REGIONAL CREDIT GUARANTEE FOUNDATION ACT

CHAPTER I GENERAL PROVISIONS

Article 1(Purpose) #

The purpose of this Act is to facilitate financial accommodation, revitalize the regional economy and contribute to the promotion of welfare of the populace by establishing credit guarantee foundations and the Korea Federation of Credit Guarantee Foundations to enable them to guarantee obligations of small enterprises, micro enterprise, etc., and individuals short of security solvency in the district.

[This Article Wholly Amended on Apr. 14, 2011]

Article 2(Definitions) #

The terms used in this Act are defined as follows: <Amended on Jan. 28, 2015; Mar. 29, 2016; Feb. 4, 2020; Jul. 27, 2021>

1. The term "small enterprise" means an enterprise defined as such in Article 2(2) of the Framework Act on Small and Medium Enterprises;

2. The term "micro enterprise" means an enterprise defined as such in Article 2 of the Framework Act on Micro Enterprises;

3. The term "individual" means a person, other than self-employed persons to whom Article 2 of the Value-Added Tax Act applies, whose credit rating necessary to engage in financial transactions is below a certain level or whose property and income reach a certain standard and whose credit guarantee is required to raise funds for the stabilization of livelihood or living expenses, and is prescribed by Presidential Decree;

4. The term "financial institution, etc.," means any of the following:

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

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

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

d. The Export-Import Bank of Korea under the Export-Import Bank of Korea Act;

e. A truster under the Financial Investment Services and Capital Markets Act;

f. A person who engages in business of financing small and medium enterprises, small enterprises, micro businesses and individuals (hereinafter referred to as "small enterprise, etc.") eligible for support under a plan for fostering local small and medium enterprises and facilitating their innovation under Article 6 of the Act on Fostering of Local Small and Medium Enterprises and Facilitation of Their Innovation, and is prescribed by Presidential Decree, as a small or medium enterprise under Article 2 of the Framework Act on Small and Medium Enterprises, in addition to those under items a through e;

REGIONAL CREDIT GUARANTEE FOUNDATION ACT

Article 1(Purpose) #

Article 2(Definitions) #

Article 3(Incorporation) #

Article 4(Name) #

Article 5(Business area) #

Article 6(Head office and branch offices) #

Article 7(Endowment) #

Article 8 #

Article 9(Establishment) #

Article 10(Articles of association) #

Article 11(Registration) #

Article 12(Executive officers) #

Article 13(Duties of executive officers) #

Article 14(Board of directors) #

Article 15(Appointment and dismissal of executive officers) #

Article 16(Designation of representatives) #

Article 17(Business) #

Article 18(Business manuals) #

Article 19(Limits on guarantees) #

Article 20(Liability for guarantees) #

Article 21(Preferential guarantees) #

Article 22(Operational plans) #

Article 23(Establishment of guarantee relationships) #

Article 24(Performance of guaranteed obligations) #

Article 25(Exercise of rights to demand indemnity) #

Article 25-2(Sale of claims for indemnity) #

Article 25-3(Reduction or exemption of jointly and severally guaranteed debt) #

Article 26(Duty of creditors) #

Article 27(Guarantee fees) #

Article 28(Penalties) #

Article 29(Business year) #

Article 30(Budget and settlement of accounts) #

Article 30-2(Classification of accounting) #

Article 31(Management of surplus funds) #

Article 32(Special contracts for business) #

Article 33(Coverage of loss) #

Article 33-2(Maintenance of financial soundness) #

Article 34(Dissolution) #

Article 35(Establishment) #

Article 35-2(Articles of association) #

Article 35-3(Executive officers) #

Article 35-4(Organization) #

Article 35-5(Re-guarantees) #

Article 35-6(Endowment) #

Article 35-7(Classification of accounting) #

Article 35-8(Responsibility of Government) #

Article 35-9(Provisions applicable mutatis mutandis) #

Article 36(Supervision) #

Article 37(Submission of materials) #

Article 37-2(Request for submission of materials) #

Article 38(Liability for damage) #

Article 39(Relations to other statutes) #

Article 40(Delegation) #

Article 41(Prohibition of use of similar name) #

Article 42(Deemedpublic officials in application of penalty provisions) #

Article 43(Administrative fine) #