No more phone calls from money lenders

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The National Assembly approved Revisions to the Enforcement Decree of the Act on Registration of Credit Business, etc. and Protection of Financial Users and the revised act will be put into force from September 19, 2014.

Upon revision of the act, provincial governors, city mayors, prosecutor general, national police chief, and FSS governor are authorized to request the Ministry of Science, ICT & Future Planning for suspension of phone numbers used for exaggerated or false advertisement of credit business and impose fines against them.

The revised act is expected to resolve financial consumer’s inconvenience of receiving and answering unwanted phone calls from credit businesses.

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