ACT ON THE MANAGEMENT OF PERSONAL FINANCIAL CLAIMS AND PROTECTION OF PERSONAL FINANCIAL DEBTORS

CHAPTER I GENERAL PROVISIONS

Article 1(Purpose) #

The purpose of this Act is to protect the rights and interests of personal financial debtors and contribute to the sound development of the financial industry related to personal financial claims and debts by prescribing matters to be observed by creditor financial companies, etc., necessary for the management, collection, and adjustment of personal financial claims resulting from changes in personal financial claims and debts between creditor financial companies, etc., and personal financial debtors.

Article 2(Definitions) #

The terms used in this Act are defined as follows:

1. "Personal financial claim" means a monetary claim against a personal financial debtor held by a creditor financial company, etc., resulting from any of the following acts:

a. Lending of money;

b. Payment by subrogation;

c. Acquisition of a claim arising from an act under item a or b;

d. Other acts prescribed by Presidential Decree, such as the discounting of bills.

2. "Creditor financial company, etc." means any of the following persons holding a personal financial claim:

a. A person engaged in the business of lending money after obtaining authorization, permission, registration, approval, etc., under the Banking Act or other statutes prescribed by Presidential Decree;

b. An institution prescribed by Presidential Decree among public institutions under the Act on the Management of Public Institutions that is authorized to hold personal financial claims;

c. Any other person prescribed by Presidential Decree as a person authorized to hold personal financial claims under this Act or other statutes;

3. "Individual financial debtor" means a person (including a guarantor and a person who assumes a debt) who is obligated to repay a debt to a creditor financial company, etc., resulting from any of the acts under the items of subparagraph 1;

4. "Collection" means all acts performed to obtain satisfaction of a claim, such as locating the debtor, investigating property, urging repayment, or receiving repayment amounts, targeting a personal financial debtor who has failed to repay a debt by the agreed-upon repayment date.

ACT ON THE MANAGEMENT OF PERSONAL FINANCIAL CLAIMS AND PROTECTION OF PERSONAL FINANCIAL DEBTORS

Article 1(Purpose) #

Article 2(Definitions) #

Article 3(Scope of application) #

Article 4(Responsibilities of the State) #

Article 5(Relationship to other statutes) #

Article 6(Notice of anticipated acceleration of maturity) #

Article 7(Restrictions on default interest) #

Article 8(Notice of anticipated housing auction) #

Article 9(Exemption from future interest claims) #

Article 10(Restrictions on transfer) #

Article 11(Notice of anticipated transfer) #

Article 12(Evaluation of transferees) #

Article 13(Internal standards for transfer of claims) #

Article 14(Restrictions on collection) #

Article 15(Notice of commencement of collection) #

Article 16(Restriction on number of collection contacts) #

Article 17(Deferral of collection contact) #

Article 18(Request for restriction on types of collection contacts) #

Article 19(Obligation to notify during collection contacts) #

Article 20(Internal standards for debt collection) #

Article 21(User protection standards and user protection officer of debt collection companies) #

Article 22(User protection standards and user protection officer of loan claim purchase and collection business operators) #

Article 23(Termination of collection upon revocation of registration) #

Article 24(Collateralized financing ratio) #

Article 25(Notice of entrustment of collection) #

Article 26(Restrictions on entrustment of collection) #

Article 27(Evaluation of debt collection companies) #

Article 28(Collection entrustment agreement) #

Article 29(Management responsibility for entrusted collection) #

Article 30(Internal standards for entrustment of debt collection) #

Article 31(Responsibilities of parties to debt adjustment) #

Article 32(Provision of information on debt adjustment) #

Article 33(Matters to be considered in debt adjustment) #

Article 34(Internal standards for debt adjustment) #

Article 35(Request for debt adjustment) #

Article 36(Rejection of debt adjustment) #

Article 37(Processing of debt adjustment) #

Article 38(Effect of debt adjustment) #

Article 39(Termination of debt adjustment procedures) #

Article 40(Rescission of agreement on debt adjustment) #

Article 41(Supervision and inspection) #

Article 42(Measures against creditor financial companies, etc.) #

Article 43(Liability for damages) #

Article 44(Claims for statutory damages) #

Article 45(Security for liability for damages) #

Article 46(Public disclosure of administrative dispositions) #

Article 47(Entrustment of duties) #