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USE AND PROTECTION OF CREDIT INFORMATION ACT

USE AND PROTECTION OF CREDIT INFORMATION ACT

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USE AND PROTECTION OF CREDIT INFORMATION ACT

Act No. 4866, Jan. 5, 1995

Amended by Act No. 5378, Aug. 28, 1997

Act No. 5453, Dec. 13, 1997

Act No. 5493, Dec. 31, 1997

Act No. 5505, Jan. 13, 1998

Act No. 5694. Jan. 29, 1999

Act No. 5982, May 24, 1999

Act No. 6022, Sep. 7, 1999

Act No. 6172, Jan. 21, 2000

Act No. 6428, Mar. 28, 2001

Act No. 6562, Dec. 31, 2001

Act No. 6705, Aug. 26, 2002

Act No. 7110, Jan. 29, 2004

Act No. 7344, Jan. 27, 2005

Act No. 7428, Mar. 31, 2005

Act No. 7883, Mar. 24, 2006

Act No. 8701, Dec. 21, 2007

Act No. 8863, Feb. 29, 2008

CHAPTER GENERAL PROVISIONS

Article 1 (Purpose)

The purpose of this Act is to contribute to the establishment of a sound credit order by promoting the credit information business soundly and pursuing the efficient utilization and systematic management of credit information, and by protecting privacy adequately from the misuse and abuse of credit information.

Article 2 (Definitions)

The definitions of terms used in this Act shall be as follows:

1. The term "credit information" means information as determined by Presidential Decree, which is necessary for the judgement on iden- tification, credit rating, and credit transactions capacities of trans- USE AND PROTECTION OF CREDIT INFORMATION ACT

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acting parties in commercial transactions including financial trans- actions;

2. The term "credit information object" means a person identified by the processed credit information, who is an object of the credit infor- mation concerned;

3. The term "credit information business" means operation of all or part of activities listed in any subparagraphs of Article 4 (4) as a business;

4. The term "operator of credit information business" means a person who has been licensed by the Financial Services Commission pursuant to the provisions of Article 4 to run credit information business;

5. The term "credit information collection agency" means a person reg- istered pursuant to the provisions of Article 17 (1), who manages and utilizes intensively credit information;

6. The term "credit information provider or user" means a person pre- scribed by the Presidential Decree, who provides any operator of credit information business or credit information collection agency with credit information obtained or produced in relation to his own business for purposes of commercial transactions such as financial transactions with customers, or who has been continuously supplied with credit information from the operator of credit information business or credit information collection agencies, and uses such information for his own business;

7. Deleted;

8. The term "credit inquiry service" means the act of collecting, adjusting and processing credit information to furnish such credit information to clients upon their requests;

9. The term "credit survey service" means the act of surveying credit information to furnish such credit information to clients upon their requests;

10. The term "debt collection service " means the act of exercising claims (limited to monetary claims that accrue from commercial acts pro- vided for in the Commercial Act and claims for which any credit in- formation business operator is commissioned to collect them pursuant to any other Act) in lieu of creditors through asset investigations of persons who fail to repay the debts within the agreed time limit, de- mands for repayment, or acceptance of payment from debtors upon USE AND PROTECTION OF CREDIT INFORMATION ACT

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delegation by creditors who are credit information providers or users;

11. The term "credit rating service" means the act of rating the possi- bility of repaying the principal and interest of securities prescribed by the Presidential Decree as deemed necessary to make an objective rating thereof for the protection of investors from among the secu- rities under the Securities and Exchange Act; and

12. The term "processing" means the act of inputting, saving, working on, editing, searching, deleting and printing credit information by using computers, or providing credit information to others by means of delivery, postal service, or electronic transmission, or other similar acts. Article 3 (Promotion of Credit Information Business) (1) Where the Financial Services Commission deems it necessary for the improvement of abilities of the operator of credit information business to provide credit information and for the smooth utilization of credit information, it may development plans for promotion of credit information business.

(2) Where it is necessary for the smooth implementation of plans as pre- scribed in the provisions of paragraph (1), the Financial Services Com- mission may request cooperation of the heads of the administrative agencies concerned, and the heads of the administrative agencies concerned who receive the request shall comply with it in the absence of justifiable grounds.

CHAPTER LICENSING AND ACTIVITIES

OF CREDIT INFORMATION

BUSINESS

Article 4 (Licensing of Business)

(1) Any person who intends to run credit information business shall obtain a license from the Financial Services Commission according to the types of business as prescribed in paragraph (4).

(2) Only the person falling under each of the following subparagraphs is USE AND PROTECTION OF CREDIT INFORMATION ACT

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eligible to be granted a license for the service as prescribed in paragraph (4) 1 through 3:

1. The Credit Guarantee Fund established pursuant to the Credit Guar- antee Fund Act;

2. The Korea Technology Credit Guarantee Fund established pursuant to the Korea Technology Credit Guarantee Fund Act;

3. A credit guarantee foundation established pursuant to the Regional Credit Guarantee Foundation Act;

4. A corporation whose not less than 50/100 of the capital is invested by financial institutions, etc. prescribed by the Presidential Decree; and

5. The Korea Export Insurance Corporation established pursuant to the Export Insurance Act.

(3) Any person falling under any of the following subparagraphs shall be prohibited from obtaining a license for the service of paragraph (4) 4:

1. A corporation whose not less than 10/100 of the capital is invested by the enterprise group restricted on mutual contribution as pre- scribed in Article 9 of the Monopoly Regulation and Fair Trade Act (including the specially related person as prescribed in Article 7 of the same Act; hereinafter referred to as a "company affiliated with the enterprise group restricted on mutual contribution");

2. A corporation whose not less than 10/100 of the capital is invested by financial institutions, etc. as prescribed in paragraph (2) 4 (includ- ing the specially related person under Article 7 of the Monopoly Regulation and Fair Trade Act; hereinafter referred to as "investment financial institutions, etc."); and

3. A corporation whose largest investor is a corporation falling under each of the following items:

(a) A corporation whose not less than 10/100 of the capital is invested by a company affiliated with the enterprise group restricted on mutual contribution; and

(b) A corporation whose not less than 10/100 of the capital is invested by the investment financial institutions, etc.

USE AND PROTECTION OF CREDIT INFORMATION ACT

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(4) Kinds of credit information businesses shall be as follows and any operator of credit information business may provide services for which he has obtained approval from the Financial Services Commission in order to render the service of each of the following subparagraphs and to attain the objectives of Article 1:

1. The credit inquiry service and other services incidental thereto;

2. The credit survey service and other services incidental thereto;

3. The service of collecting claims and other services incidental thereto; and

4. The credit rating service and other services incidental thereto. (5) Any person who intends to get the license referred to in paragraph (1) shall file an application with the Financial Services Commission under the conditions as prescribed by the Presidential Decree.

