On Nov. 29, SK FSS revised debt collection and loan sales guidelines.
SK FSS published the revised Guidelines for debt collection and loan sales.
Follows SK FSS Jan. 2024 proposed to extend debt collection guidelines, see #198273.
Overview of Revisions
Delete the definition of related persons, loan businesses, financial firms' executives and employees, credit information, while defining personal financial claims.
Delete articles concerning risk management, internal control re loan sales and debt collection, restrictions on employment and contracts of executives/employees.
Management, training of executives/employees, compliance by executives/employees, protection of credit information, as well as advertisements and promotional materials.
Delete chapter 3 re compliance requirements per loan sales stage, chapter 4 re compliance requirements per debt collection stage except art. 25 re notifying debtors of acceptance of debt collection tasks by debt collection agencies, all appendices.
Stipulate that where debt collection agencies collect non-financial debts, they shall not contact debtors more than twice a day by phone, email, text message or visit.
However, simple information that have no intention of debt collection like bank accounts may be provided once a day, matters that are mandatory under the guidelines/requested by debtors are excluded from the limit to number of contacts.
Debt collection agencies shall comply with articles 14, 15, 19 of Personal debtor protection act when collecting non-financial claims, endeavor to ensure fair debt collection in light of their internal standards for collecting personal financial claims.
Effectiveness
The revised guidelines will be effective from Nov. 29, 2024 until Nov. 28, 2025.
In Oct. 2025, SK FSS proposed revising debt collection guidelines, see #272977.
Regulators
SK FSS
Entity Types
B/D; Bank; CNSM; IB; MG Orig; MSB; Servicer
Reference
RF, Gd 2018-11004, 11/29/2024; Law 20054, 1/16/2024;
