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ENFORCEMENT RULE OF THE USE AND PROTECTION OF CREDIT INFORMATION ACT

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ENFORCEMENT RULE OF THE USE AND PROTECTION OF CREDIT INFORMATION

ACT

Ordinance of the Prime Minister No. 661, Jul. 6, 1997 Amended by Ordinance of the Prime Minister No. 512, Dec. 27, 1995 Ordinance of the Ministry of Finance and Economy No. 20, Apr. 25, 1997 Ordinance of the Ministry of Finance and Economy No. 84, May 25, 1999 Ordinance of the Ministry of Finance and Economy No. 151, Jul. 10, 2000 Ordinance of the Ministry of Finance and Economy No. 208, Jul. 5, 2001 Ordinance of the Ministry of Finance and Economy No. 238, Jan. 29, 2002 Ordinance of the Ministry of Finance and Economy No. 266, Jun. 18, 2002 Ordinance of the Ministry of Finance and Economy No. 389, Jul. 30, 2004 Ordinance of the Ministry of Finance and Economy No. 440, May 27, 2005 Ordinance of the Prime Minister No. 875, Mar. 3, 2008 Article 1 (Purpose)

The purpose of this Rule is to provide for matters delegated by the Use and Protection of Credit Information Act (hereinafter referred to as the "Act") and its Enforcement Decree (hereinafter referred to as the "Decree") as well as for those necessary for the enforcement thereof. Article 2 (Definitions)

(1) As used in Article 2 (1) 2 of the Decree, the term "information provided for by Ordinance of the Prime Minister" means the types of transactions, the names or trade names of the parties thereto, transaction period, amount and limit, etc. (2) As used in Article 2 (1) 3 of the Decree, the term "information provided for by Ordinance of the Prime Minister" means the types of transactions, the names or trade names of the parties thereto, the amount of arrearage, dishonor, substitute payment, etc., and the time of occurrence, settlement, etc. thereof. 2

84, May 25, 1999; Ordinance of the Prime Minister No. 875, Mar. 3, 2008> (3) As used in Article 2 (1) 5 of the Decree, the term "information provided for by Ordinance of the Prime Minister" means any of the following:

1. Information on rulings on adjudication of incompetency, quasi-incompetency and disappearance, and decisions on adjudication of bankruptcy and entry in a defaulter register, commencement of auction and permission to make a successful bid;

2. Information on national taxes, local taxes or customs duties in arrears;

3. Information on fines, fines for negligence, charges for public service, etc. in arrears;

4. Information on birth, death, emigration, absence, etc. as that related to individual's resident registration and on establishment, suspension, discontinuance, transfer, or stock or share change, etc. as that related to the registration of corporations; and

5. Information on commercial transactions such financial transactions among that on administrative measures taken by the State or local governments under Acts and subordinate statutes.

(4) Deleted.

(5) As used in Article 2 (1) 27 of the Decree, the term "persons provided for by Ordinance of the Prime Minister" means any of the following persons:

1. Small and medium enterprises under Article 2 of the Framework Act on Small and Medium Enterprises;

1-2. Enterprises other than small and medium enterprises referred to in subparagraph 1, in which case the total amount of assets or the scale of turnover as of the end of the last business year is not more than one trillion won;

ENFORCEMENT RULE OF THE USE AND PROTECTION OF CREDIT INFORMATION ACT

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2. Persons who conduct loaning, guarantee and any other credit business with respect to the members and who are designated by the Financial Services Commission, among mutual aid associations established under any special Act;

3. Deleted;

4. Korea Export Insurance Corporation established under the Export Insurance Act;

4-2. Korea Asset Management Corporation established under the Act on the Efficient Disposal of Non-Performing Assets, etc. of Financial Institutions and the Establishment of Korea Asset Management Corporation;

5. Credit appraisal companies established under Article 155 of the Indirect Investment Asset Management Business Act;

6. Agricultural and Fishery Marketing Corporation established under the Agricultural and Fishery Marketing Corporation Act;

7. Regional Credit Guarantee Foundation and National Credit Guarantee Foundation Federation established under the Regional Credit Guarantee Foundation Act;

8. Telecommunications business operators under the Telecommunications Business Act;

9. Holders of assets referred to in the Asset-Backed Securitization Act and asset-backed securitization companies established under Article 10 (1) of the said Act;

9-2. Special purpose companies for mortgage-backed bonds established under the Special Purpose Companies for Mortgage-Backed Bonds Act;

10. Auditors referred to in Article 3 of the Act on External Audit of Stock Companies;

11. Resolution finance institutions established under the Depositor Protection Act;

11-2. Korea Labor Welfare Corporation established under the Industrial Accident Compensation Insurance Act;

12. Persons who carry on credit information business in a foreign country under foreign Acts and subordinate statutes; and

13. Persons who carry on any business conducted by persons referred to in any subparagraph of Article 2 (1) of the Decree in a foreign country. Article 3 Deleted. ENFORCEMENT RULE OF THE USE AND PROTECTION OF CREDIT INFORMATION ACT

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Articles 4 and 5 Deleted.

Article 7 Deleted.

Article 8 Deleted.

Article 9 (Report on Suspension or Discontinuance of Business) Any person who intends to suspend or discontinue credit information business under Article 8 (4) of the Act, shall submit to the Financial Services Commission a report on suspension or discontinuance of credit information business determined by it.

[This Article Wholly Amended by Ordinance of the Ministry of Finance and Economy No. 151, Jul. 10, 2000]

Article 10 Deleted.

Article 11 (Certificate of Credit Information Business Operator) A certificate verifying the conduct of credit information business under Article 9 (2) of the Act shall be in accordance with the Form 9. Article 12 Deleted.

Articles 13 through 16 Deleted.

Article 17 Deleted.

Article 18 Deleted.

Article 19 (Standards for Imposition of Fine for Negligence and Procedures for Collection thereof)

(1) The standards for imposition of fine for negligence under Article 35 (1) of the Act shall be as shown in the Table. (2) The fine for negligence shall be collected in accordance with the procedures for the collection of revenue under the Management of the National Funds Act and its subordinate statutes. In this case, a notice of payment of that fine shall include the methods of an objection and a ENFORCEMENT RULE OF THE USE AND PROTECTION OF CREDIT INFORMATION ACT

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period of time within which it may be raised. Article 20 (Hearing)

The Financial Services Commission shall, if it intends to revoke permission for credit information business under Article 2 (2) of the Addenda of the Use and Protection of Credit Information Act(Act No. 5694), hold a hearing. [This Article Newly Inserted by Ordinance of the Ministry of Finance and Economy No. 151, Jul. 10, 2000]

ADDENDUM

This Rule shall enter into force on July 6, 1995. ADDENDUM This Rule shall enter into force on the date of its promulgation. ADDENDUM

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

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

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

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

ENFORCEMENT RULE OF THE USE AND PROTECTION OF CREDIT INFORMATION ACT

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

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

This Rule shall enter into force on July 30, 2004. ADDENDUM

This Rule shall enter into force on the date of its promulgation. ADDENDA

Article 1 (Enforcement Date)

This Decree shall enter into force on the date of its promulgation. Articles 2 through 5 Omitted.