KOREA INCLUSIVE FINANCE AGENCY

Article 1 (Purpose)
The purpose of this Act is to contribute to stabilization of ordinary people’s lives and balanced development of economy and society by supporting the financial life of ordinary people and the debt settlement for individual debtors by establishing the Korea Inclusive Finance Agency and the Credit Counseling and Recovery Service.

Article 2 (Definition)
The terms used in this Act are defined as follows:
1. The term "financial company" means any of the following persons:
(a) Banks under the Banking Act;
(b) The Korea Development Bank under the Korea Development Bank Act;
(c) The Industrial Bank of Korea under the Industrial Bank of Korea Act;
(d) Insurance company under the Insurance Business Act;
(e) Unions, Nonghyup Bank, Nonghyup Life Insurance, Co., Ltd., and Nonghyup Property and Casualty Insurance, Co., Ltd. under the Agricultural Cooperatives Act;
(f) Cooperatives and Suhyup Bank under the Fisheries Cooperatives Act;
(g) Mutual savings banks under the Mutual Savings Banks Act;
(h) Community credit cooperatives established under the Community Credit Cooperatives Act;
(i) Credit unions established under the Credit Unions Act;
(j) Financial investment operators and merchant banks under the Financial Investment Services and Capital Markets Act;
(k) Communications agencies under the Postal Savings and Insurance Act;
(l) Specialized credit finance company under the Specialized Credit Finance Business Act;
(m) Cooperatives established under the Forestry Cooperatives Act;
(n) Any person who engages in financial business under other Acts, as prescribed by Presidential Decree;
2. The term "deposit, etc." means any of the following:
(a) Money and interest thereon accrued due to the financial company bearing the debt from many unspecified persons by means of deposit (including cost of issuing cashier's check issued pursuant to the Check Act (hereinafter referred to as cashier's check)), installment savings, installment, etc.;
(b) Refunds, insurance, and dividends of a contractor paid in the future pursuant to an insurance contract with the financial company;
3. The term "dormant deposit, etc." means any of the following items:
(a) Dormant deposit: The deposit among deposits of the financial company in which the extinctive prescription of bonds or claim has been completed pursuant to the regulations of the relevant Act and the contract with the person concerned;
(b) Unclaimed profit: Profit, such as dividends, whose transfer of title is not made in the name of the investor after it is returned to the investor through the depositor under Article 314 of the Financial Investment Services and Capital Markets Act, hence received and managed by the Korea Securities Depository for at least for 10 years in accordance with the exercise of the rights of stock certificates(limited to money; in the case of sales of profit other than money, the sale proceeds shall be included) in the name of the Korea Securities Depository, established pursuant to Article 294 of the same Act (hereinafter referred as "unclaimed profit");
4. The term "original right holder of a dormant deposit, etc." means a person who has lost the claim or right for his or her deposit, etc. or the owner of the unclaimed profit (including a person who was the owner), who has failed to receive the unclaimed profit due to completion of extinctive prescription;
5. The term "programs for supporting the financial life of ordinary people" means the following business:
(a) Business of lending unsecured loans and credit guarantee business to support business start-ups, employment, housing, medical-care, and education of low-income people;
(b) Business for unsecured loans and credit guarantee business to support the economic rehabilitation of debt delinquents;
(c) Business to support the execution and performance of the insurance contracts with low-income people;
(d) Projects for asset formation support for low-income people;
(e) Comprehensive counseling, education, and provision of information concerning the financial life of ordinary people;
(f) Support with employment to support economic self-independence of ordinary people;
(g) Unsecured loan business for supporting the business of small private entrepreneurs;
(h) Other businesses prescribed by Presidential Decree, for the stabilization of ordinary people’s living;
6. The term "business execution organization" means a person who meets the qualifications prescribed by Presidential Decree in consideration of financial capabilities, capabilities to conduct business, etc., who conducts business for supporting the financial life of ordinary people (excluding credit guarantee business referred to in subparagraph 5 (a) and (b));
7. The term "credit guarantee" means that assured by the Korea Inclusive Finance Agency under Article 3 on the following debts borne by an individual:
(a) Monetary debts an individual owes to the financial company, upon receipt of a loan, benefit, etc. of funds from the financial company;
(b) Other monetary debt determined by Presidential Decree in consideration of the necessity, etc. of support for the financial life of ordinary people among the debt of an individual.
8. The term "financial association" means any of the following persons:
(a) An association prescribed by the Financial Services Commission (hereinafter referred to as "Bank Association"), from among the Associations established with banks, etc. under the Banking Act as its members;
(b) An association composed of life insurance companies and the association composed of non-life insurance companies among insurance associations established pursuant to Article 175 of the Insurance Business Act;
(c) The National Federation under the Agricultural Cooperatives Act;
(d) The National Federation under the Fisheries Cooperatives Act;
(e) The Korea Federation of Savings Banks established under the Mutual Savings Banks Act;
(f) The National Federation of Community Credit Cooperatives under the Community Credit Cooperatives Act;
(g) The National Credit Union Federation of Korea under the Credit Unions Act;
(h) The specialized credit finance business association under the Specialized Credit Finance Business Act;
(i) The National Federation under the Forestry Cooperatives Act;
(j) An institution prescribed by Presidential Decree, which is established with a financial company as its member under other statutes.

