Credit Extension to Controlling Shareholders of Funeral Service Companies Limited to Within 50% of Capital… Installment Sales Act Passed

연합뉴스-Yonhap News Agency

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(Sejong = Yonhap News) Reporter Kim Soo-hyun = The total amount of credit that a mutual aid company can provide to controlling shareholders, etc. is limited to within 50% of its capital.

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Going forward, prepaid installment transaction businesses, such as funeral service companies, will be restricted from extending credit to controlling shareholders and related parties to within 50% of their capital. The Fair Trade Commission announced on the 20th that an amendment to the Installment Transaction Act, containing these provisions, had passed the plenary session of the National Assembly. Previously, there were no regulations restrict…