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ENFORCEMENT DECREE OF THE ACT ON THE MANAGEMENT OF PERSONAL FINANCIAL CLAIMS AND PROTECTION OF PERSONAL FINANCIAL DEBTORS — 법갈피

영문법령 / ENFORCEMENT DECREE OF THE ACT ON THE MANAGEMENT OF PERSONAL FINANCIAL CLAIMS AND PROTECTION OF PERSONAL FINANCIAL DEBTORS

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

대통령령타법개정시행 2025-10-01금융위원회 · 제35811호 · 공포 2025-10-01

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CHAPTER I GENERAL PROVISIONS

Article 1(Purpose) #

The purpose of this Decree is to prescribe matters mandated by the Act on the Management of Personal Financial Claims and Protection of Personal Financial Debtors and matters necessary for the enforcement thereof.

Article 2(Scope of creditor financial companies, etc.) #

(1) "Acts prescribed by Presidential Decree, such as the discounting of bills" in 1d of Article 2 of the Act on the Management of Personal Financial Claims and Protection of Personal Financial Debtors (hereinafter referred to as the "Act") means any of the following acts:

1. Discounting of bills;

2. Deferred payment sales under the Specialized Credit Finance Business Act;

(2) "Statutes prescribed by Presidential Decree, such as the Banking Act" in subparagraph 2a of Article 2 of the Act means any of the following statutes:

1. The Agricultural Cooperatives Act;

2. The Insurance Business Act;

3. The Forestry Cooperatives Act;

4. The Mutual Savings Banks Act;

5. The Community Credit Cooperatives Act;

6. The Fisheries Cooperatives Act;

7. The Credit Unions Act;

8. The Specialized Credit Financial Business Act;

9. The Act on Online Investment-Linked Financial Business and Protection of Users;

10. The Postal Savings and Insurance Act;

11. The Banking Act;

12. The Financial Investment Services and Capital Markets Act;

13. The Industrial Bank of Korea Act;

14. The Korea Development Bank Act;

15. The Export-Import Bank of Korea Act.

(3) "Institutions prescribed by Presidential Decree" in subparagraph 2b of Article 2 of the Act means any of the following institutions:

Article 5(Notice of anticipated acceleration of maturity) #

(1) "Reasons prescribed by Presidential Decree, such as delinquency of personal financial claims" in the provisions, with the exception of the subparagraphs, of Article 6(1) of the Act means cases where delinquency of personal financial claims occurs in excess of the period of delinquency or the number of delinquencies under an agreement with a creditor financial company, etc.

(2) When a creditor financial company, etc., gives notice of the anticipated acceleration of maturity under Article 6(1) of the Act, it shall do so by registered mail or by hand delivery; provided, if a personal financial debtor consents, it may be done by methods determined and publicly notified by the Financial Services Commission, such as the use of information and communications networks.

(3) "Matters prescribed by Presidential Decree" in Article 6(1)5 of the Act means any of the following matters:

1. If a debt adjustment is requested under Article 35 of the Act by the date according to the classifications under the subparagraphs of Article 6(5) of the Act, a statement to the effect that the benefit of time will not be forfeited until the procedure for such debt adjustment is completed under the main clause, with the exception of the subparagraphs, of Article 6(5) of the Act;

2. Other matters necessary for the protection of personal financial debtors in relation to the benefit of time, which are determined and publicly notified by the Financial Services Commission.

(4) "Unavoidable grounds prescribed by Presidential Decree, such as the notice being returned twice or more" in Article 6(3) of the Act means any of the following cases:

1. Where a notice of the anticipated acceleration of maturity under Article 6(1) of the Act is returned twice or more;

2. Where the contact information, such as the address of the personal financial debtor, cannot be confirmed by ordinary methods.