Article 56 (Establishment)
(1) A Credit Counseling and Recovery Service (hereinafter referred to as the "Committee") shall be established for assistance, etc. on debt settlement of an individual debtor.
(2) The Committee shall be a corporation.
(3) Except as otherwise provided in this Act concerning the Committee, the provisions concerning an incorporated association under the Civil Act shall apply mutatis mutandis.

Article 57 (Registration)
(1) The Committee shall be incorporated upon registration for incorporation at the location of its main office.
(2) Matters concerning the registration for incorporation under paragraph (1), the registration for alteration, and other registration, shall be prescribed by Presidential Decree.
(3) The Committee shall not prevail over a third party, unless relevant matters to be registered are registered.

Article 58 (Offices)
(1) The location of the main office of the Committee shall be prescribed by the articles of incorporation.
(2) The Committee may establish branches or sub-branches in necessary places, as prescribed by its articles of incorporation.

Article 59 (Articles of incorporation)
(1) The articles of incorporation of the Committee shall include the following:
1. Objectives;
2. Name;
3. Matters concerning its offices;
4. Matters concerning its business;
5. Matters concerning members;
6. Matters concerning property and accounting;
7. Matters concerning the organization;
8. Matters concerning revisions to the articles of association;
9. Matters concerning public announcement and the method thereof;
10. Other matters specified by Presidential Decree.
(2) To amend the articles of incorporation, the Committee shall first obtain authorization from the Financial Services Commission.

Article 60 (Business of the Committee)
The Committee shall deliberate and resolve on the following matters:
1. Formulation and implementation of business plans of the Committee;
2. Formulation, amendment, and abolition of the articles of incorporation and regulations of the Committee;
2-2. Compilation, amendment and settlement of the budget of the Committee;
3. Matters concerning agreements on credit recovery support under Article 75;
4. Debt counseling for an individual debtor, the receipt of an application for supporting debt settlement, and assistance in debt settlement;
5. Follow-up management for an individual debtor whose debt settlement has been decided;
6. Application for rehabilitation procedures or bankruptcy procedures under the Debtor Rehabilitation and Bankruptcy Act for an individual debtor, and support for all necessary matters therefor;
7. Other matters the Committee deems necessary.

