Starting in September, budget mobile phone communication fees will also become subject to the debt adjustment of the Credit Recovery Commission.
The Financial Services Commission noted on the 30th that it will announce the legislative notice for the amendment of the Enforcement Decree of the 'Act on Supporting the Financial Lives of Low-Income People (Low-Income Finance Act)' containing such details. The legislative notice period will be from May 1 to June 10, and the Financial Services Commission plans to complete the amendment process by September 19.
The amendment contains provisions to legislate that budget mobile phone service providers will be subject to the obligations under the debt adjustment agreement of the Credit Recovery Commission. It specifies that those who actually engage in budget mobile business and mobile phone micro-payment business and hold claims of individual debtors are classified as obligation agreement subjects.
The Financial Services Commission stated, 'With this amendment, the financial and communication debt adjustment system will be legislated, enhancing the enforcement power of the agreements, and it is expected to eliminate the blind spots in debt adjustment by including some telecommunications sectors not covered by the agreements.'
The Financial Services Commission established a basis in the amendment for transferring the operating profits of 'management accounts for dormant deposits (dormant accounts)' to the 'supplementary financial accounts (supplementary accounts).' This is to secure funds for policy financial products such as Sunshine Loans and special guarantees for low-credit individuals.
In addition, the amendment included the addition of the Saemaul Geumgo Asset Management Corporation as a subject institution of the New Recovery Committee agreement. The Saemaul Geumgo Asset Management Corporation is responsible for handling bad debts of Saemaul Geumgo.