STATE CREDIT MANAGEMENT ACT

CHAPTER I GENERAL PROVISIONS

Article 1(Purpose) #

The purpose of this Act is to ensure the proper management of claims held by the State by prescribing standards for managing agencies, management procedures, modification of the content of claims, release of claims, and other relevant matters.

[This Article Wholly Amended on Apr. 8, 2011]

Article 2(Definitions) #

The terms used in this Act are defined as follows:

1. The term "claims" means the right of the State to receive monetary payments;

2. The term "head of a central government agency" means the Speaker of the National Assembly, the Chief Justice of the Supreme Court, the President of the Constitutional Court, or any other head of a central government agency established by the Constitution of the Republic of Korea, the Government Organization Act, or other statutes;

3. The term "claims management affairs" means business affairs related to the preservation and exercise of claims, modification of the content of claims, or extinction of claims held by the State as a creditor, excluding those falling under the following items:

a. Business affairs that fall under the jurisdiction of the Minister of Justice in accordance with the Act on Litigation to which the State is a Party;

b. Business affairs performed by a person who executes a disposition on delinquency under statutes or regulations;

c. Business affairs related to the receipt of repayment;

d. Business affairs related to the custody of movable properties under the Commodity Management Act.

4. The term "claims management officer" means a person who is in charge of the management of claims as prescribed in Article 6(1) through (3).

[This Article Wholly Amended on Apr. 8, 2011]

STATE CREDIT MANAGEMENT ACT

Article 1(Purpose) #

Article 2(Definitions) #

Article 3(Claims to which this Act does not apply) #

Article 4(Relationship to other statues) #

Article 5(General supervision and control of claims management affairs) #

Article 5-2(General claims management officer) #

Article 6(Delegation of claims management affairs) #

Article 7 #

Article 8(Consultation on delegation of duties) #

Article 9(Handing over claims management affairs) #

Article 10(Separation of claim management agencies and collection agencies) #

Article 11(Standard for management) #

Article 11-2(Notice of claims incurred) #

Article 12(Keeping and recording of books) #

Article 13(Payment notices) #

Article 14(Demand) #

Article 14-2(Entrustment of overdue debt collection duties) #

Article 14-3(Supervision over entrusted agencies) #

Article 15(Requests for compulsory performance) #

Article 16(Collection prior to payment deadline) #

Article 17(Report of claims) #

Article 18(Demand for provision of collateral) #

Article 19(Preservation of collateral or evidentiary objects) #

Article 20(Provisional attachment or provisional disposition) #

Article 21(Exercise of subrogation right of creditor) #

Article 22(Revocation of fraudulent acts) #

Article 23(Interruption of prescription) #

Article 24(Suspension of management) #

Article 25(Notification of extinction of claims) #

Article 25-2(Provision of data on delinquency or suspension of management) #

Article 26(Decision on payment deadline) #

Article 27(Deferment agreement) #

Article 28(Period of deferred performance) #

Article 29(Measures concerning deferment agreement) #

Article 30(Settlement in lieu of deferment agreement) #

Article 31(Release) #

Article 32(Special provisions concerning overdue charges) #

Article 33(Terms and conditions of contract on claims) #

Article 34 #

Article 35 #

Article 36(Reporting on current amount of claims) #

Article 37(Comprehensive statement of current amount of claims) #

Article 38(Payment of monetary awards) #

Article 39 #