Article 61 (Composition of the Committee)
(1) The Committee shall be comprised of up to 15 members including a Chairperson.
(2) The Chairperson shall be appointed by the President upon the recommendation by the Chairman of the Financial Services Commission, from among persons with abundant knowledge and experience regarding debt settlement.
(3) The following persons shall serve as the members of the Committee:
1. President of Bank Association;
2. President of the association composed of life insurance companies, among insurance associations established pursuant to Article 175 of the Insurance Business Act;
3. President of the association composed of non-life insurance companies, among insurance associations established pursuant to Article 175 of the Insurance Business Act;
4. President of Specialized Credit Financial Business Association incorporated pursuant to Article 62 of the Specialized Credit Finance Business Act;
5. President of Korea Federation of Savings Banks incorporated pursuant to Article 25 of the Mutual Savings Banks Act;
6. Mutual finance chief executive officer of the National Agricultural Cooperative Federation incorporated pursuant to the Agricultural Cooperatives Act;
7. Vice Director of the Agency;
8. A person commissioned by the Chairperson of the Financial Services Commission, from among any of the following persons with abundant knowledge and experience regarding consumer protection and assistance in the debt settlement for an individual debtor:
(a) A person with at least five years’ work experience in a consumer organization registered under Article 29 of the Framework Act on Consumers;
(b) A person who has majored in the field related to consumers and has at least five years’ work experience in a position of at least equivalent to an associate professor at a university, college, or research institute;
(c) A person qualified as a lawyer or certified public accountant with at least five years’ work experience in the business related to the relevant qualifications;
(d) A person with at least five years’ work experience in a non-profit, non-governmental organization registered under Article 4 of the Assistance for Non-Profit, Non-Governmental Organizations Act;
(e) Other persons with the qualifications prescribed by Presidential Decree and with abundant knowledge and experience concerning finance, economy, and society.
(4) The Committee shall be comprised of members able to represent the interests of creditors and debtors in a fair and balanced manner.
(5) The Committee shall have an auditor to audit matters concerning its business and accounting.
(6) The auditor shall be appointed or dismissed by the Financial Services Commission.
(7) The term of office of a Chairperson, members under paragraph (3) 8, and an auditor shall be three years, and may be reappointed once. The same shall also apply to those newly appointed due to a vacancy.
(8) Members and the auditor except for the Chairperson shall be non-standing and unpaid; provided, actual expenses incurred in performing duties may be paid, as prescribed by the articles of incorporation.
(9) Members of the Committee shall be deemed directors of the Committee.
Article 62 (Establishment of secretariat)
(1) To assist the duties of the Committee and handle general affairs, the Committee has a secretariat.
(2) Necessary matters for the organization and operation of the secretariat shall be prescribed by Presidential Decree.
Article 63 (Chairperson' duties)
(1) The Chairperson shall represent the Committee and manage all duties of the Committee.
(2) Where the Chairperson becomes unable to perform any of his or her duties due to any extenuating circumstance, members of the Committee shall act on behalf of the Chairperson, according to the order of priority determined by the articles of incorporation.
Article 64 (Grounds for disqualification of members)
None of the following persons shall become a member of the Committee:
1. A person who is not a national of the Republic of Korea;
2. Any person falling under each subparagraph of Article 33 of the State Public Officials Act.
Article 65 (Guarantee of status for members)
Except in any of the following cases, no member shall be dismissed against his or her will during his or her term of office:
1. Where he or she falls under any of the subparagraphs of Article 64;
2. Where he or she violates this Act or the order or articles of incorporation under this Act;
3. Where he or she becomes seriously unable to perform any of his or her duties due to mental or physical incapacity.
Article 66 (Meetings of Committee)
(1) The meetings of the Committee shall be convened by the Chairperson, where deemed necessary by the Chairperson, or where requested by at least one-third of all registered members.
(2) The meetings of the Committee shall be assembled with a majority of registered members present, and pass resolutions with the consent of a majority of those present.
(3) The auditor may attend the Committee and state his or her opinion.
Article 67 (Appointment of agents)
The Chairperson may appoint an agent with authority to do all acts judicially or extra-judicially concerning the affairs of the Committee, from among executive officers and employees.

Article 68 (Business year)
The business year of the Committee shall coincide with the fiscal year of the Government.

Article 69 (Submission of business plans)
(1) The Committee shall submit a business plan and a budget bill for each business year to the Financial Services Commission following a resolution by the Committee and obtain approval thereof from the Financial Services Commission, as prescribed by Presidential Decree:
1. Deleted;
2. Deleted.
(2) Where it is intended to obtain approval by modifying important matters of a business plan or budget bill under paragraph (1), it shall submit to the Financial Services Commission a business plan or budget bill specifying the matters to be modified and the grounds therefor in advance.
(3) The Committee shall submit the statement of settlement of accounts externally audited to the Financial Services Commission, following a resolution by the Committee within 3 months after the end of each business year.

Article 70 (Basic principle of debt settlement)
(1) Debt settlement shall be performed fairly and promptly in consideration of an individual debtor’s assets, income level, living conditions, etc.
(2) An individual debtor shall provide accurate information on his or her own circumstances.
(3) A person who has entered into an agreement on credit recovery support with the Committee pursuant to Article 75 (2) (hereinafter referred to as "credit financial company") shall cooperate proactively for the debt settlement of an individual debtor.

Article 71 (Application for debt settlement)
(1) An individual debtor intending to obtain debt settlement may apply for debt settlement to the Committee.
(2) Where an individual debtor having applied for debt settlement under paragraph (1) falls under any of the following, the Committee may return his or her application:
1. Where he or she is not entitled to apply for debt settlement of the agreement on credit recovery support under Article 75 (1);
2. Where he or she fails to submit the documents requested by the Committee, or prepares and submits false documents.
(3) Other matters necessary for the requirements, method, procedure, etc. to apply for debt settlement shall be prescribed by Presidential Decree.