(5) "Methods prescribed by Presidential Decree, such as posting on the website of a creditor financial company, etc." in Article 6(3) of the Act means any of the following methods:

1. Posting on the website of a creditor financial company, etc.;

2. If a creditor financial company, etc., is a member of a financial association under the Microfinance Support Act, posting on the website of the financial association to which it belongs;

3. Publicly notifying in 2 or more daily newspapers having the address of the personal financial debtor as their main distribution area (at least 1 daily newspaper having the entire country as its distribution area shall be included).

(6) If another creditor applies to a court for compulsory execution against the relevant personal financial debtor under the Civil Execution Act under the proviso, with the exception of the subparagraphs, of Article 6(5) of the Act, the benefit of time shall be deemed to have been forfeited on the date such application is made.

Article 7(Notice of anticipated housing auction) #

(1) "Housing prescribed by Presidential Decree" in the provisions, with the exception of the subparagraphs, of Article 8(1) of the Act means a house that meets all of the following requirements:

1. It shall be a house where a personal financial debtor has filed a moving-in report under Article 16(1) of the Resident Registration Act and actually resides;

2. It shall be a house under the Housing Act, the price of which is 600 million won or less according to the standards determined and publicly notified by the Financial Services Commission.

(2) When a creditor financial company, etc., gives notice of the anticipated housing auction under Article 8(1) of the Act, it shall do so by the methods under Article 5(2).

(3) "Matters prescribed by Presidential Decree" in Article 8(1)4 of the Act means any of the following matters:

1. If a debt adjustment is requested under Article 35 of the Act by the date according to the classifications under the subparagraphs of Article 8(7) of the Act, a statement to the effect that an application for a housing auction will not be filed until the procedure for such debt adjustment is completed under the main clause, with the exception of the subparagraphs, of Article 8(7) of the Act;

2. Other matters necessary for a housing auction, which are determined and publicly notified by the Financial Services Commission.

(4) "Period prescribed by Presidential Decree" in Article 8(2) of the Act means 6 months.

(5) "Unavoidable grounds prescribed by Presidential Decree, such as the notice being returned twice or more" in Article 8(5) of the Act means any of the following cases:

1. Where the notice of anticipated housing auction under Article 8(1) of the Act is returned twice or more;

2. Where the contact information, such as the address of the personal financial debtor, cannot be confirmed by ordinary methods.

(6) "Methods prescribed by Presidential Decree, such as posting on the website of a creditor financial company, etc." in Article 8(5) of the Act means any of the following methods under the subparagraphs of Article 5(5).

(7) If another creditor applies to a court for compulsory execution against the relevant house under the Civil Execution Act under the proviso, with the exception of the subparagraphs, of Article 8(7) of the Act, a housing auction may be applied for from the date such application is made.

Article 15(Restrictions on number of collection contacts) #

(1) Specific standards for collection contact (hereinafter referred to as "collection contact") under Article 16(1) of the Act shall be as follows:

1. Any act of contacting a personal financial debtor for the purpose of collection by means of visit, telephone, mail, electronic mail, facsimile, or any other method shall be deemed a collection contact;

2. Notwithstanding subparagraph 1, the following acts shall not be deemed a collection contact:

a. Giving notice of matters required to be notified to a personal financial debtor under statutes or regulations or terms and conditions related to collection;

b. Acts such as providing an explanation in response to a request for a specific act, such as an explanation on collection, performed on the date such request is received;

c. Other acts equivalent to those prescribed in items a and b, which are determined and publicly notified by the Financial Services Commission.

