Going forward, a single damage report will make it possible to halt illegal collections, appoint a debtor's representative, and block illegal collection methods. The Financial Services Commission said on the 26th that it will begin a public notice of legislation for a revision to the lending business act as a follow-up to the presidential policy briefing.
First, to allow victims of illegal private lending to proceed with all relief procedures through a single report, the reporting items—such as reporter type, creditor information, and the details of illegal collection damage—will be made more specific, and the response format will be changed to multiple choice. The existing form required narrative answers, so reporters did not know what to write and found it difficult to provide specifics.
In addition, the Credit Counseling & Recovery Service (CCRS) that provides victim counseling will be given a legal basis to request the Ministry of Science and ICT to suspend the use of phone numbers used for illegal collections, illegal lending, and illegal lending advertisements. This public notice of legislation for the enforcement decree of the lending business act runs through Mar. 9.
The Financial Services Commission said, "We will make thorough preparations with relevant agencies so that the one-stop, comprehensive, dedicated support system for illegal private lending can be implemented within the first quarter," and added, "Through the 'pan-government task force to eradicate illegal private lending' currently in operation, we will continue to review institutional improvements and items needed for enforcement."