The Financial Supervisory Service said on the 11th that it will hold nationwide roadshow briefings with local governments and the Korea Lend Finance Association to raise lenders' compliance awareness.
The briefings will be held in four major cities nationwide, starting in Daegu on the day, followed by Gwangju (12th), Busan (12th), and Seoul (17th). Regional lenders and local government officials in charge of lending businesses are the target audience.
The Financial Supervisory Service (FSS) plans to guide lending companies on laws they must follow, including the Act on the Collection of Claims and the Debtor Rehabilitation and Bankruptcy Act. It will also share major violations identified during inspections.
The Financial Supervisory Service (FSS) also plans to explain revisions to the Lending Business Act, including strengthening local governments' lenders' capital requirements. In particular, it will emphasize that antisocial lending contracts, such as ultra-high-interest agreements, are void, and that penalties for illegal private financing have been toughened.
The Financial Supervisory Service (FSS) said, "These briefings will help raise awareness in the lending sector and strengthen the supervisory capabilities of local government officials in charge of lending," adding, "We will continue to check whether the lending sector complies with the law and take a zero-tolerance approach to business practices that harm people's livelihoods."