KOREA CREDIT GUARANTEE FUND ACT

CHAPTER I GENERAL PROVISIONS

Article 1(Purpose) #

The purpose of this Act is to establish the Korea Credit Guarantee Fund, thereby contributing to the balanced development of the national economy by facilitating corporate financing through the provision of debt guarantees to enterprises with insufficient collateral and the securitization of corporate bonds, etc., while simultaneously establishing a sound credit order through the efficient management and operation of credit information. <Amended on Apr. 1, 2025>

[This Article Wholly Amended on May 19, 2011]

Article 2(Definitions) #

The terms used in this Act are defined as follows: <Amended on May 28, 2013; Dec. 31, 2018; Dec. 29, 2020; Apr. 1, 2025>

1. The term "enterprise" means an individual or juristic person who runs the business, and an organization formed by such individual or juristic persons;

2. The term "credit guarantee" means a guarantee provided by Korea Credit Guarantee Fund (hereinafter referred to as the "Fund") for any of the following obligations borne by enterprises:

a. Monetary obligations borne by an enterprise to financial companies, etc. by receiving a loan of fund or other benefits, etc. from such financial companies, etc.;

b. Monetary obligations under which an enterprise shall comply with a claim for indemnity in compensation for discharging guaranteed obligations by a financial company, etc. if such financial company, etc. guarantees the enterprise's obligations;

c. Debentures raised by an enterprise under Article 119 of the Financial Investment Services and Capital Markets Act;

d. Other monetary obligations prescribed by Presidential Decree, among the obligations of enterprises;

3. The term "financial company, etc." means any of the following institutions:

a. A bank under Article 2(1)2 of the Banking Act;

b. The Korea Development Bank under the Korea Development Bank Act;

c. The Industrial Bank of Korea under the Industrial Bank of Korea Act;

KOREA CREDIT GUARANTEE FUND ACT

Article 1(Purpose) #

Article 2(Definitions) #

Article 3(Guarantee by priority) #

Article 4(Juristic personality) #

Article 5(Head office, branches, sub-branches and agencies) #

Article 6(Acquisition of capital fund) #

Article 7(Articles of incorporation) #

Article 8(Registration) #

Article 9(Prohibition of use of similar names) #

Article 10(Establishment of board of policy) #

Article 11(Composition of board of policy) #

Article 12(Term of office of members) #

Article 13(Operation of board of policy) #

Article 14(Executive officers) #

Article 15(Duties of executive officers) #

Article 15-2(Board of directors) #

Article 16(Appointment of executive officers) #

Article 17(Term of office of executive officers) #

Article 18(Dismissal of executive officers) #

Article 19(Obligation of prohibition of concurrent offices) #

Article 20 #

Article 21(Appointment and dismissal of employees) #

Article 22(Appointment of representative) #

Article 23(Business affairs) #

Article 23-2(Counter-guarantee) #

Article 23-3(Securitization guarantees) #

Article 23-4(Guarantee-aligned investment) #

Article 23-5(Operation of factoring for small and middle-standing enterprises) #

Article 23-6(Securitization trusts of corporate bonds, etc.) #

Article 24(Operations manual) #

Article 25(Ceiling of guarantee) #

Article 26(Business plan) #

Article 27(Duties to conduct investigations) #

Article 28(Establishment of guaranty relation) #

Article 29(Discharge of guaranteed obligations) #

Article 30(Exercise of right to demand indemnity) #

Article 30-2(Sale of indemnity claims) #

Article 30-3(Reduction of and exemption from jointly guaranteed obligations) #

Article 31(Creditors' duties to give notice) #

Article 31-2(Delegation provisions concerning comprehensive management of credit information) #

Article 32(Entrustment of business) #

Article 33(Guarantee fees) #

Article 33-2(Fees) #

Article 34(Penalties) #

Article 35(Damages) #

Article 36(Accounting Principles) #

Article 37(Fiscal year) #

Article 38(Budget) #

Article 39(Settlement of accounts) #

Article 40(Management of capital fund) #

Article 41(Coverage of losses) #

Article 42(Supervision) #

Article 43(Reporting and inspections) #

Article 43-2(Request for provision of data and cooperation) #

Article 44(Liability of compensation) #

Article 45 #

Article 46(Prohibition of guarantee) #

Article 47 #

Article 48 #

Article 48-2(Legal fiction as public officials for purposes of applying penalty provisions) #

Article 49(Penalty provisions) #