On Apr. 11, 2025, Reg-Track made an editorial update to the above summary to add SK FSC as a regulator and a link for SK FSC's press release issued on Apr. 8, 2025.
SK GVT proposed revisions to the Enforcement decree of the act on registration of credit business and protection of finance users, based on the revised upper act.
Outline of Revisions
Stipulates the capital requirements for credit businesses and loan brokers registered with local governments and human/physical requirements that online loan brokerage businesses must fulfil, as delegated by the Act on registration of credit business.
Formed criteria for ultra-high interest rate requirement delegated to the decree among the requirements for invalidating anti-social loan contracts of registered loan brokers.
Business methods of online loan brokers, matters to note of which loan brokers must inform loan users; reporting methods, confirmation procedures for illegal credit phone numbers, procedures for SK FSS to receive reports on illegal credit, investigate cases.
Where registration requirements are met again within 6 months, they are deemed temporarily unfulfilled, thus the case is recognized as an exception to cancelation.
Effectiveness
Comments shall be submitted by May 19 for planned effectiveness from Jul. 22, 2025.
In Apr. 2025, SK FSC proposed revisions re advertising of credit business, #250089.
Apr. 11, 2025 Editorial Update
On Apr. 11, 2025, Reg-Track made an editorial update to the above summary to add SK FSC as a regulator and a link for SK FSC's press release issued on Apr. 8, 2025.
Regulators
SK FSC; SK GVT
Entity Types
IB; MSB
Reference
CP, Nt 2025-178, 4/8/2025; Dec 34785, 7/30/2024; Law 20714, 1/21/2025;