Article 72 (Procedure for debt settlement)
(1) Upon receipt of an application for debt settlement from a individual debtor, the Committee shall immediately notify the credit financial company of such, unless any extenuating circumstance exists.
(2) Upon being notified pursuant to paragraph (1), the credit financial company shall report the details of debt of an individual debtor to the Committee.
(3) Upon receipt of an application under paragraph (2) from the credit financial company, the Committee shall deliberate on and resolve a plan for debt settlement within the period prescribed by Presidential Decree.
(4) The Committee shall notify the credit financial company of a plan for debt settlement deliberated on and resolved pursuant to paragraph (3), and the credit financial company shall respond to the Committee as to whether it agrees with such plan.
(5) A plan for debt settlement referred to in paragraph (4) shall be finalized, where it is agreed by the credit financial company possessing a majority of bonds between the sum total of unsecured claim and the sum total of secured claim (referred to bonds falling under the effective collateral value within the range of liquidation value of the corresponding property).
(6) Where a plan for debt settlement is finalized pursuant to paragraph (5), the Committee shall notify the individual debtor and the credit financial company of such plan, respectively.
(7) Except as otherwise provided in paragraphs (1) through (6), matters necessary for the detailed procedures, deadline, etc. of debt settlement shall be prescribed by Presidential Decree.

Article 73 (Method of debt settlement)
Debt settlement may be valid in any of the following manners, as to bonds possessed by the credit financial company:
1. Extension of redemption period;
2. Installment redemption;
3. Adjustment of interest rate;
4. Postponement of redemption;
5. Reduction of and exemption from debt;
6. Other methods prescribed by Presidential Decree as corresponding thereto.

Article 74 (Effect of debt settlement)
(1) Where an individual debtor and the credit financial company accept a plan for debt settlement notified pursuant to Article 72 (6), such an agreement shall be deemed concluded.
(2) Where the credit financial company transfers bonds subject to an agreement concluded pursuant to paragraph (1), to a third party, the effect of debt settlement shall equally reach a transferee.

Article 75 (Agreement on credit recovery support)
(1) To effectively and rapidly facilitate debt settlement for an individual debtor, the Committee may determine matters necessary for its standard, procedure, method, etc. in the agreement on credit recovery
support (hereinafter referred to as "Agreement").
(2) The Committee may enter into an Agreement with any of the following persons:
1. The Agency;
2. The financial company;
3. A person designated by Presidential Decree as corresponding to a financial company;
4. A person determined by the Committee as obligated to conclude an Agreement and who holds bonds over an individual debtor.
(3) Except in extenuating circumstances prescribed by Presidential Decree, such as in cases of not possessing bonds over an individual debtor, a person who falls under paragraph (2) 2 or 3 shall conclude an Agreement with the Committee.
(4) In cases prescribed by Presidential Decree, such as in cases of not holding bonds over an individual debtor, the credit financial company may cancel the relevant Agreement.
(5) To alter any content of an Agreement, the Committee shall undergo the resolution of the Committee.

Article 76 (Fees)
(1) The Committee may collect fees concerning support for debt settlement from any of the following persons:
1. An individual debtor having requested support for debt settlement;
2. A person having concluded an Agreement pursuant to Article 75 (2).
(2) Matters necessary for the amount of fees, the method of collection, etc. under paragraph (1) shall be determined by the Committee.
Article 77 Deleted.

Article 56 (Establishment)
(1) A Credit Counseling and Recovery Service (hereinafter referred to as the "Committee") shall be established for assistance, etc. on debt settlement of an individual debtor.
(2) The Committee shall be a corporation.
(3) Except as otherwise provided in this Act concerning the Committee, the provisions concerning an incorporated association under the Civil Act shall apply mutatis mutandis.

Article 57 (Registration)
(1) The Committee shall be incorporated upon registration for incorporation at the location of its main office.
(2) Matters concerning the registration for incorporation under paragraph (1), the registration for alteration, and other registration, shall be prescribed by Presidential Decree.
(3) The Committee shall not prevail over a third party, unless relevant matters to be registered are registered.

Article 58 (Offices)
(1) The location of the main office of the Committee shall be prescribed by the articles of incorporation.
(2) The Committee may establish branches or sub-branches in necessary places, as prescribed by its articles of incorporation.

Article 59 (Articles of incorporation)
(1) The articles of incorporation of the Committee shall include the following:
1. Objectives;
2. Name;
3. Matters concerning its offices;
4. Matters concerning its business;
5. Matters concerning members;
6. Matters concerning property and accounting;
7. Matters concerning the organization;
8. Matters concerning revisions to the articles of association;
9. Matters concerning public announcement and the method thereof;
10. Other matters specified by Presidential Decree.
(2) To amend the articles of incorporation, the Committee shall first obtain authorization from the Financial Services Commission.