(2) Methods for calculating the number of collection contacts shall be as follows:

1. The following acts shall be excluded from the calculation of the number of collection contacts within the scope prescribed in each item:

a. Acts where collection contact is not established, such as where a debt collector visits a personal financial debtor but fails to meet the debtor due to his or her absence: twice every 7 days;

b. Acts where a telephone conversation necessary for urging repayment is not established, such as where a personal financial debtor who receives a call from a debt collector unilaterally hangs up: twice a day;

c. Giving notice of matters concerning the personal financial claim subject to collection, such as the creditor, debt amount, amount in arrears, and period of delinquency (excluding cases where matters concerning the urging of repayment are included): once a day;

d. Other acts equivalent to those prescribed in items a through c, which are determined and publicly notified by the Financial Services Commission: the number of times prescribed in the relevant public notification;

2. Where multiple debt collectors perform collection on the same personal financial claim, the number of collection contacts for such personal financial claim by all debt collectors shall be aggregated for calculation.

Article 19(User protection standards of debt collection companies) #

(1) The user protection standards (hereinafter referred to as "user protection standards") that a debt collection company under subparagraph 5b of Article 2 of the Act (hereinafter referred to as "debt collection company") shall establish and implement under Article 21(1) of the Act shall include any of the following matters:

1. Matters concerning the allocation of business affairs and the organizational structure;

2. Matters concerning standards and procedures to be followed by executives and employees when engaging in the collection of personal financial claims;

3. Procedures and methods for confirming whether executives and employees comply with the user protection standards, and matters concerning the handling of executives and employees who violate the user protection standards;

4. Matters concerning procedures for the enactment or amendment of the user protection standards;

5. Matters concerning procedures for the appointment and dismissal of a user protection officer under Article 21(2) of the Act (hereinafter referred to as "user protection officer");

6. Matters concerning procedures for resolving collection-related complaints and disputes;

7. Other matters to be observed for the protection of personal financial debtors when executives and employees engage in the collection of personal financial claims, as determined and publicly notified by the Financial Services Commission;

(2) A debt collection company excluded from the requirement to appoint a user protection officer under Article 21(2) of the Act shall be a debt collection company with total assets of less than 10 billion won as of the end of the preceding business year.

(3) "Work experience prescribed by Presidential Decree" in Article 21(3)1e of the Act means experience of having worked for at least 5 years at the Board of Audit and Inspection under the Board of Audit and Inspection Act.

(4) A user protection officer shall perform the following duties:

1. Establishment of plans for the protection of personal financial debtors;

2. Regular inspection and improvement of business practices and operations related to compliance with statutes or regulations by the debt collection company;

3. Establishment of education and training plans on user protection standards for executives and employees;

4. Inspection of compliance with statutes or regulations and user protection standards by executives and employees and establishment of improvement plans;

5. Investigation of and request for measures against executives and employees who violate user protection standards;

6. Expression of opinions on correction and improvement of deficiencies in user protection standards;

7. Expression of opinions on corrective measures for violations of statutes or regulations and user protection standards;

8. Other duties equivalent to those provided in subparagraphs 1 through 7, as deemed necessary by the board of directors.

(5) A user protection officer shall not engage in the regular business of any other for-profit corporation.

(6) A user protection officer shall not be in charge of duties involving the following business affairs:

1. Business affairs related to asset management;

2. Debt collection business under subparagraph 10 of Article 2 of the Credit Information Use and Protection Act and incidental business under Article 11-2(7) of that Act.

(7) When a debt collection company appoints or dismisses a user protection officer, it shall notify the Financial Services Commission of such fact.

(8) When a user protection officer requests an executive or employee to submit data or information in the performance of his or her duties, the debt collection company shall ensure that such executive or employee faithfully cooperates with the request.

(9) A debt collection company shall not give unfair disadvantage in personnel management to a person who was a user protection officer on grounds related to the performance of the relevant duties.

(10) Except as provided in paragraphs (4) through (9), matters necessary for the user protection officer shall be determined and publicly notified by the Financial Services Commission.

Article 31(Processing of debt adjustment) #

(1) When a creditor financial company, etc. gives notice of the contents of a decision on whether to perform debt adjustment under the former part of Article 37(3) of the Act, it shall be done in writing, by telephone, or by a method determined and publicly notified by the Financial Services Commission.