(6) The Financial Services Commission may attach conditions to the license referred to in paragraph (1).

(7) Where any person who intends to modify matters which have been licensed pursuant to the provisions of paragraph (1), he shall obtain a license of the Financial Services Commission in accordance with the Presidential Decree: Provided, That the same shall not apply to the case where minor matters prescribed by the Presidential Decree are modified. Article 4-2 (Requirements for License)

(1) Any person who intends to get the license for the credit information business in accordance with the provisions of Article 4 (1) shall satisfy requirements falling under each of the following subparagraphs:

1. He is required to install physical facilities, including manpower and computer equipment, which are adequate to run the credit informa- tion business;

2. He is required to make his business plan sound;

3. Major investors prescribed by the Presidential Decree are required USE AND PROTECTION OF CREDIT INFORMATION ACT

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to have full capacity to make necessary investments, sound finan- cial standing and social credit; and

4. He is required to have the expertise adequate to run the credit infor- mation business.

(2) Detailed matters necessary for the license referred to in paragraph (1) shall be prescribed by the Presidential Decree.

[This Article Newly Inserted by Act No. 6172, Jan. 21, 2000] Article 4-3 (Publication of License, etc.)

The Financial Services Commission shall, when it grants the license in accordance with the provisions of Article 4 (1) or cancels the license in accordance with the provisions of Article 12, promptly publish such actions in the Official Gazette and make them known to the public by using computer communications, etc. [This Article Newly Inserted by Act No. 6172, Jan. 21, 2000] Article 5 (Capital)

A person who intends to obtain a license for credit information busi- ness shall possess capital or fundamental property as classified in the following subparagraphs:

1. Not less than five billion won, where his business activities include activities of the credit inquiry service and credit rating service; and

2. Not more than five billion won but not less than the amount as pre- scribed by the Presidential Decree, where he operates credit inves- tigation activities and debt collection activities, separately or jointly. Article 6 Deleted. Article 7 (Charges)

Any operator of credit information business may receive investigation fees, inquiry fees, debt collection fees or other charges from users of credit information within the scope of the maximum limit as determined by the Financial Services Commission. Article 8 (Authorization of Transfer and Taking over of Credit Informa- tion Business)

(1) Where any operator of credit information business intends to transfer or take over all of his business (including cases similar thereto) or to merge with another juristic person, he shall obtain authorization from USE AND PROTECTION OF CREDIT INFORMATION ACT

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the Financial Services Commission as determined by the Presidential Decree: Provided, That if he intends to transfer or take over a part of such business, he shall report to the Financial Services Commission in advance.

(2) Where the operator of credit information business transfers his busi- ness or merges with another juristic person on authorization or by making a report referred to in paragraph (1), the transferee, or the juristic per- son which continue to exist after the merger (excluding where the juristic person which is an operator of credit information business amalgamates with a juristic person which is not an operator of credit information busi- ness) or a juristic person newly established due to the merger shall succeed to the status of the transferrer or the juristic person before the merger as an operator of credit information business. In this case, a license granted to the existing operator of credit information business shall lose effect (limited to the extent of the transferred business in case of a partial transfer under the proviso of paragraph (1)).

(3) The provisions of Articles 4 (2) and (3) and 9 (1) shall apply mutatis mutandis to the cases referred to in paragraph (1).

(4) Where the operator of credit information business intends to sus- pend or close all or part of his businesses, he shall report to the Financial Services Commission. Article 9 (Persons who are Engaged in Credit Information Business) (1) Any operator of credit information business shall be prohibited from appointing or employing persons falling under any of the following sub- paragraphs as officers or employees:

1. Minors: Provided, That this shall not apply to the case where they are employed or appointed for activities as determined by the Finan- cial Services Commission;

2. Legally incompetent persons or quasi-incompetent persons;

3. Persons who have yet to be rehabilitated after having been declared USE AND PROTECTION OF CREDIT INFORMATION ACT

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bankrupt;

4. Persons who have been sentenced to imprisonment without prison la- bor or a severer punishment and for whom three years have not passed since the completion of the sentence or exemption from the sentence;

5. Persons who are in a stay period after having been sentenced to a stay of the execution of the imprisonment without prison labor or a severer punishment;

6. Persons who have been removed from their post or dismissed and for whom five years have yet to elapse from the date of removal or dismissal; and

7. Persons who have worked as officers or employees of juristic persons or companies whose business licenses or authorizations, etc. have been cancelled (referring to persons, prescribed by the Presidential Decree, who have been directly or correspondingly responsible for causes of such cancellation) and for whom 5 years have yet to elapse from the date of cancellation of such business licenses or authori- zations.

(2) Where officers or employees who are engaged in credit information business carry out activities of collecting or investigating credit infor- mation or collecting debts, they shall carry certificates indicating their engagement in credit information business and present it to the persons concerned.

Article 9-2 (Matters to be Observed by Operators of Credit Rating Service) (1) Any person who has obtained a license for the service as prescribed in Article 4 (4) (hereinafter referred to as "operator of credit rating ser- vice") shall, when he makes a credit rating for clients upon their request, take into account not only their financial position and business achieve- ments but their comprehensive business prospects such as their business risk, management risk and financial risk, etc.

(2) Any operator of credit rating service shall be prohibited from mak- ing a credit rating on securities issued by a person, prescribed by the Presidential Decree, with whom the former is in an investment relation of higher than a certain ratio.

(3) In the event that any operator of credit rating service makes a credit rating on securities issued by a person who is not prescribed by the USE AND PROTECTION OF CREDIT INFORMATION ACT

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Presidential Decree, but with whom the former is in an investment rela- tion, the operator of credit rating service shall enter matters concerning such investment relation in his written credit rating statement. (4) Any operator of credit rating service shall, when he delivers a written credit rating statement to his client who has requested such credit rat- ing, append a document describing matters prescribed by the Financial Services Commission as deemed necessary to grasp his credit-rating capability and credit rating records under paragraph (5) to such written credit rating statement. (5) Every operator of credit rating service shall submit to the Financial Services Commission his written credit rating records, etc. (referring to the actual repayment ratios of principal and interest of securities by credit rating made by the relevant operator of credit rating service) and documents describing matters prescribed by the Financial Services Commission as deemed necessary to grasp his credit rating capability, and keep such credit rating records, etc. and documents in the Korea Stock Exchange and the Korea Securities Dealers Association under the Securities and Exchange Act and make them open to the public. [This Article Newly Inserted by Act No. 6428, Mar. 28, 2001] Article 9-3 (Limits on Voting Right by Operators of Credit Information Business)

(1) In the event that a company affiliated with the enterprise group restricted on mutual contribution or an investment financial institution, etc. holds stocks in excess of the investment limits as prescribed in each subparagraph of Article 4 (3) (including equity shares; hereafter in this Article the same shall apply), the scope of exercising the voting right on the relevant stocks shall be restricted to the limits of each of the same subparagraph and such stock holdings shall be promptly brought into conformity with such investment limits.