Article 60 (Business of the Committee)
The Committee shall deliberate and resolve on the following matters:
1. Formulation and implementation of business plans of the Committee;
2. Formulation, amendment, and abolition of the articles of incorporation and regulations of the Committee;
2-2. Compilation, amendment and settlement of the budget of the Committee;
3. Matters concerning agreements on credit recovery support under Article 75;
4. Debt counseling for an individual debtor, the receipt of an application for supporting debt settlement, and assistance in debt settlement;
5. Follow-up management for an individual debtor whose debt settlement has been decided;
6. Application for rehabilitation procedures or bankruptcy procedures under the Debtor Rehabilitation and Bankruptcy Act for an individual debtor, and support for all necessary matters therefor;
7. Other matters the Committee deems necessary.

Article 61 (Composition of the Committee)
(1) The Committee shall be comprised of up to 15 members including a Chairperson.
(2) The Chairperson shall be appointed by the President upon the recommendation by the Chairman of the Financial Services Commission, from among persons with abundant knowledge and experience regarding debt settlement.
(3) The following persons shall serve as the members of the Committee:
1. President of Bank Association;
2. President of the association composed of life insurance companies, among insurance associations established pursuant to Article 175 of the Insurance Business Act;
3. President of the association composed of non-life insurance companies, among insurance associations established pursuant to Article 175 of the Insurance Business Act;
4. President of Specialized Credit Financial Business Association incorporated pursuant to Article 62 of the Specialized Credit Finance Business Act;
5. President of Korea Federation of Savings Banks incorporated pursuant to Article 25 of the Mutual Savings Banks Act;
6. Mutual finance chief executive officer of the National Agricultural Cooperative Federation incorporated pursuant to the Agricultural Cooperatives Act;
7. Vice Director of the Agency;
8. A person commissioned by the Chairperson of the Financial Services Commission, from among any of the following persons with abundant knowledge and experience regarding consumer protection and assistance in the debt settlement for an individual debtor:
(a) A person with at least five years’ work experience in a consumer organization registered under Article 29 of the Framework Act on Consumers;
(b) A person who has majored in the field related to consumers and has at least five years’ work experience in a position of at least equivalent to an associate professor at a university, college, or research institute;
(c) A person qualified as a lawyer or certified public accountant with at least five years’ work experience in the business related to the relevant qualifications;
(d) A person with at least five years’ work experience in a non-profit, non-governmental organization registered under Article 4 of the Assistance for Non-Profit, Non-Governmental Organizations Act;
(e) Other persons with the qualifications prescribed by Presidential Decree and with abundant knowledge and experience concerning finance, economy, and society.
(4) The Committee shall be comprised of members able to represent the interests of creditors and debtors in a fair and balanced manner.
(5) The Committee shall have an auditor to audit matters concerning its business and accounting.
(6) The auditor shall be appointed or dismissed by the Financial Services Commission.
(7) The term of office of a Chairperson, members under paragraph (3) 8, and an auditor shall be three years, and may be reappointed once. The same shall also apply to those newly appointed due to a vacancy.
(8) Members and the auditor except for the Chairperson shall be non-standing and unpaid; provided, actual expenses incurred in performing duties may be paid, as prescribed by the articles of incorporation.
(9) Members of the Committee shall be deemed directors of the Committee.
Article 62 (Establishment of secretariat)
(1) To assist the duties of the Committee and handle general affairs, the Committee has a secretariat.
(2) Necessary matters for the organization and operation of the secretariat shall be prescribed by Presidential Decree.
Article 63 (Chairperson' duties)
(1) The Chairperson shall represent the Committee and manage all duties of the Committee.
(2) Where the Chairperson becomes unable to perform any of his or her duties due to any extenuating circumstance, members of the Committee shall act on behalf of the Chairperson, according to the order of priority determined by the articles of incorporation.
Article 64 (Grounds for disqualification of members)
None of the following persons shall become a member of the Committee:
1. A person who is not a national of the Republic of Korea;
2. Any person falling under each subparagraph of Article 33 of the State Public Officials Act.
Article 65 (Guarantee of status for members)
Except in any of the following cases, no member shall be dismissed against his or her will during his or her term of office:
1. Where he or she falls under any of the subparagraphs of Article 64;
2. Where he or she violates this Act or the order or articles of incorporation under this Act;
3. Where he or she becomes seriously unable to perform any of his or her duties due to mental or physical incapacity.
Article 66 (Meetings of Committee)
(1) The meetings of the Committee shall be convened by the Chairperson, where deemed necessary by the Chairperson, or where requested by at least one-third of all registered members.
(2) The meetings of the Committee shall be assembled with a majority of registered members present, and pass resolutions with the consent of a majority of those present.
(3) The auditor may attend the Committee and state his or her opinion.
Article 67 (Appointment of agents)
The Chairperson may appoint an agent with authority to do all acts judicially or extra-judicially concerning the affairs of the Committee, from among executive officers and employees.

