measures concerning Restriction on Registration)

Notwithstanding the amended provisions of Article 4, previous provisions shall

Addenda

apply where an executive officer, representative, or general manager in service at the time this Act enters into force shall be disqualified under the amended provisions of the aforesaid Article due to a cause that arose before this Act enters into force.

Article 6 (Transitional Measures concerning Administrative Dispositions)

An administrative disposition that shall be made against an act conducted before this Act enters into force shall be governed by previous provisions.

Article 7 (Transitional Measures concerning Penal Provisions and Fines for Negligence)

An act conducted before this Act enters into force shall be governed by previous provisions in applying penal provisions to such act or imposing a fine for negligence therefor.

ADDENDA <Act No. 11690, Mar. 23, 2013>

Article 1 (Enforcement Date)

(1) This Act shall enter into force on the date of its promulgation.

(2) Omitted.

Articles 2 through 7 Omitted.

Addenda

ACT ON REGISTRATION OF CREDIT BUSINESS, ETC. AND PROTECTION OF FINANCE USERS
- Articles
- Addenda

1. 대부업 등의 등록 및 금융이용자 보호에 관한 법률

2025-10-01 / 제21065호 / 시행 2026-01-02
ACT ON REGISTRATION OF CREDIT BUSINESS AND PROTECTION OF FINANCE USERS

2. 대부업 등의 등록 및 금융이용자 보호에 관한 법률

2025-01-21 / 제20714호 / 시행 2025-07-22
ACT ON REGISTRATION OF CREDIT BUSINESS AND PROTECTION OF FINANCE USERS

3. 대부업 등의 등록 및 금융이용자 보호에 관한 법률

2023-09-14 / 제19700호 / 시행 2023-09-14
ACT ON REGISTRATION OF CREDIT BUSINESS AND PROTECTION OF FINANCE USERS

4. 대부업 등의 등록 및 금융이용자 보호에 관한 법률

2022-01-04 / 제18713호 / 시행 2022-07-05
ACT ON REGISTRATION OF CREDIT BUSINESS AND PROTECTION OF FINANCE USERS

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2020-12-29 / 제17799호 / 시행 2021-12-30
ACT ON REGISTRATION OF CREDIT BUSINESS AND PROTECTION OF FINANCE USERS

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2020-03-24 / 제17112호 / 시행 2021-03-25
ACT ON REGISTRATION OF CREDIT BUSINESS AND PROTECTION OF FINANCE USERS

7. 대부업 등의 등록 및 금융이용자 보호에 관한 법률

2020-02-04 / 제16957호 / 시행 2020-08-05
ACT ON REGISTRATION OF CREDIT BUSINESS AND PROTECTION OF FINANCE USERS

8. 대부업 등의 등록 및 금융이용자 보호에 관한 법률

2018-12-24 / 제16089호 / 시행 2018-12-24
ACT ON REGISTRATION OF CREDIT BUSINESS AND PROTECTION OF FINANCE USERS

9. 대부업 등의 등록 및 금융이용자 보호에 관한 법률

2017-07-26 / 제14839호 / 시행 2017-07-26
ACT ON REGISTRATION OF CREDIT BUSINESS AND PROTECTION OF FINANCE USERS

10. 대부업 등의 등록 및 금융이용자 보호에 관한 법률

2017-04-18 / 제14820호 / 시행 2017-10-19
ACT ON REGISTRATION OF CREDIT BUSINESS AND PROTECTION OF FINANCE USERS

11. 대부업 등의 등록 및 금융이용자 보호에 관한 법률

2016-03-03 / 제14072호 / 시행 2016-03-03
ACT ON REGISTRATION OF CREDIT BUSINESS AND PROTECTION OF FINANCE USERS

12. 대부업 등의 등록 및 금융이용자 보호에 관한 법률

2015-07-24 / 제13445호 / 시행 2016-07-25
ACT ON REGISTRATION OF CREDIT BUSINESS AND PROTECTION OF FINANCE USERS

13. 대부업 등의 등록 및 금융이용자 보호에 관한 법률

2015-03-11 / 제13216호 / 시행 2015-09-12
ACT ON REGISTRATION OF CREDIT BUSINESS AND PROTECTION OF FINANCE USERS

14. 대부업 등의 등록 및 금융이용자 보호에 관한 법률

2014-11-19 / 제12844호 / 시행 2014-11-19
ACT ON REGISTRATION OF CREDIT BUSINESS AND PROTECTION OF FINANCE USERS

15. 대부업 등의 등록 및 금융이용자 보호에 관한 법률

2014-03-18 / 제12493호 / 시행 2014-09-19
ACT ON REGISTRATION OF CREDIT BUSINESS AND PROTECTION OF FINANCE USERS

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2013-03-23 / 제11690호 / 시행 2013-03-23
ACT ON REGISTRATION OF CREDIT BUSINESS AND PROTECTION OF FINANCE USERS

17. 대부업 등의 등록 및 금융이용자 보호에 관한 법률

2011-04-12 / 제10580호 / 시행 2011-10-13
ACT ON REGISTRATION OF CREDIT BUSINESS AND PROTECTION OF FINANCE USERS

18. 대부업 등의 등록 및 금융이용자 보호에 관한 법률

2010-01-25 / 제9970호 / 시행 2010-04-26
ACT ON REGISTRATION OF CREDIT BUSINESS AND PROTECTION OF FINANCE USERS

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ACT ON REGISTRATION OF CREDIT BUSINESS AND PROTECTION OF FINANCE USERS

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2009-02-06 / 제9418호 / 시행 2009-08-07
ACT ON REGISTRATION OF CREDIT BUSINESS AND PROTECTION OF FINANCE USERS

21. 대부업 등의 등록 및 금융이용자 보호에 관한 법률

2009-01-21 / 제9344호 / 시행 2009-04-22
ACT ON REGISTRATION OF CREDIT BUSINESS AND PROTECTION OF FINANCE USERS

22. 대부업 등의 등록 및 금융이용자 보호에 관한 법률

2008-02-29 / 제8863호 / 시행 2008-03-22
ACT ON REGISTRATION OF CREDIT BUSINESS AND PROTECTION OF FINANCE USERS

23. 대부업 등의 등록 및 금융이용자 보호에 관한 법률

2008-02-29 / 제8852호 / 시행 2008-03-22
ACT ON REGISTRATION OF CREDIT BUSINESS AND PROTECTION OF FINANCE USERS

24. 대부업 등의 등록 및 금융이용자 보호에 관한 법률

2007-12-21 / 제8700호 / 시행 2008-03-22
ACT ON REGISTRATION OF CREDIT BUSINESS AND PROTECTION OF FINANCE USERS

25. 대부업 등의 등록 및 금융이용자 보호에 관한 법률

2005-05-31 / 제7523호 / 시행 2005-09-01
ACT ON REGISTRATION OF CREDIT BUSINESS AND PROTECTION OF FINANCE USERS

26. 대부업 등의 등록 및 금융이용자 보호에 관한 법률

2005-03-31 / 제7428호 / 시행 2006-04-01
ACT ON REGISTRATION OF CREDIT BUSINESS AND PROTECTION OF FINANCE USERS

27. 대부업 등의 등록 및 금융이용자 보호에 관한 법률

2002-08-26 / 제6706호 / 시행 2002-10-27
ACT ON REGISTRATION OF CREDIT BUSINESS AND PROTECTION OF FINANCE USERS