(2) The Financial Services Commission may, if a company affiliated with the enterprise group restricted on mutual contribution or an investment financial institution, etc. fails to comply with the provisions of para- graph (1), order such company or such investment financial institution, etc. to dispose of the stocks held in excess of the investment limits within the limit of six months. 10

Feb. 29, 2008>

[This Article Newly Inserted by Act No. 6428, Mar. 28, 2001] Article 10 (Prohibition on Concurrent Operation of Business) Any operator of credit information business shall be prohibited from concurrently running another business for the purpose of making profits and any of his standing officers shall be prohibited from working as a standing officer for another profit-making juristic person: Provided, That the same shall not apply to the case where he has obtained an approval of the Financial Services Commission. Article 11 (Prohibition of Use of Similar Names)

Persons other than operators of credit information business who have been licensed pursuant to this Act shall not use credit information, credit survey, credit rating or any other similar terms in their trade names.

Article 12 (Suspension of Activities and Revocation of License) (1) The Financial Services Commission may revoke a license or au- thorization for the operator of credit information business falling under any of the following subparagraphs:

1. Where he obtains the license referred to in Article 4 (1) or (7) or autho- rization referred to in Article 8 (1) through fraud or other unlawful means;

2. Where he fails to meet the investment requirements for financial institutions, etc. under Article 4 (2) 4: Provided, That the same shall not apply to a case where the stock of a corporation that has obtained a license for the credit information business is listed on or registered with the securities market or KOSDAQ under the Secu- rities and Exchange Act;

3. Where he violates the provisions of Article 4 (3);

4. Where the capital (referring to the amount obtained by deducting to- tal amount of debts from total amount of assets on the balance sheet as of the end of the current business year) of the operator of credit information business [excluding any operator of credit information business for whom three business years (five business years if the credit inquiry service or the credit rating service is included) have USE AND PROTECTION OF CREDIT INFORMATION ACT

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yet to elapse from the date on which he obtains a license for the credit information business] has continuously failed to meet the re- quirements for the capital and basic property as prescribed in Ar- ticle 5 for not less than one business year;

5. Where he violates an order for suspension of business or performs an act falling under suspension of business within one year after the date on which he receives a disposition of suspension;

6. Where he violates the provisions of subparagraph 1 through 3, 5 or 8 of Article 26;

6-2. Where he violates the provisions of Article 26-2 (1) 1, 2 or 4; and

7. Where he violates the contents and terms of a license or authorization. (2) The Financial Services Commission may order to suspend all or part of business for a fixed period of not less than six months where an operator of credit information business falls under any of the following sub- paragraphs:

1. Where he receives the charges, etc. in excess of the maximum limit referred to in Article 7;

2. Where he violates the provisions of Article 9 (1), 9-2 (2), 10, 15, 26-2 (1) 3 or 26-2 (2);

3. Where he violates an order issued by the Financial Services Commission under this Act;

4. Where he violates the provisions of subparagraph 6 of Article 26; and

5. Where he violates other Acts and subordinate statutes or the articles of incorporation or causes or threatens to cause serious injury to public interests due to unsound operational conditions. (3) Detailed standards for administrative dispositions referred to in paragraph (2) shall be determined by the Presidential Decree in con- sideration of the types and extents, etc. of offenses. [This Article Wholly Amended by Act No. 5505, Jan. 13, 1998] CHAPTER COLLECTION, INVESTIGATION

AND PROCESSING, ETC. OF

CREDIT INFORMATION

Article 13 (Principles of Collection and Investigation) USE AND PROTECTION OF CREDIT INFORMATION ACT

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In collecting and investigating credit information, operators of credit information business, credit information collection agencies, and credit information providers or users (hereinafter referred to as "operators of credit information business, etc.") shall make clear the purposes of col- lection and investigation within the scope of business activities as determined by this Act or the articles of incorporation, and shall employ fair and reasonable means to the extent that they are necessary for attainment of the purposes.

Article 14 (Requests for Inspection and Provision of Credit Information in Respect of Public Institutions)

(1) The operators of credit information business or credit information collection agencies may request access to credit information which is held by the State, local governments or public organizations as prescribed by the Presidential Decree (hereinafter referred to as "public institu- tions") and which is allowed to be made public pursuant to the provi- sions of related Acts and subordinate statutes. In this case, the public institutions in receipt of the request shall comply with it unless it has a special ground. (2) Persons requesting access to credit information pursuant to the pro- visions of paragraph (1) shall pay inspection fees or charges, etc. in ac- cordance with the provisions of related Acts and subordinate statutes. (3) Where the head of a public institution has requested in writing the provision of credit information to be used for public purposes as deter- mined by related Acts and subordinate statutes, credit information col- lection agencies and credit information providers and users may provide that information free of charge. Article 15 (Restrictions on Collection and Investigation) (1) Any operator of credit information business, etc. shall not collect or investigate the following information:

1. Information concerning national security or secrets;

2. Trade secrets or creative research and development information of enterprises;

3. Individual political thought, religious beliefs and other private infor- mation unrelated to credit information;

4. Uncertain personal credit information;

5. Information collection of which is prohibited by other Acts; and USE AND PROTECTION OF CREDIT INFORMATION ACT

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6. Other information as prescribed by the Presidential Decree. (2) Where any operator of credit information business, etc. intends to collect or investigate information concerning personal illness, he shall obtain the consent of the person concerned and use the information con- cerned only for the purposes prescribed by the Presidential Decree. Article 16 (Entrusting of Collection, Investigation and Processing) (1) Any operator of credit information business, etc. may entrust, within the scope of his business activities, collection and investigation of credit information to other operator of credit information business, etc. with the consent of his clients.