Article 68 (Business year)
The business year of the Committee shall coincide with the fiscal year of the Government.

Article 69 (Submission of business plans)
(1) The Committee shall submit a business plan and a budget bill for each business year to the Financial Services Commission following a resolution by the Committee and obtain approval thereof from the Financial Services Commission, as prescribed by Presidential Decree:
1. Deleted;
2. Deleted.
(2) Where it is intended to obtain approval by modifying important matters of a business plan or budget bill under paragraph (1), it shall submit to the Financial Services Commission a business plan or budget bill specifying the matters to be modified and the grounds therefor in advance.
(3) The Committee shall submit the statement of settlement of accounts externally audited to the Financial Services Commission, following a resolution by the Committee within 3 months after the end of each business year.

Article 70 (Basic principle of debt settlement)
(1) Debt settlement shall be performed fairly and promptly in consideration of an individual debtor’s assets, income level, living conditions, etc.
(2) An individual debtor shall provide accurate information on his or her own circumstances.
(3) A person who has entered into an agreement on credit recovery support with the Committee pursuant to Article 75 (2) (hereinafter referred to as "credit financial company") shall cooperate proactively for the debt settlement of an individual debtor.

Article 71 (Application for debt settlement)
(1) An individual debtor intending to obtain debt settlement may apply for debt settlement to the Committee.
(2) Where an individual debtor having applied for debt settlement under paragraph (1) falls under any of the following, the Committee may return his or her application:
1. Where he or she is not entitled to apply for debt settlement of the agreement on credit recovery support under Article 75 (1);
2. Where he or she fails to submit the documents requested by the Committee, or prepares and submits false documents.
(3) Other matters necessary for the requirements, method, procedure, etc. to apply for debt settlement shall be prescribed by Presidential Decree.

Article 72 (Procedure for debt settlement)
(1) Upon receipt of an application for debt settlement from a individual debtor, the Committee shall immediately notify the credit financial company of such, unless any extenuating circumstance exists.
(2) Upon being notified pursuant to paragraph (1), the credit financial company shall report the details of debt of an individual debtor to the Committee.
(3) Upon receipt of an application under paragraph (2) from the credit financial company, the Committee shall deliberate on and resolve a plan for debt settlement within the period prescribed by Presidential Decree.
(4) The Committee shall notify the credit financial company of a plan for debt settlement deliberated on and resolved pursuant to paragraph (3), and the credit financial company shall respond to the Committee as to whether it agrees with such plan.
(5) A plan for debt settlement referred to in paragraph (4) shall be finalized, where it is agreed by the credit financial company possessing a majority of bonds between the sum total of unsecured claim and the sum total of secured claim (referred to bonds falling under the effective collateral value within the range of liquidation value of the corresponding property).
(6) Where a plan for debt settlement is finalized pursuant to paragraph (5), the Committee shall notify the individual debtor and the credit financial company of such plan, respectively.
(7) Except as otherwise provided in paragraphs (1) through (6), matters necessary for the detailed procedures, deadline, etc. of debt settlement shall be prescribed by Presidential Decree.

Article 73 (Method of debt settlement)
Debt settlement may be valid in any of the following manners, as to bonds possessed by the credit financial company:
1. Extension of redemption period;
2. Installment redemption;
3. Adjustment of interest rate;
4. Postponement of redemption;
5. Reduction of and exemption from debt;
6. Other methods prescribed by Presidential Decree as corresponding thereto.

Article 74 (Effect of debt settlement)
(1) Where an individual debtor and the credit financial company accept a plan for debt settlement notified pursuant to Article 72 (6), such an agreement shall be deemed concluded.
(2) Where the credit financial company transfers bonds subject to an agreement concluded pursuant to paragraph (1), to a third party, the effect of debt settlement shall equally reach a transferee.

