skip to main contents skip to main menu

National Assembly Legislation

  • Home
  • Legislative Information
  • National Assembly Legislation
  • [금융/투자/외환] Electronic Financial Transactions Act
    • Competent Ministry : Financial Services Commission
    • Advance Publication of Legislation : 2018-04-20
    • Opinion Submission Deadline : 2018-05-04
Reasons for Proposal

The current Act prescribes that a clause that the balance recorded on the electronic prepayment means shall be fully paid where the balance recorded on the electronic prepayment means falls below a fixed rate within the range of less than 20/100, shall be included in the terms and conditions.

However, it is necessary to raise the upper limit for electronic prepayment means that may fully pay the balance for convenience as growing numbers of people are using electronic prepayment means as a substitute for currency.

Thus, this Amendment aims to promote the convenience of electronic financial transactions by including in the terms and conditions a clause that the balance recorded on the electronic prepayment means shall be fully paid where the balance recorded on the electronic prepayment means is 40/100 or less (Article 19 Paragraph 2-3).

Major Provisions

Stipulate, in the terms and conditions, that the balance recorded on the electronic prepayment means shall be fully paid where the balance recorded on the electronic prepayment means is 40/100 or less (Article 19 Paragraph 2-3)

Go to the Bill