Article 1(Purpose) #
The purpose of this Decree is to provide for matters delegated by the Establishment, etc. of Microfinance Foundation Act and matters necessary for the enforcement thereof.
Article 2(Financial Institutions) #
The term "as prescribed by Presidential Decree" in subparagraph 1 (l) of Article 2 of the Establishment, etc. of Microfinance Foundation Act (hereinafter referred to as the "Act") means forestry cooperatives and the National Forestry Cooperatives Federation under the Forestry Cooperatives Act.
Article 3(Welfare Services, etc. for Low-Income People) #
The term "as prescribed by Presidential Decree" in subparagraph 5 (d) of Article 2 of the Act means the following services:
1. A credit loan service to support educational expenses of low-income people;
2. A credit loan service to support medical expenses of low-income people;
3. Any other service for stabilizing the livelihoods of the less privileged and promoting their welfare as prescribed by the articles of incorporation of the Microfinance Foundation (hereinafter referred to as the "Foundation").
Article 4(Qualifications for Welfare Service Providers) #
The term "person who meets qualifications as prescribed by Presidential Decree" in subparagraph 6 of Article 2 of the Act means a person who meets the standards set by the Foundation in consideration of financial capability, credibility, and ability to perform business necessary for providing welfare services for low-income people, etc., referring to a corporation or organization falling under any of the following subparagraphs:
1. A financial institution under subparagraph 1 of Article 2 of the Act;
2. A public service corporation under the Act on the Establishment and Operation of Public-Service Corporations;
3. A corporation established under the Civil Act or the Commercial Act, which encompasses welfare services, etc. for low-income people in the purpose of business in its articles of incorporation;
4. Any other corporation or organization corresponding to subparagraphs 1 through 3.
Article 5(Submission of Business Plans, etc.) #
(1) The Foundation shall submit a business plan and budgetary bill for each business year to the Financial Services Commission by December 31 of each year and obtain approval therefor pursuant to Article 20 of the Act. <Amended by Act No. 20653, Feb. 29, 2008>
(2) When the Foundation submits a balance sheet for each business year under Article 20 of the Act, it shall submit such balance sheet with the following documents attached thereto by the end of February of the following business year: <Amended by Act No. 20653, Feb. 29, 2008>
1. Tables comparing the business plan and its compliance status of the business year concerned;
2. The balance sheet and income statement of the business year concerned;
3. Written opinions of a certified public account or accounting firm designated by the Financial Services Commission and opinions of the auditor of the Foundation;
4. Other documents necessary to make clear details of the settlement of accounts.
Article 6(Extent of Data Submitted by Financial Institutions) #
The term "any other data prescribed by Presidential Decree" in Article 21 (2) of the Act means names and contact numbers of the financial institutions, account numbers of the dormant deposits or insurance policy numbers, dates of completion of extinctive prescription, and any other data determined by the Financial Services Commission. <Amended by Act No. 20653, Feb. 29, 2008>
Article 7(Application for Subsidies by Welfare Service Providers) #
When a welfare service provider applies for subsidies under Article 24 of the Act, he/she shall submit the following documents:
1. Operating conditions of the welfare service provider concerned and status of asset holdings;
2. Projects requiring support and funding plans;
3. Any other document necessary for the Foundation to decide whether to render assistance and the amount of subsidies.
Article 8(Preparation and Submission of Business Performance Reports by Welfare Service Providers) #
(1) Each welfare service provider shall prepare and submit to the Foundation a performance report in a method prescribed in paragraph (2) within 30 days from the time he/she has completed his/her business or the fiscal year comes to an end.
(2) The Foundation shall determine methods for preparing a performance report and notify the welfare service provider thereof 30 days before the deadline for submission.
Article 9(Supervision, etc. of Subsidies) #
(1) The president of the Foundation may confirm whether subsidies delivered to a welfare service provider are being used for business set forth in subparagraph 2 of Article 7 and whether the welfare service provider has received the subsidies by fraudulent application through data, statement, etc. of the welfare service provider.
(2) Other matters necessary for the supervision, return, etc. of subsidies shall be determined by the Foundation.