(2) The operator of credit information business, etc. may entrust the processing of collected credit information to another person. In this case, the person to be entrusted shall satisfy certain requirements as deter- mined by the Presidential Decree, and in carrying out the activities en- trusted the provisions of Articles 19 through 21, 26, 28 and 29 (includ- ing penalty provisions) shall apply. CHAPTER DISTRIBUTION, USE

AND MANAGEMENT OF

CREDIT INFORMATION

Article 17 (Credit Information Collection Agencies) (1) Any operator of credit information business who intend to manage credit information systematically and comprehensively by collecting and keeping it intensively and to exchange and utilize credit information among operators of credit information business (hereinafter "manage and utilize intensively credit information"), shall register credit infor- mation collection agencies at the Financial Services Commission. (2) Credit information collection agencies as prescribed in paragraph (1) may be registered as classified in the following subparagraphs:

1. Comprehensive credit information collection agencies: credit informa- tion collection agencies that manage and utilize intensively credit information obtained from the whole of financial institutions as pre- USE AND PROTECTION OF CREDIT INFORMATION ACT

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scribed by the Presidential Decree; and

2. Independent credit information collection agencies: credit informa- tion collection agencies that manage and utilize intensively credit information obtained from financial institutions which are of the same kind as themselves, from among those prescribed in subparagraph 1, or those that manage and utilize intensively credit information under agreements of parties such as associations established by busi- nessmen in the same kind of business other than financial institu- tions.

(3) A person who intends to get his credit information collection agency registered in accordance with the provisions of paragraph (1) shall meet requirements falling under each of the following subparagraphs:

1. He is required not to run such agency for the purpose of reaping prof- its; and

2. He is required to have manpower, and facilities and equipment pre- scribed by the Presidential Decree.

(4) Matters necessary for the registration and revocation as prescribed in the provisions of paragraphs (1) and (2), the scope of credit information managed and used, and exchange partners shall be determined by the Presidential Decree.

(5) In order to secure accurate and quick collection of credit informa- tion, comprehensive credit information collection agencies as prescribed in paragraph (2) 1 may investigate the performance by financial in- stitutions of duties to provide credit information, under the conditions as prescribed by the Credit Information Council as referred to in Article 17-2. (6) Credit information collection agencies may build a joint credit in- formation computer network (hereinafter referred to as "joint computer network") as determined by the Presidential Decree, and the participants in the joint computer network shall make a cooperative effort as necessary for maintenance and management, etc. of the joint computer network. In this case, credit information collection agencies shall be telecommunica- tions business operators as prescribed in the provisions of Article 2 (1) 1 of the Telecommunications Business Act. 15

24, 2006>

Article 17-2 (Credit Information Council)

A Credit Information Council may be established in the comprehensive credit information collection agencies as prescribed in Article 17 (2) in order to deliberate and decide on the following matters:

1. Matters concerning allotment of ordinary expenditure necessary to manage and utilize intensively credit information and of the amount invested to operate new business, etc.;

2. Matters concerning investigation into the performance by financial in- stitutions of duties to provide credit information, and the imposi- tion of penalties;

3. Matters concerning prevention measures for disclosure or use of credit information not related to the objective of credit information busi- ness; and

4. Other matters necessary to manage and utilize intensively credit in- formation.

[This Article Newly Inserted by Act No. 5378, Aug. 28, 1997] Article 18 (Maintenance of Most Accurate and Up-to-Date Credit Infor- mation)

(1) Any operator of credit information business, etc. shall manage credit information properly so as to keep its accuracy and keep it up-to-date. (2) Records of old credit information which may be potentially harmful to credit information objects, shall be deleted in accordance with the pro- visions of the Presidential Decree.

Article 19 (Security of Computer System for Credit Information) Any operator of credit information business, etc. shall formulate tech- nological and physical security measures with respect to the unlawful access by third parties to computer systems for credit information (in- cluding joint computer networks), or the modification, damage, destruc- tion or other danger to inputted information.

Article 20 (Clarification of Credit Information Management Responsibil- ities and Preservation of Business Records)

(1) Any operator of credit information business, etc. shall prepare inter- nal management provisions for collection, processing and use, etc. of credit information pursuant to the determinations of the Financial Services Commission.

USE AND PROTECTION OF CREDIT INFORMATION ACT

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(2) Any operator of credit information business, etc. shall preserve re- cords of the following matters for three years:

1. Addresses and names of clients or of institutions of providing or ex- changing information;

2. Details of activities requested and date of request;

3. Processing details of activities requested or details of credit infor- mation provided and corresponding dates; and

4. Other matters as prescribed by the Presidential Decree. Article 21 (Processing of Information Held after Closure of Business) Where the operators of credit information business and credit informa- tion collection agencies intend to close their business, they shall dispose of, eliminate or destroy information in their possession pursuant to the determinations of the Financial Services Commission. CHAPTER PROTECTION OF CREDIT

INFORMATION OBJECTS

Article 22 (Public Notice of Credit Information Utilization System) The operators of credit information business and credit information collection agencies shall make a public notice of the kind, purpose of use, recipients of managed information, and the rights, etc. of credit infor- mation objects, as determined by the Presidential Decree. Article 23 (Consent Regarding Provision and Use of Personal Credit In- formation)

(1) Where credit information providers or users intend to provide the fol- lowing credit information on individuals (hereinafter referred to as "personal credit information") to credit information business operators, they shall obtain such individuals' consents in writing or by electronic documents (referring to the electronic document under subparagraph 1 of Article 2 of the Framework Act on Electronic Commerce; hereinafter the same shall apply) bearing a certified digital signature (referring to the certified digital signature under subparagraph 3 of Article 2 of the Digital Signature Act; hereinafter the same shall apply), or consents by such ways as entering personal identification numbers through wire or wireless communications which ensure stability and reliability of con- USE AND PROTECTION OF CREDIT INFORMATION ACT

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sents on providing information, taking the details and purpose of pro- viding personal credit information into consideration, as determined by the Presidential Decree:

1. Information or data concerning the details of financial transactions as prescribed in the provisions of Article 4 of the Act on Real Name Financial Transactions and Guarantee of Secrecy;

2. Information concerning personal illness;

3. Information by which an individual may be identifiable, such as his name, address, resident registration number (in the case of a for- eigner, his foreigner registration number or passport number), sex, nationality and occupation, etc.; and

4. Other personal credit information as prescribed by the Presidential Decree.

(2) Notwithstanding the provisions of paragraph (1), if the credit in- formation providers or users intend to provide the information falling under paragraph (1) 3 from among personal credit information, they may provide it to the operators of credit information business, etc. by ob- taining a consent of the principal over the telephone or an indication of consent made by the principal on a consent column of the Internet home- page. Article 24 (Restrictions on Provision and Use of Personal Credit Infor- mation)

(1) Personal credit information may be provided and used only for the purpose of determining whether or not the commercial transaction re- lationship (excluding the employment relationship) with the credit in- formation objects concerned, such as financial transactions, has been formed and maintained, etc.: Provided, That this shall not apply to the case falling under any of the following subparagraphs:

1. Where an individual consents in writing or by an electronic document carrying a certified digital signature to the provision and use for a purpose other than that of determining whether the commercial transaction relationship such as financial transactions has been USE AND PROTECTION OF CREDIT INFORMATION ACT

