Governor Lee Chanjin to Personally Send 'Contract Nullification Certificates' for Illegal Lending Agreements

Going forward, the Governor of the Financial Supervisory Service will directly send a contract nullification certificate to loan sharks who have entered into illegal lending agreements with ultra-high interest rates exceeding 60% per year. Contracts made through violence or threats will also be included.

According to financial authorities on November 25, the Financial Supervisory Service will announce a comprehensive response plan against illegal private lending at the '3rd Financial Consumer Protection Forum' scheduled for November 27.

Yonhap News Agency

Previously, the Financial Supervisory Service had sent text messages and other notifications to loan sharks reported for illegal private lending, stating that the principal and interest of such contracts are void and instructing them to cease illegal debt collection.

From now on, the agency plans to strengthen its response by sending contract nullification certificates in the name of Lee Chanjin, Governor of the Financial Supervisory Service. It has been reported that this measure was personally proposed by Governor Lee. The Financial Supervisory Service will also establish a special judicial police unit dedicated to civil crimes such as illegal private lending, voice phishing, and insurance fraud.

The Financial Supervisory Service explained that it has intensified its efforts so that victims can more quickly escape from illegal debt collection practices.

This content was produced with the assistance of AI translation services.