Home | Databases | WorldLII | Search | Feedback Laws of the Republic of Korea

ENFORCEMENT DECREE OF THE SPECIAL ACT ON THE TRANSFER OF DORMANT ACCOUNTS

1

ENFORCEMENT DECREE OF THE SPECIAL ACT ON THE TRANSFER OF DORMANT ACCOUNTS

Presidential Decree No. 20365, Nov. 7, 2007

Article 1 (Purpose)

The purpose of this Decree is to provide for the matters delegated by the Special Act on the Transfer of Dormant Accounts and matters necessary for the enforcement thereof.

Article 2 (Financial Institution)

The term "as prescribed by Presidential Decree" in subparagraph 1 (l) of Article 2 of the Special Act on the Transfer of Dormant Accounts (hereinafter "Act") means forestry cooperatives and the National Forestry Cooperatives Federation under the Forestry Cooperatives Act.

Article 3 (Upper Limit of Dormant Deposit Subject to Transfer) The term "amount prescribed by Presidential Decree" in Article 3 of the Act means 300,000 won.

Article 4 (Method for Supplying Information on Transfer of Dormant Deposits)

The term "method prescribed by Presidential Decree" in Article 5 (1) of the Act means a method falling under any of the following subparagraphs:

1. Method of supplying information in Article 5 (1) of the Act by means of information and communications network (hereinafter "information and communications network") under Article 2 (1) 1 of the Act on Promotion of Information and Communications Network Utilization and Information Protection, etc through a corporation, agency or organization falling under any of the following items:

(a) The Korea Federation of Banks established under Article 32 of the Civil Act with permission of the Minister of Finance and Economy; (b) Association composed of life insurance companies from among the insurance associations established under Article 175 of the Insurance Business Act;

(c) Association composed of non-life insurance companies from among the insurance associations established under Article 175 of the Insurance ENFORCEMENT DECREE OF THE SPECIAL ACT ON THE TRANSFER OF DORMANT ACCOUNTS

2

Business Act;

(d) The National Agricultural Cooperative Federation under the Agricultural Cooperatives Act;

(e) The National Federation of Fisheries Cooperatives under the Fisheries Cooperatives Act;

(f) The National Forestry Cooperatives Federation under the Forestry Cooperatives Act;

(g) The Korea Federation of Savings Banks under the Mutual Savings Banks Act;

(h) The Korean Federation of Community Credit Cooperatives under the Community Credit Cooperatives Act;

(i) The National Credit Union Federation of Korea under the Credit Unions Act;

(j) The Investment Banks Association of Korea established under Article 32 of the Civil Act with permission of the Minister of Finance and Economy; or

(k) Other persons designated and announced by the Minister of Finance and Economy from among the corporations, agencies and organizations related to the financial business;

2. Method of directly supplying information in Article 5 (1) of the Act by means of information and communications network instead of through the corporations, agencies and organizations falling under any of the items in subparagraph 1; or

3. Other methods determined and announced by the Minister of Finance and Economy in consideration of the characteristics of financial transactions related to dormant deposits, efficiency of transfer business of dormant deposits, etc.

ADDENDUM This Decree shall enter into force on the date of its promulgation.