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formed and maintained, or where he provides his own credit infor- mation;

2. Where personal credit information is provided and used pursuant to a submission order issued by a court or a warrant issued by any judge;

2-2. Where personal credit information is provided to and used by any prosecutor or any judicial police officer at his request on the grounds that any crime in a tense situation is feared to seriously endanger the life and body of the victim and it is difficult to find time to seek the issuance of a warrant from any judge pursuant to the provisions of subparagraph 2. In this case, any prosecutor who is provided the personal credit information shall promptly file a claim for a warrant with any judge and any judicial police officer shall apply for a warrant to a prosecutor who, in turn, files the claim for a warrant with any judge and in case where both the prosecutor and the judicial police officer fail to obtain the warrant within 36 hours from the time when they are provided the personal credit information, they shall promptly scrap the provided personal credit information;

3. Where personal credit information is provided and used to manage and utilize intensively among the operators of credit information business and credit information collection agencies;

4. Where personal credit information is provided and used according to written requests by the heads of the competent government depart- ments for inquiries and investigations as prescribed in the provisions of the Acts concerning taxation, or according to requests for the pro- vision of tax data, which is subject to a submission obligation pur- suant to the provisions of the Acts concerning taxation;

5. Where personal credit information is provided and used in accordance with the provisions of other Acts; and

6. Where personal credit information is provided and used for the pur- poses prescribed by the Presidential Decree such as debt collection, authorization or license.

(2) Where any operator of credit information business, etc. provides personal credit information, he shall confirm the identity and purpose of use of the client pursuant to the determinations of the Financial Services Commission. 19

Act No. 8863, Feb. 29, 2008>

(3) Deleted.

Article 24-2 (Demand for Notification of Facts of Providing Credit In- formation)

Any credit information object may demand the operators of credit infor- mation business, etc., when they provide the credit information on the principal (hereinafter referred to as the "principal's information"), to make a notification of the person who has received the provision, pur- pose of use thereof, date of provision, major details of the provided prin- cipal's information, etc., under the conditions as prescribed by the Presidential Decree. In this case, the operators of credit information business, etc. shall comply with it unless there exists any special ground. [This Article Newly Inserted by Act No. 7110, Jan. 29, 2004] Article 25 (Access to Credit Information and Request for Correction) (1) Any credit information object may apply for the supply or the ex- amination of the principal's information in the possession of any oper- ator of credit information business, etc. after producing a certificate showing his identity to the operator of credit information business, etc. or having himself identified in an objective method prescribed by the Presidential Decree and where such principal's information is different from the fact, he may request a correction of such difference, under the conditions as prescribed by the Financial Services Commission. (2) Where the operator of credit information business, etc. who has re- ceived a request to make corrections pursuant to the provisions of para- graph (1) deems that there are justifiable grounds for the correction, he shall immediately record the fact that a request for correction or fact-finding is being undertaken and after suspending the provision and use of the credit information concerned without delay, shall investigate the facts and delete or correct credit information which is found to be false or which cannot be confirmed.

(3) The operator of credit information business, etc. who has deleted or corrected credit information pursuant to the provisions of paragraph (2) shall inform persons who were provided with the credit information concerned within the last six months, or other persons as requested by the credit information object of the details deleted or corrected. USE AND PROTECTION OF CREDIT INFORMATION ACT

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(4) The operator of credit information business, etc. shall notify the credit information object of the results of the processes prescribed in par- agraphs (2) and (3) within seven days, and where the credit informa- tion object is dissatisfied with the results, he may request the Financial Services Commission for the correction as determined by the Presiden- tial Decree.

(5) Where the Financial Services Commission has received a request for the correction as prescribed in the provisions of paragraph (4), he may have the Governor of the Financial Supervisory Service investigate the facts of the case and, according to the results of that investigation, may order corrections or take such measures as are necessary with regard to the operator of credit information business, etc. (6) A person who conducts an investigation pursuant to the provisions of paragraph (5) shall carry a certificate indicating his authority and present it to the persons concerned.

(7) Where the operator of credit information business, etc. takes measures of correction in accordance with correction orders of the Financial Services Commission as prescribed in the provisions of paragraph (5), he shall report the results of such measures to the Financial Services Commission. Article 26 (Prohibited Matters for Operators of Credit Information Busi- ness, etc.)

Operators of credit information business, etc. shall not conduct the fol- lowing acts, nor shall persons other than operators of credit information business conduct the acts as prescribed in the main sentence of sub- paragraph 5 as their business or the acts as prescribed in subpara- graph 6:

1. The act of giving false information to the client;

2. The act of coercing solicitations for investigation regarding credit information;

3. The act of coercing persons who are the subject of investigations concerning credit information for the provision of investigative data or responses;

4. The act of requesting or receiving money or other valuables in excess USE AND PROTECTION OF CREDIT INFORMATION ACT

21

of the maximum limits of investigation fees, inquiry fees, debt col- lection fees or charges, etc. as prescribed in the provisions of Ar- ticle 7;

5. The act of ascertaining locations of specific individuals or investi- gating private lives, etc. other than commercial transaction relation- ships such as financial transactions: Provided, That this shall not apply where the operators of credit information business who are li- censed for debt collection activities are ascertaining the locations of specific individuals for the purpose of carrying out those activities, or where they are allowed to ascertain locations of specific individuals pursuant to the provisions of other Acts or subordinate statutes;

6. The act of using the title of, or titles similar to, intelligence agents or detectives;

7. Deleted; and

8. The act of causing great damage to the investor of securities by making an inaccurate credit rating for him by intention or gross negligence. Article 26-2 (Prohibited Matters for Claim Collection Business Operators) (1) Anyone who obtains permission for performing the service provided for in the provisions of Article 4 (4) 3 (hereinafter referred to as the "claim collection business operator") shall be prohibited from using the method falling under each of the following subparagraphs when he performs his claim collection service:

1. The method of resorting to violence, threat, deceptive means or force;

2. The method of making the false information on the debt known to the debtor (including the guarantor; hereinafter the same shall apply) or his related persons (referring to the persons who live together, share the livelihood with the debtor, are the relatives of the debtor or work together with the debtor in the same workplace; hereinafter the same shall apply);

3. The method of making the fact of the debt known to anyone other than the debtor including a request for the repayment of the debt, etc. by means of postcards; and

4. The method of disturbing the privacy and business of the debtor or his related persons by causing fears and misgivings to them through the act falling under each of the following items: (a) The act of causing words, letters, sounds, images and things to USE AND PROTECTION OF CREDIT INFORMATION ACT

22

reach the debtor or his related persons;

(b) The act of visiting the debtor or his related persons without any justifiable grounds;

(c) The act of coercing the debtor to raise a repayment fund by means of borrowings or by other similar means; and

(d) The act of coercing the related persons of the debtor to repay the debt on behalf of the debtor.

