Financial Services Commission announces legislation of the Enforcement Decree of the Specialized Credit Finance Business Act
viewer
In the future, regular payment providers such as Netflix and YouTube must clearly inform the payment schedule and request cancellation outside of business hours.
The Financial Services Commission announced on the 3rd that it would announce the legislative amendment to the Enforcement Decree of the Specialized Credit Finance Business Act. In recent years, while the subscription economy market, where content such as music, movies, and books is received by regular monthly payments, has grown, it has been pointed out that consumer protection is insufficient in terms of paid conversion, termination, and refund. A typical case of damage is not to notify consumers that payment is automatically charged before the end of the free discount event period. Accordingly, the Financial Services Commission established standards for regular payment providers to inform customers of the paid conversion schedule. In addition to business hours, cancellation was requested and the option of refund method was not restricted. These transaction conditions were reflected in the terms and conditions or contracts, and in the event of a large number of disputes due to non-compliance with the transaction conditions, the payment agency made it possible to request correction and terminate the payment agency contract.
In addition, when banks and other companies obtain a credit card license, the requirement for large shareholders is relaxed and applied. Previously, the same requirements for equity capital of major shareholders were applied to the credit card business as a full-time job. In addition, when the largest shareholder of a female B-card company changes, the reporting deadline for the FSC will be eased from 7 days to within 2 weeks. It also stipulated that the examination of registration requirements of value-added carriers and confirmation of registration cancellation requirements can be entrusted to the Financial Supervisory Service.
The Financial Services Commission said, “We plan to proceed with the revision after a legislative notice by February and through examination by the Legislative Office in the future.”
/ Reporter Kim Ji-young [email protected]
< 저작권자 ⓒ 서울경제, 무단 전재 및 재배포 금지 >