(2) A debt adjustment plan under the latter part of Article 37(3) of the Act shall include the following matters:

1. Matters concerning the personal financial claim subject to debt adjustment, such as the creditor, debt amount, amount in arrears, and period of delinquency;

2. Matters concerning the contents of the debt as changed as a result of debt adjustment;

3. Information stating that the debt adjustment agreement may be rescinded under Article 40 of the Act if the repayment plan under the debt adjustment is not implemented, and matters concerning guidance in the event of rescission of the debt adjustment agreement;

4. Matters concerning the name and contact information of the person in charge of debt adjustment business;

5. Matters concerning the account to receive repayment funds under the debt adjustment;

6. Other matters related to debt adjustment as determined and publicly notified by the Financial Services Commission.

(3) When calculating the notice period under the former part of Article 37(3) of the Act, the period required for the submission of data or opinions under paragraph (2) of that Article shall be excluded from the calculation within the limit of 10 business days.

(4) Where a creditor financial company, etc. intends to entrust debt adjustment business under Articles 35 through 38 of the Act, it shall comply with the following:

1. It shall entrust the business to any of the following persons:

a. A debt collection company;

b. The Credit Recovery Fund under Article 56 of the Microfinance Support Act;

2. In cases of entrustment to a person under subparagraph 1a, the entrustment shall be limited to business prescribed in the internal standards for debt adjustment of the creditor financial company, etc. to be performed without discretion regarding whether to perform debt adjustment and the scope thereof;

3. It shall manage the person entrusted with debt adjustment business to ensure that the processing of debt adjustment is performed in accordance with the internal standards for debt adjustment of the creditor financial company, etc.

Article 37(Entrustment of duties) #

(1) The Financial Services Commission shall entrust the following business (excluding business entrusted to the institutions under each subparagraph of paragraph (2) pursuant to paragraphs (3) and (4) among the business under subparagraphs 3, 4, 6, and 7) to the Governor of the Financial Supervisory Service under the Act on the Establishment of Financial Services Commission pursuant to Article 47(1) of the Act:

1. Receipt of reports under Article 23(4) of the Act;

2. Receipt of reports under Article 29(2) of the Act;

3. Orders to report or submit data, etc. under Article 41(2) of the Act;

4. Requests for submission of data or confirmation of facts under Article 41(3) of the Act;

5. Receipt of business reports under Article 41(9) of the Act;

6. Review of whether any of the subparagraphs of the Appendix to the Act is applicable in connection with corrective orders under Articles 42(1), (2), and (4) of the Act;

7. Measures of caution or warning under Articles 42(1), (2), and (4) of the Act;

8. Business concerning the public disclosure of administrative dispositions, etc. under Article 46 of the Act;

9. Receipt of notification of the appointment or dismissal of a user protection officer under Article 19(7).

(2) "Institutions prescribed by Presidential Decree" in Article 47(1)4 of the Act means the following: <Amended on Oct. 1, 2025>

1. The following central administrative agencies:

a. The Minister of Science and ICT;

b. The Minister of the Interior and Safety;

c. The Minister of Agriculture, Food and Rural Affairs;

d. The Minister of Trade, Industry and Energy;

e. The Minister of Land, Infrastructure and Transport;

f. The Minister of Oceans and Fisheries;

g. The Minister of SMEs and Startups;

h. The Minister of the Korea Forest Service;

2. The Special Metropolitan City Mayor, a Metropolitan City Mayor, a Special Self-Governing City Mayor, Do Governor, or a Special Self-Governing Province Governor (hereinafter referred to as "Mayor/Do Governor");

3. The following institutions:

a. The National Agricultural Cooperative Federation under the Agricultural Cooperatives Act;

b. The National Federation of Forest Cooperatives under the Forestry Cooperatives Act;

c. The Korean Federation of Community Credit Cooperatives established under the Community Credit Cooperatives Act;

d. The National Federation of Fisheries Cooperatives under the Fisheries Cooperatives Act;

e. The National Credit Union Federation under the Credit Unions Act;

f. The Korea Deposit Insurance Corporation under the Depositor Protection Act.

