Article 1(Purpose) #
The purpose of this Enforcement Rule is to prescribe matters delegated by the Installment Transactions Act and matters necessary for the enforcement thereof
Article 2(Display Measure of Installment Contract) #
Installment business operator shall display the contents of installment contract in accordance with Article 5 of Installment Transactions Act 」(hereinafter referred to as the "Act") according to the each measure of following.
1. Display at office or paper print. Where display at office, it shall be in noticeable place for Consumer described in the Article 2(5)of the Act (hereinafter referred to as the "Consumer"), and where provide with print, it shall be printed bigger than font size 9.
2. An actual annual rate of installment commission, under the Article 7 of the Act and Article 5 of the Enforcement Decree of Installment Transactions Act (hereinafter referred to as "the Enforcement Decree") shall be displayed to one decimal point.
Article 3(Creation of a Contract) #
① Contract of installment contract under the Article 6(1) of the Act shall be created by the following method.
1. Font size shall be bigger than 9.
2. Stated matters in Article 6(1) 9 through 13 shall be clearly displayed by using other colors or bold font.
3. A contract form to perform a right of withdrawal and defence for consumer shall be included.
② where Trust provider under Act 2(6) (hereinafter referred to as the "Trust Provider") was not confirmed at the time of making contract, installment business operator shall complete the contract form of installment type(Company installment, Bank installment or Insurance installment), and if confirmed, inform the name and address to consumer in writing without delay
Article 4(Attached Document of Registration Application for Prepaid Installment Business ) #
① In accordance with the Article 18(1)of the Act and the Article 12(1) of the Enforcement Decree, a prepaid installment business operator who intends to file for registration shall submit the Registration Application of Prepaid Installment Business of the Attached Form No.1 to a Special Metropolitan City Mayor, Metropolitan City Mayor, Do Governor, or Governor of a Special Self-Governing Province (hereinafter referred to as "Mayor/Do Governor)
② When received an Application of Prepaid Installment Business under paragraph (1), a Mayor/Do Governor shall issue the Registration Certificate of Prepaid Installment Business of the Attached Form No. 2 under Article 12(3) of the Enforcement Decree.
③ "Document prescribed by the prime minister decree" in the Article 18(1) 4 of the Act means the document printed of business day of company.
④ When received an application of prepaid installment business under paragraph (1), a Mayor/Do Governor shall verify the facts recorded in the corporate register by using joint use of administrative information under Article 36 (1) of the “Electronic Government Act”. Provided, when the case of Article 2 and 3 of the Act, the applicant does not consent, documents as following each subparagraph shall be attached.
1. A certified copy of Corporate Certificate of Registration
2. A certified copy of Promotor's Resident Registration Card (Relevant only where corporative applicant apply prior to registration of incorporation.)
3. A copy of Business License. Provided, if the applicant does not register the business license yet, he/she shall give immediate notice or submit it to relevant government staff to confirm it after register.
Article 5(Registration of Change for Prepaid Installment Business) #
The prepaid installment business operator who intends to file for registration of a change in accordance of Article 8(3)of the Act and Article12(4) of the Enforcement Decree shall submit the Registration Change Report Form of Prepaid Installment Business of the Attached Form No.3, to the Mayor · Governor of Province, with attachment of proof of a change and prepaid installment business registration certificate (submit only certificate stated item changes).
Article 6(Report on Suspension, Closure, and Reopen of Prepaid Installment Business) #
A prepaid installment business operator who intends to report the suspend, closure or reopen of business in accordance with the Article 18(4) of the Act and the Article 12(5) of the Enforcement Decree shall submit the Report Form of Prepaid Installment Business Suspension, etc. according to the Attached Form No.4 to Mayor/Do Governor
Article 7(Disclosure of Information of Prepaid Installment Business Operators) #
"Cases prescribed by Prime minister decree" in Article 18(5) 1 of the Act means, any of the following:
1. Registration number and the date of prepaid installment business operator
2. Sales goods or services (hereinafter referred to as "goods, etc.") which provided by a prepaid installment business operator.
3. Asset· debt and a statement of advance payment in accordance with the Article 27(1) of the Act (hereinafter referred to as "advance payment") of a prepaid installment business operator.
Article 8(Report on Succession of Status of Prepaid Installment Business Operator) #
A prepaid installment business operator who intends to report on succession of the status under Article 22 (2) of the Act and the Article 14(1) of the Enforcement Decree shall submit the Report on Succession of Status of Prepaid Installment Business of the Attached Form No.5 to the Mayor/Do Governor.
