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.
Amendment Proposed to the Enforcement Decree of the Act on Registration of Credit Business, etc. and Protection of Finance Users
Date
2017-08-11
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Amendment Proposed to the Enforcement Decree of the Act on Registration of Credit Business, etc. and Protection of Finance Users_.pdf (fileSize: 129KB)
The Financial Services Commission announced on August 7, 2017, an amendment to the Enforcement Decree of the Act on Registration of Credit Business, etc. and Protection of Finance Users. The proposed amendment reduces consumer borrowing cost by lowering the legal limit on interest rates that moneylenders and specialized credit finance companies can charge to 24% a year.
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Department/Division in charge of Information management
Department/Division In charge
International Affairs Department(Financial Hub Korea) International Cooperation Team
Phone Number
+82-2-3145-7895