(3) The Financial Services Commission shall entrust the following business regarding the institutions subject to entrustment specified in Appendix 1 to the entrusted institutions specified in that Appendix pursuant to Article 47(1) of the Act:

1. Management and supervision, orders to report on business and property status or submit data, and requests for submission of data or confirmation of facts under Articles 41(1) through (3) of the Act;

2. Corrective orders or measures of caution or warning under Articles 42(1), (2), and (4) of the Act;

3. Revocation of authorization or orders to suspend business under Article 42(3) of the Act;

4. Orders to suspend business or revocation of registration under Article 42(5) of the Act;

5. Measures under Article 42(6) of the Act;

6. Requests for measures under Article 42(7) of the Act;

7. Notification of details of measures under Article 42(9) of the Act;

8. Imposition and collection of administrative fines under Article 52 of the Act.

(4) The Financial Services Commission shall entrust the following business regarding the institutions subject to entrustment specified in Appendix 2 to the entrusted institutions specified in that Appendix pursuant to Article 47(1) of the Act:

2. Review of whether any of the subparagraphs of the Appendix to the Act is applicable in connection with corrective orders under Article 42(1) of the Act;

3. Measures of caution or warning under Article 42(1) of the Act;

4. Measures under Article 42(6)4 and 5;

5. Requests for measures under Article 42(7)2 through 5.

(5) A person entrusted with the business of the Financial Services Commission under paragraphs (3) and (4) shall report the details of the processing of the entrusted business to the Financial Services Commission every 6 months pursuant to Article 47(2) of the Act; provided, the business determined and publicly notified by the Financial Services Commission shall be reported at intervals determined and publicly notified by the Financial Services Commission.

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

Article 1(Purpose) #

Article 2(Scope of creditor financial companies, etc.) #

Article 3(Scope of secured claims) #

Article 4(Scope of high-value claims) #

Article 5(Notice of anticipated acceleration of maturity) #

Article 6(Scope of recoverable costs for management and recovery of personal financial claims) #

Article 7(Notice of anticipated housing auction) #

Article 8(Personal financial claims subject to exemption of future interest claims) #

Article 9(Personal financial claims subject to transfer restrictions) #

Article 10(Notice of anticipated transfer) #

Article 11(Evaluation of transferees) #

Article 12(Internal standards for transfer of claims) #

Article 13(Restrictions on collection) #

Article 14(Notice of commencement of collection) #

Article 15(Restrictions on number of collection contacts) #

Article 16(Deferral of collection contacts) #

Article 17(Request for restrictions on types of collection contact) #

Article 18(Internal standards for debt collection) #

Article 19(User protection standards of debt collection companies) #

Article 20(User protection standards for loan claim purchase and collection business operators) #

Article 21(Disposal of personal financial claims following revocation of registration) #

Article 22(Collateral procurement ratio) #

Article 23(Notice of entrustment of collection) #

Article 24(Collection entrustment agreement) #

Article 25(Management responsibility following collection entrustment) #

Article 26(Internal standards for collection entrustment) #

Article 27(Guidance on debt adjustment) #

Article 28(Internal standards for debt adjustment) #

Article 29(Request for debt adjustment) #

Article 30(Refusal of debt adjustment) #

Article 31(Processing of debt adjustment) #

Article 32(Period for determining whether to consent to debt adjustment plan) #

Article 33(Rescission of debt adjustment agreements) #

Article 34(Supervision and inspection) #

Article 35(Security for liability for damages) #

Article 36(Public disclosure of administrative dispositions) #

Article 37(Entrustment of duties) #

Article 38(Processing of unique identification information) #

Article 39(Re-examination of regulation) #

Article 40(Standards for imposition of administrative fines) #