Article 9(Form for Excercise of Subscription Withdrawal · Contract Cancellation) #
"Cases determined by the Prime minister" in Article 23(1) 6 refers to the Attached Form No.6
Article 10(Calculation Standard of Cancellation Charge and Refund) #
Fair Trade Commission shall consider the subparagraph items following where set the standard calculation of cancellation charge and refund payment in accordance of the Article 25(5) of the Act.
1. Guarantee of consumer contract cancellation right in accordance of the Article 25(1) of the Act.
2. Expense where prepaid installment business operator conclude the contract and manage the sales of business.
Article 11(Preserved Advance payment and deposit payment , etc.) #
① Specific procedure and the method of deposit the advance payment preservation money in accordance of the Article 27(5) of the Act is the same as below.
1. Where prepaid installment business operator intends to conclude the deposit contract in accordance with the Article 27(1)3 of the Act (herein after referred as the“deposit contract"), he/she shall conclude the contract of advance payment preservation money deposit with the relevant institution (herein after referred as the“deposit institution") to the each subparagraph of the Article 16(2).
2. Where a prepaid installment business operator conclude the deposit contract as prescribed paragraph (1), he/she shall deposit the advance payment preservation money relevant to the Article 16(3) to the deposit institution.
3. Contents of deposit contract according to the paragraph (1) shall include the matter that prepaid installment business operator shall open an account only for deposit of advance payment preservation payment at deposit institution and deposit institution shall manage to separate from other finance asset of the relevant advance payment preservation money.
② Specific procedure and method of the deposit payment, etc in accordance of the Article 27(5) of the Act shall be the same as belows.
1. Where a consumer request the deposit payment to deposit institution in accordance with the Article 27(4) of the Act and the Article 16(1)2 of the Enforcement Decree, he/she shall submit the Deposit Pay Request form of the Attached Form No. 7 with proof document related to the each subparagraph of the Article 27(4) of the Act or the confirmation letter of prepaid installment business operator to the deposit institution.
2. Prepaid installment business operator may request the deposit refund to deposit institution where the relevant reason to any of the following items.
A. Where all the legal relations of prepaid installment contract and the consumer thereof, such as supply completion of goods in accordance of prepaid installment contract, etc. are concluded.
B. Where the relevant contract on any of the Article 27(1) 1,2, and 4 of the Act as a substitute for deposit contract was conclude .
3. Where a prepaid installment business operator intends to the refund of deposit according to paragraph (2), he/she shall submit the Deposit Refund Request Form of the Attached Form no.8 with relevant document of any of the following items to deposit institution.
A. Proof document of closure of all the legal relations between related consumer and prepaid installment contract or the confirmation letter of the related consumer.
B. Proof document of conclusion of the contract relevant any of the Article 27(1) 1,2 and 4 of the Act.
4. Deposit institution may perform necessary procedure for deposit request, payment and refund, etc. of advance payment preservation money by using information and communications network under the Article 2(1) 1 of the "Act On Promotion of Information and Communications Network Utilization and Information Protection, Etc.". In such case, deposit institution may use the certificate in accordance with the Article 2(8) of the "Digital signature Act" in order to verify the identification of prepaid installment business operator and consumer.
5. Deposit institution shall keep document, etc. submitted by a consumer or prepaid installment business operator according to paragraph 1 and 3 since the day of deposit paid or refunded for 5 years.
6. Other necessary matters for deposit, payment and refund of advance payment shall determined and notified by Fair Trade Commission.
Article 12(Certificate Procedure of Consumer Damage Compensation ) #
① A prepaid installment business operator who concludes the consumer damage compensation insurance contract under the Section 27(1) of the Act, shall issue the Certificate of Consumer Damage Compensation of the Attached Form no. 9 prescribed the obligator of the payment of consumer damage compensation and contract period, under the Section 27(6). Where a prepaid installment business operator conclude the prepaid installment contract with consumer, he/she shall notify the fact and contents thereof to the payment obligator in accordance with the Section 27(4) of the Act.
② With reception of notice of paragraph 1, payment obligator shall issue the Certificate of Consumer Damage Compensation of the Attached Form no.10 that stated the name of prepaid installment unavoidable case prescribed in other laws, different certificate form of consumer damage compensation in the Attached Form no.10, may be issued.
③ Other issue procedure and contents, etc. on the certificate of consumer damage compensation out of the paragraph 1 and 2 shall be determined and announced by Fair Trade Commission.
Article 13(Registration of Trade Association) #
A trade association seeking to file for registration under Section 45 (1) of the Act and the Section 32 of the Enforcement Decree shall submit the Registration of Trade Association in the Attachment Form no.11 to the Fair Trade Commission.