(2) Every claim collection business operator may inquire about the whereabouts, etc. of the debtor to his related persons only in case where it is difficult to find out the whereabouts of the debtor on the grounds of the lost contact with the debtor. In this case, every claim collection business operator shall not make the fact of the debt known to the re- lated persons.

[This Article Newly Inserted by Act No. 7883, Mar. 24, 2006] Article 27 (Prohibition of Disclosure of Secrets for Non-Business Purposes) (1) Operators of credit information business, etc. and persons who are or were officers or employees of persons entrusted with the processing of credit information pursuant to the provisions of Article 16 (2) (herein- after referred to as "credit information business personnel") shall not disclose or use personal secrets such as credit information and private information obtained professionally for purposes other than business purposes.

(2) The following cases shall not be considered to be acts of disclosing or using credit information for purposes other than business purposes as prescribed in paragraph (1). In those cases, between credit information providers and users, or between credit information providers or users and operators of credit information business, respectively, the contracts in- cluding the safety management measures for credit information provided shall be entered into:

1. Where credit information providers or users provide other credit in- formation providers or users with credit information obtained or created in connection with their businesses to help the other credit information users or providers with their businesses; and

2. Where credit information providers or users provide operators of credit information business with credit information of others obtained or created in connection with their businesses at the request of operators USE AND PROTECTION OF CREDIT INFORMATION ACT

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of credit information business.

(3) Persons who have been provided with credit information from credit information business personnel shall not provide that credit information to others: Provided, That this shall not apply in cases where the provi- sion of information is permitted pursuant to the provisions of this Act or other Acts.

Article 28 (Indemnification for Damages)

(1) Where operators of credit information business, etc. and other users of credit information cause any damage to credit information objects by violating the provisions of this Act, they shall be liable for damages for the credit information objects concerned: Provided, That this shall not apply in cases where operators of credit information business, etc. or other users of credit information prove the absence of malice or negligence. (2) Where any claim collection business operator causes any damage to the related persons of the debtor in violation of this Act, he shall indem- nify for such damage: Provided, That the same shall not apply to a case where he prove the absence of malice or negligence.

(3) Where any operator of credit information business who has been requested to carry out the activities provided in Article 4 (4) causes damage to the client through his own fault, he shall compensate the client for damage. CHAPTER SUPPLEMENTARY PROVISIONS

Article 29 (Supervision and Inspection)

(1) The Financial Services Commission may supervise the operators of credit information business, etc. and give necessary orders them to file reports with respect to their business or property to secure sound busi- ness for them. (2) The Governor of the Financial Supervisory Service may have his of- ficials inspect business and current property of operators of credit in- formation business, etc. (3) The Governor of the Financial Supervisory Service may, where he deems it necessary to conduct an inspection referred to in paragraph (2), ask the operators of credit information business, etc. to furnish data and make persons involved are present or state their opinion. 24

by Act No. 6172, Jan. 21, 2000>

(4) The provisions of Article 25 (6) shall apply mutatis mutandis to the inspection as prescribed in paragraph (2).

(5) The Financial Services Commission may order the operators of credit information business, etc. to improve and suspend the business activities concerned, suspend the provision of credit information, or take other necessary measures according to inspection results as prescribed in paragraph (2). (6) Operators of credit information business who undergo inspections by the Financial Supervisory Service shall pay contributions for meeting inspection expenses to the Financial Supervisory Service.

(7) The sharing ratio, limit or other matters necessary for the payment of contributions referred to in paragraph (6) shall be determined by the Presidential Decree.

Article 29-2 (Special Application Example for Operator of Credit Rating Service)

The provisions of Articles 20 (1), 22 and 25 shall not apply to every oper- ator of credit rating service.

[This Article Newly Inserted by Act No. 6428, Mar. 28, 2001] Article 30 (Hearing)

Where the Financial Services Commission intends to revoke the license or authorization of an operator of credit information business pursuant to the provisions of Article 12, he shall hold a hearing. [This Article Wholly Amended by Act No. 5453, Dec. 13, 1997] Article 30-2 Deleted. Article 31 (Delegation and Entrustment of Authority) Part of the authority of the Financial Services Commission in this Act may be delegated or entrusted as determined by the Presidential Decree, to the Special Metropolitan City Mayor, Metropolitan City Mayors, Do governors or other persons as prescribed by the Presidential Decree.

USE AND PROTECTION OF CREDIT INFORMATION ACT

25

Article 32 (Penal Provisions)

(1) Any person who falls under any of the following subparagraphs shall be punished by imprisonment for not more than five years or a fine not exceeding fifty million won:

1. The person who performs the service provided for in the provisions of Article 4 (4) 3 without obtaining permission or authorization therefor in violation of the provisions of Article 4 (1) or the main sen- tence of Article 8 (1); and

2. The person who performs the debt collection service in violation of the provisions of Article 26-2 (1) 1.

(2) Any person who falls under any of the following subparagraphs shall be punished by imprisonment for not more than three years or a fine not exceeding thirty million won:

1. The person who operates the business as prescribed in Article 4 (4) 1, 2 or 4 without a license or authorization as prescribed in Article 4 (1) and (7) or the main sentence of Article 8 (1) (excluding the case where he collects and provides the credit information publicly an- nounced or opened to the public under the provisions of other Acts and subordinate statutes or through the mass media such as pub- lications, broadcasting, and the case where a credit information col- lection agency and a credit information provider or user collect and provide credit information under the provisions of this Act);

2. The person who obtains a license or authorization as prescribed in Article 4 (1) and (7) or the main sentence of Article 8 (1) by fraud- ulence or other unlawful means;

2-2. The person who violates the provisions of Article 9-2 (2);

3. The person who operates business during the period of its suspension as prescribed in Article 12 (2);

4. The person who violates the provisions of Article 15;

5. The person who is not a credit information collection agency, but builds the joint computer network as prescribed in Article 17 (6);

6. The person who violates the provisions of Article 23; USE AND PROTECTION OF CREDIT INFORMATION ACT

26

7. The person who violates the provisions of Article 24 (1);

8. The person who violates the provisions of subparagraphs 1 through 3, 5, 6 or 8 of Article 26;

8-2. The person who performs the debt collection service in violation of the provisions of Article 26-2 (1) 2 or 4;

9. The person who violates the provisions of Article 27;

10. The person who violates the order of the Financial Services Commission as prescribed in Article 29 (5); and

11. The person who modifies or deletes information or makes it unusable in a credit information computer system (including a joint computer network) without authority, or who searches, copies or uses by other means credit information without authority.

