Government imposes stringent measures against illegal credit business

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The revised Act on Registration of Credit Business, etc. and Protection of Finance Users passed the cabinet council on March 11 and went into effect on March 18, Tuesday.

According to the revised act, phone numbers previously used for illegal credit business will be banned from using. Moreover, city mayors and provincial governors can order suspension of false or exaggerated advertisements luring financial customers into borrowing money at unreasonable conditions, which can result in huge financial losses.

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