Article 75 (Agreement on credit recovery support)
(1) To effectively and rapidly facilitate debt settlement for an individual debtor, the Committee may determine matters necessary for its standard, procedure, method, etc. in the agreement on credit recovery
support (hereinafter referred to as "Agreement").
(2) The Committee may enter into an Agreement with any of the following persons:
1. The Agency;
2. The financial company;
3. A person designated by Presidential Decree as corresponding to a financial company;
4. A person determined by the Committee as obligated to conclude an Agreement and who holds bonds over an individual debtor.
(3) Except in extenuating circumstances prescribed by Presidential Decree, such as in cases of not possessing bonds over an individual debtor, a person who falls under paragraph (2) 2 or 3 shall conclude an Agreement with the Committee.
(4) In cases prescribed by Presidential Decree, such as in cases of not holding bonds over an individual debtor, the credit financial company may cancel the relevant Agreement.
(5) To alter any content of an Agreement, the Committee shall undergo the resolution of the Committee.

Article 76 (Fees)
(1) The Committee may collect fees concerning support for debt settlement from any of the following persons:
1. An individual debtor having requested support for debt settlement;
2. A person having concluded an Agreement pursuant to Article 75 (2).
(2) Matters necessary for the amount of fees, the method of collection, etc. under paragraph (1) shall be determined by the Committee.
Article 77 Deleted.

Article 78 (Supervision)
(1) The Financial Services Commission shall guide and supervise the Agency and the Committee (hereinafter referred to as the "Agency, etc.").
(2) If deemed necessary to guide and supervise the Agency, etc., the Financial Services Commission may consult with the heads of relevant central administrative agencies.
(3) If deemed necessary, the Financial Services Commission may require the Agency, etc. to report matters, etc. concerning its duties, accounting, and property, or may require their affiliated public officials and the staff of the Financial Supervisory Service to inspect the business situation, ledgers, documents, facilities of the Agency, etc. or other necessary matters.
(4) A person who conducts inspection under paragraph (3) shall carry a certificate indicating his or her authority and produce it to persons concerned.
(5) If deemed necessary as a result of the report under paragraph (3) or the inspection, the Financial Services Commission may order the Agency, etc. to take corrective measures or may take other necessary measures.

Article 79 (Entrustment of authority)
(1) Part of the authority of the Financial Services Commission vested under this Act may be entrusted to the Director of the Financial Supervisory Service, as prescribed by Presidential Decree.
(2) The Agency may entrust the Committee with the duties of receiving application documents for the performance of the duties referred to in Article 24 (1) 1 (limited to the duties referred to in subparagraph 5 (e) and (f) of Article 2), subparagraphs 2, 4 and 13.
(3) The Financial Services Commission may entrust duties of debt counseling for an individual debtor and receipt of applications for supporting debt settlement under subparagraph 4 of Article 60, to the Agency.
(4) The Agency may entrust part of its duties under this Act to a financial company, the Korea Asset Management Corporation, the Korea Federation of Credit Guarantee Foundation under the Regional Credit Guarantee Foundation Act, and other persons determined by Presidential Decree, as prescribed by Presidential Decree.
(5) A person entrusted with duties pursuant to paragraphs (2) through (4), shall perform the affairs in good faith and trust, and may conduct every judicial or extra-judicial act in relation to such affairs, in lieu of a person having entrusted such duties.

Article 80 (Prohibition of use of similar names)
(1) No person other than the person who establishes and operates the Agency, etc., and the Integrated Support Center for Microfinance under this Act shall use the names of the Korea Inclusive Finance Agency, the Credit Counseling and Recovery Service, the Integrated Support Center for Microfinance, or the names similar thereto.
(2) No person other than the Agency, etc. under this Act shall use the name of a product prescribed and publicly notified by the Financial Services Commission, from among the products handled by the Agency, etc., a title similar thereto, or a term or an expression that may mislead people into thinking that the government is providing financial support such as government financial support, government financial support for ordinary people, etc.; provided, the same shall not apply where the user is a person who establishes and operates the Integrated Support Center for Microfinance, a business execution organization, a financial company, etc., a public institution under the Act on the Management of Public Institutions, or a person who handles products targeting ordinary people using the budget or fund under the National Finance Act as a source of finance with budgets or funds under the National Finance Act as financial resources.