(3) Any person who falls under any of the following subparagraphs shall be punished by imprisonment for not more than one year or a fine not exceeding ten million won:

1. The person who violates the provisions of Article 9-3 (2); 1-2. The person who violates the provisions of Article 11;

2. The person who entrusts the collection and investigation of credit in- formation without the client's consent in violation of the provisions of Article 16 (1);

3. The person who entrusts the processing of credit information to a per- son not satisfying the requirements in violation of the provisions of Article 16 (2), and the trustee;

4. The person who violates the provisions of Article 20 (2);

5. The person who violates the provisions of Article 21;

6. The person who violates the correction orders as prescribed in Ar- ticle 25 (5);

7. The person who violates the provisions of subparagraph 4 of Ar- ticle 26;

8. The operator of credit information business who has committed the act falling under any debt collection service after having been com- missioned by a person who is not a credit information provider or user; and

9. The operator of credit information business who has committed the act falling under any debt collection service for a claim that is not USE AND PROTECTION OF CREDIT INFORMATION ACT

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the claim provided for in the provisions of subparagraph 10 of Ar- ticle 2.

[This Article Wholly Amended by Act No. 5378, Aug. 28, 1997] Article 33 Deleted. Article 34 (Joint Penal Provisions)

Where the representative of a juristic person, or any agent, employee or other employed person of a juristic person or an individual violates the provisions of Article 32 in connection with business of the juristic person or individual, the fine as prescribed in the same Article shall be imposed upon the juristic person or individual concerned in addition to the pun- ishment of the violator. Article 35 (Fine for Negligence)

(1) Any person who inquires the related persons of the debtor about the whereabouts, etc. of the debtor in violation of the provisions of Article 26-2 (2) or makes the fact of the debt known to the related persons of the debtor shall be punished by a fine for negligence not exceeding 20 million won. (2) Any person who falls under any of the following subparagraphs shall be punished by a fine for negligence not exceeding 5 million won:

1. The person who fails to produce his certificate to persons concerned in violation of the provisions of Article 9 (2); and

2. The person who performs the debt collection service in violation of the provisions of Article 26-2 (1) 3.

(3) Any person falling under any of the following subparagraphs shall be punished by a fine for negligence not exceeding three million won:

1. A person who violates the proviso of Article 8 (1) or the provisions of Article 8 (4);

1-2. A person who violates the provisions of Article 9-2 (3), (4) or (5); 1-3. A person who violates the provisions of Article 10;

2. A person who violates the provisions of Article 18 (2);

3. A person who violates the provisions of Article 19;

4. A person who violates the provisions of Article 20 (1);

5. A person who violates the provisions of Article 22; USE AND PROTECTION OF CREDIT INFORMATION ACT

28

6. A person who violates the provisions of Article 24 (2);

7. A person who violates the provisions of Article 25 (2), (3) or (7) or who fails to notify as prescribed in the provisions of Article 25 (4); 7-2. A person who fails to make a notification under the provisions of Article 24-2; and

8. A person who rejects, hinders or dodges the order, inspection and request under the provisions of Article 29 (1) through (3). (4) A fine for negligence referred to in paragraphs (1) through (3) shall be imposed and collected by the Financial Services Commission under the conditions as prescribed by the Presidential Decree. (5) A person who is dissatisfied with the disposition of a fine for negli- gence as prescribed in the provisions of paragraph (4) may raise an ob- jection to the Financial Services Commission within 30 days from the date of receipt of notice of that disposition. (6) Where a person who has received the disposition of a fine for neg- ligence as prescribed in the provisions of paragraph (4) raises an objection pursuant to the provisions of paragraph (5), the Financial Services Com- mission shall notify the competent court of it without delay, and the court which has received such notice shall bring a fine for negligence to trial in accordance with the Non-Contentious Case Litigation Procedure Act.

(7) Where no objection has been made and nor has fine for negligence been paid within the period as prescribed in paragraph (5), it shall be collected pursuant to the examples of dispositions on the national or lo- cal taxes in arrears. ADDENDA

(1) (Enforcement Date) This Act shall enter into force six months after the date of its promulgation.

(2) (Abrogation of Other Acts) The Credit Investigation Business Act is repealed.

(3) (Transitional Measures concerning Licensing of Credit Investigators) A person who had received a credit investigation business license pursuant USE AND PROTECTION OF CREDIT INFORMATION ACT

29

to the Credit Investigation Business Act at the time of the entry into force of this Act shall be regarded as an operator of credit information business who may operate only the activities and related activities of subparagraph 1 of Article 6 of this Act: Provided, That where he intends to operate the activities prescribed in subparagraph 2 or 3 of Article 6 of this Act, he shall receive a license pursuant to the provisions of Article 4 of this Act. In this case, where a person who applies for a license pursuant to these provisions obtains the approval of the Minister of Finance and Economy upon submitting capital increase plans in order to satisfy the capital requirements prescribed in the provisions of Article 5 of this Act, he shall be regarded as having received a license pursuant to the provisions of Ar- ticle 4 of this Act until the completion of capital increase according to the capital increase plans.

(4) (Transfer of Business of Credit Investigator) Where a person who had received a credit investigation business license pursuant to the Credit Investigation Business Act at the time of the entry into force of this Act wishes to transfer the business, the transferee shall be a juristic person which has received a credit information business license pursuant to the provisions of Article 4.

(5) (Transitional Measures concerning Penalties and Fines) In terms of the penalties and fines for negligence for acts committed prior to the entry into force of this Act, the previous provisions of the Credit Investigation Act shall apply.

ADDENDA

Article 1 (Enforcement Date)

This Act shall enter into force three months after the date of its promul- gation.

Article 2 (Transitional Measures concerning License of Operator of Credit Information Business)

(1) At the time when this Act enters into force, any person who has ob- tained the license for the credit information business as prescribed in Article 4 of the Use and Protection of Credit Information Act, Act No. 4866, shall be regarded as having obtained the license for all activities as prescribed in the amended provisions of subparagraphs of Article 4 (3), and the operator of credit information business who may operate only the activities as prescribed in subparagraph 1 of Article 6 of the same Act under the provisions of paragraph (3) of the Addenda of the same Act USE AND PROTECTION OF CREDIT INFORMATION ACT

30

and their incidental activities (hereinafter referred to as the "credit investigator") shall be regarded as having obtained the license for the activities as prescribed in the amended provisions of Article 4 (3) 1. (2) Where the credit investigator satisfies the requirements of the capital as prescribed in the amended provisions of Article 5 (including the case where a person who desires to operate the activities as prescribed in Ar- ticle 4 (3) 3 as a credit investigator pays not less than fifty hundredths of the minimum capital within the period of two years after this Act en- ters into force, under the provisions of Article 3 (1) of the Addenda), the activities as prescribed in Article 4 (3) 2 and 3 may be licensed, not- withstanding the amended provisions of Article 4 (2). Article 3 Deleted. Article 4 (Transfer of Business and Stock by Credit Investigator) (1) The credit investigator may transfer his business only to the juristic person licensed under the amended provisions of Article 4, which makes a transferee.

