Regulatory Alerts2017-08-11
Amendment to the Enforcement Decree of the Act on Registration of Credit Business and Protection of Finance Users
The Financial Services Commission has proposed an amendment to the Enforcement Decree of the Act on Registration of Credit Business and Protection of Finance Users that lowers the statutory interest rate cap for moneylenders and specialized credit finance companies to 24 percent annually. This regulatory change directly reduces consumer borrowing costs by capping the maximum chargeable interest on credit extensions. The updated decree applies to all registered financial entities and takes effect upon official publication.
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