Article 10(Access to Data by Original Right Holders of Dormant Deposits) #
Pursuant to Article 27 of the Act, the Foundation shall allow the original right holder of a dormant deposit to access to data under Article 21 (2) of the Act by means of the information and communications network under Article 2 (1) 1 of the Act on Promotion of Information and Communications Network Utilization and Information Protection, etc. through the Foundation or a financial institution, or a corporation, agency or organization falling under any of the following subparagraphs: <Amended by Act No. 20653, Feb. 29, 2008; Presidential Decree No. 26851, Dec. 31, 2015>
1. The Korea Federation of Banks established under Article 32 of the Civil Act with the permission of the Financial Services Commission;
2. An association composed of life insurance companies from among insurance associations established under Article 175 of the Insurance Business Act;
3. An association composed of non-life insurance companies from among insurance associations established under Article 175 of the Insurance Business Act;
4. The Korea Federation of Savings Banks under the Mutual Savings Banks Act;
5. The Ministry of the Interior (limited to cases where the original right holder of a dormant deposit accesses data using living information perusal services provided under Article 9-2 of the Electronic Government Act);
6. Any other person designated and announced by the Financial Services Commission from among corporations, agencies, or organizations related to financial business.
Article 11(Notification to Original Right Holders of Dormant Deposits) #
(1) The term "amount prescribed by Presidential Decree" in the former part of Article 28 of the Act means 300,000 won.
(2) Where a financial institution notifies the original right holder of a dormant deposit of contribution as prescribed in Article 28 of the Act, it shall do so in writing in the form of mail, fax or the information and communications network to the most recent address that he/she has reported: Provided, That where the notification is returned or the financial institution is unable to confirm the address of the original right holder, it shall publicly announce such contribution for at least seven days on the website of the financial institution concerned, or a corporation, agency or organization falling under any of the subparagraphs of Article 10.
Article 11-2(Handling of Personally Identifiable Information) #
(1) To conduct the following affairs, the Foundation may, in unavoidable circumstances, handle materials containing any resident registration number, passport number, or alien registration number (hereinafter referred to as "resident registration number, etc." in this Article) under subparagraph 1, 2, or 4 of Article 19 of the Enforcement Decree of the Personal Information Protection Act: <Amended by Presidential Decree No. 25532, Aug. 6, 2014>
1. Affairs concerning business activities under the subparagraphs of Article 7 of the Act;
2. Affairs concerning the operation of financial resources prescribed in Article 22 of the Act;
3. Affairs concerning the protection of original right holders of dormant deposits prescribed in Articles 27 through 29 of the Act.
(2) To conduct affairs concerning the access to data to original right holders of dormant deposits under Article 27 of the Act, a person falling under any subparagraph of Article 10 may, in unavoidable circumstances, handle materials containing resident registration numbers, etc.
(3) To conduct affairs concerning welfare services, etc. for low-income people, welfare service providers may, in unavoidable circumstances, handle materials containing resident registration numbers, etc. <Newly Inserted by Presidential Decree No. 25532, Aug. 6, 2014>
(4) To conduct affairs concerning checking disqualifications under Article 12 of the Act, a person having authority to recommend, appoint, recommend, and appoint and dismiss under Article 10 or 17 of the Act may, in unavoidable circumstances, handle materials containing resident registration numbers, etc. <Newly Inserted by Presidential Decree No. 25532, Aug. 6, 2014>
[This Article Newly Inserted by Presidential Decree No. 23488, Jan. 6, 2012]
Article 12(Procedures for Imposition and Collection of Administrative Fines) #
(1) When the Financial Services Commission imposes an administrative fine under Article 34 (2) of the Act, it shall investigate and confirm the violation concerned and shall notify the person subject to the disposition of an administrative fine of the violation, amount of the administrative fine, etc. in writing. <Amended by Act No. 20653, Feb. 29, 2008>
(2) When the Financial Services Commission imposes an administrative fine as prescribed in paragraph (1), it shall provide the person subject to the disposition of the administrative fine with an opportunity to state his/her opinion orally or in writing (including electronic documents) for the prescribed time period of at least ten days. In such cases, if he/she fails to state his/her opinion by the specified date, he/she is deemed to have no opinion thereon. <Amended by Act No. 20653, Feb. 29, 2008>
(3) When the Financial Services Commission determines the amount of an administrative fine, it shall consider the motive for the violation concerned, results thereof, etc. <Amended by Act No. 20653, Feb. 29, 2008>
(4) The procedures prescribed by the Acts and subordinate statutes concerning the management of national funds shall apply mutatis mutandis to the procedures of collection of administrative fines. In such cases, the relevant notice of payment shall contain the methods for, and the period of, raising objections.