(2) Where a person other than the largest stockholder of the credit in vestigator (including any person who has got a license of Article 4 (3) 2 or 3 in accordance with the provisions of Article 2 (2) of the Addenda) for the business described in Article intends to be the largest stock- holder by acquiring the stocks of the credit investigator, he shall in ad- vance obtain authorization from the Financial Services Commission. (3) The Financial Services Commission may cancel the license of a credit information business for violation of the provisions of paragraphs (1) and (2). Article 5 (Establishment of Business Office by Credit Investigator) Where the credit investigator desires to establish a business office, he shall obtain a license from the Financial Services Commission: Provided, That where the credit investigator satisfies the requirements of the capital as referred to in the amended provisions of Article 5, this shall not apply. Article 6 (Transitional Measures concerning Designation of Credit In- formation Collection Agency)

Any person who has been designated as a credit information collection agency under the previous provisions of Article 17 (1) at the time when this Act enters into force, shall be regarded as having been designated as a comprehensive credit information collection agency as prescribed in USE AND PROTECTION OF CREDIT INFORMATION ACT

31

the amended provisions of Article 17 (2) 1.

Article 7 Deleted. ADDENDA

Article 1 (Enforcement Date)

This Act shall enter into force on January 1, 1998. (Proviso Omitted.) Article 2 Omitted.

ADDENDA

Article 1 (Enforcement Date)

This Act shall enter into force on the date of its promulgation. Articles 2 through 14 Omitted.

ADDENDA

(1) (Enforcement Date) This Act shall enter into force on April 1, 1998. (Proviso Omitted.)

(2) (Transitional Measures on Disposition) At the time of the entry into force of this Act, authorization or other actions taken by administrative agencies, or various reports or other actions submitted to administrative agencies under this previous provisions, shall be deemed to be actions taken by or submitted to administrative agencies under this Act. (3) through (5) Omitted.

ADDENDA

Article 1 (Enforcement Date)

This Act shall enter into force on the date of its promulgation. Article 2 (Transitional Measures regarding Capital Stock Requirements) (1) Where the credit investigator (hereinafter referred to as "credit in- vestigator") under Article 2 of the Addenda of the amended Use and Protection of Credit Information Act (Act No. 5378) fails to meet the capital stock requirements under the amended provisions of Article 5 at the time of the entry into force of this Decree, he shall pay the minimum capital stock under the amended provisions of the same Article by No- vember 29, 1999.

(2) Where the credit investigator fails to meet the requirements under paragraph (1), the Financial Supervisory Commission may cancel the au- thorization granted to the credit investigator under the conditions as USE AND PROTECTION OF CREDIT INFORMATION ACT

32

prescribed by the Ordinance of the Ministry of Finance and Economy.

Article 3 (Transitional Measure Regarding Registration of Credit Infor- mation Collection Agency)

Those which have been designated or registered as credit information col- lection agencies under the previous provisions at the time of the entry into force of this Act shall be deemed to have been registered as com- prehensive credit information collection agencies or independent credit information collection agencies equivalent thereto pursuant to amend- ments to Article 17 (1) and (2).

ADDENDA

Article 1 (Enforcement Date)

This Act shall enter into force on the date of its promulgation. (Proviso Omitted.)

Articles 2 through 6 Omitted.

ADDENDA

Article 1 (Enforcement Date)

This Act shall enter into force on March 1, 2000. Articles 2 and 3 Omitted.

ADDENDA

(1) (Enforcement Date) This Act shall enter into force three months from the date of its promulgation.

(2) (Transitional Measures concerning Cause of Disqualification for Person Engaged in Credit Information Business) Any person who engages in the credit information business falls under the cause of disqualification under the amended provisons of Article 9 for the cause that has occurred prior to the enforcement of this Act at the time that this Act is enforced shall be dealt with according to the previous provisions notwithstanding the amended provisions.

(3) (Transitional Measures concerning Fine for Negligence) The application of any fine for negligence against any act committed prior to the enforce- ment of this Act shall be dealt with according to the previous provisions. ADDENDA

(1) (Enforcement Date) This Act shall enter into force three months after USE AND PROTECTION OF CREDIT INFORMATION ACT

33

the date of its promulgation.

(2) (Application Example concerning Use of Similar Name) The amended provisions of Article 11 shall not apply to any person who has used the name of credit rating or other name similar thereto from among trade names prior to the enforcement of this Act.

(3) (Transitional Measures concerning Credit Rating Service) Any person who has obtained approval for concurrently rendering the credit rating service from the Financial Supervisory Commission under the proviso of Ar- ticle 10 and any other person who has been designated as an institution specializing in the credit rating of non-guaranteed bonds from the Com- missioner of the Financial Supervisory Service shall be each deemed to ob- tain a license for the credit rating service only for a fixed period of 6 months from the date of the enforcement of this Act, and they may be engaged in the credit rating service within the scope of the service previously approved or designated for the relevant period.

ADDENDUM

This Act shall enter into force three months after the date of its promulgation. ADDENDA

Article 1 (Enforcement Date)

This Act shall enter into force three months after the date of its prom- ulgation.

Articles 2 through 4 Omitted.

ADDENDUM

This Act shall enter into force on the date of its promulgation: Provided, That the amended provisions of Article 24-2 shall enter into force six months after the date of its promulgation.

ADDENDA

Article 1 (Enforcement Date)

This Act shall enter into force three months after the date of its prom- ulgation.

Article 2 Omitted.

ADDENDA

Article 1 (Enforcement Date)

USE AND PROTECTION OF CREDIT INFORMATION ACT

34

This Act shall enter into force one year after the date of its promulgation. Articles 2 through 6Omitted.

ADDENDA

(1) (Enforcement Date) This Act shall enter into force six months after the date of its promulgation.

(2) (Application Example concerning Indemnification for Damage) The amended provisions of Article 28 (2) shall apply to the damage that is caused by the violation of this Act on or after the date when this Act enters into force.

(3) (Transitional Measure concerning Penal Provisions) The application of the penal provisions to any act that is performed before this Act enters into force shall be governed by the previous provisions. ADDENDA

Article 1 (Enforcement Date)

This Act shall enter into force on the date of its promulgation. Articles 2 through 5 Omitted.


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