Article 81 (Requests for provision of data)
(1) With the consent of the parties to the minimum extent necessary to perform the duties under Article 24 (1) 1 (limited to the duties referred to in subparagraph 5 (a), (b), (d) and (g) of Article 2), 4 or Article 54, the Agency may request the heads of the relevant central administrative agencies, local governments, the National Pension Service under the National Pension Act, the National Health Insurance Corporation under the National Health Insurance Act, and other public organizations prescribed by Presidential Decree (hereafter referred to as "related institutions" in this Article) to provide the following data or information.
1. The registered matters concerning family relations under the Act on Registration of Family Relations and the electronic information data of resident registration under the Resident Registration Act;
2. Data on national and local taxes;
3. Data on various types of pensions, insurances, and benefits, such as the national pension, public officials pension, military pension, private school teachers and staff pension, special post office pension, health insurance, employment insurance, industrial accident compensation insurance, and veterans' compensation benefits;
4. Data on real estate, such as the register under the “Real Estate Registration Act,” the building register under the “Building Act,” and the land register under the “Act on the Establishment and Management of Spatial Information”;
5. Other data or information necessary to confirm the subject's personal information, income, assets, etc.
(2) With the consent of the parties to the minimum extent necessary to perform duties related to debt settlement support or support for rehabilitation and bankruptcy proceedings under subparagraph 4 or 6 of Article 60, the Committee may request the heads of the relevant agencies to provide the following data or information.
1. The registered matters concerning family relations under the Act on Registration of Family Relations and the electronic information data of resident registration under the Resident Registration Act;
2. Data on national and local taxes;
3. Data on various types of pensions, insurances, and benefits, such as the national pension, public officials pension, military pension, private school teachers and staff pension, special post office pension, health insurance, employment insurance, industrial accident compensation insurance, and veterans' compensation benefits;
4. Data on real estate, such as the register under the “Real Estate Registration Act,” the building register under the “Building Act,” and the land register under the “Act on the Establishment and Management of Spatial Information”;
5. Other data or information necessary to confirm the subject's personal information, income, assets, etc.
(3) The head of the relevant agency requested to provide data or information pursuant to paragraphs (1) and (2) shall comply unless there is a special reason.
(4) Where data or information requested pursuant to paragraph (1) or (2) is provided to the Agency, etc., user fees, fees, etc., for such provision shall be exempted.
(5) The specific scope of data or information that may be requested pursuant to paragraphs (1) and (2) shall be prescribed by Presidential Decree.

Article 82 (Prohibition of divulgence of confidential information)
No current or former executive officer and employee (including members of the operating committee under Article 9, members for management, and members of the Committee under Article 61) of the Agency, etc. shall divulge any secret he or she has learned while performing his or her duties, nor use it for any purpose other than for their duties.

Article 83 (Relationship to other statutes)
(1) Notwithstanding Article 4 of the Act on Real Name Financial Transactions and Confidentiality and Article 32 of the Credit Information Use and Protection Act, financial company, etc. may submit financial transaction information related to dormant deposits, etc. under Article 40 (2) to the Management Committee; and the Management Committee may use the financial transaction information submitted by the financial company, etc. for the duties referred to in Articles 43 and 45.
(2) Upon receipt of donations pursuant to this Act, the Agency, etc. shall not be governed by the Act on Collection and Use of Donations.

Article 84 (Legal fiction of public officials in applying penalty provisions)
The executive officers and employees (including members of the operating committee under Article 9, members for management, and members of the Committee under Article 61) of the Agency, etc. shall be deemed public officials, for the purposes of penalty provisions under Articles 129 through 132 of the Criminal Act.

Article 85 (Penalty provisions)
Any person who divulges any confidential information he or she has learned in the course of performing his or her duties or uses such for any purpose other than his or her duties, in violation of Article 82, shall be punished by imprisonment with labor for up to two years or by a fine not exceeding 20 million won.
Article 86 (Administrative fine)
(1) Any of the following persons shall be punished by an administrative fine of not more than 10 million won:
1. A business execution organization which uses support funds for another purpose and receives such funds by making a false application, in violation of Article 27 (2);
2. A person who fails to enter into an Agreement, in violation of Article 75 (3);
3. A person who fails to make a report under Article 78 (3) or makes a false report, or who refuses, obstructs, or evades an inspection;
4. A person who violates the order as prescribed in Article 78 (5).
5. A person who uses the name "Korea Inclusive Finance Agency", "Credit Counseling and Recovery Service", “Integrated Support Center for Microfinance", or any other similar name, in violation of Article 80 (1);
6. A person who, in violation of Article 80 (2), uses the name of a product prescribed and publicly notified by the Financial Services Commission, from among the products handled by the Agency, etc., a title similar thereto, or a term or an expression that may mislead people into thinking that the government is providing financial support such as government financial support, government financial support for ordinary people, etc.
(2) Administrative fines prescribed in paragraph (1) shall be imposed and collected by the Financial Services Commission, as prescribed by Presidential Decree. ADDENDA