Fair Trade Commission Reissues Notice to 35,000 Missing-Address Customers Unpaid Compensation from Closed Sangjo Companies

[Asia Economy Reporter Jusangdon Joo] The Fair Trade Commission announced on the 8th that it has updated the registered addresses of consumers who did not receive compensation payment notices due to reasons such as unknown addresses despite the subscription-based funeral service companies going out of business, and has instructed to resend the compensation payment notices.

According to the current Installment Transactions Act, when a subscription-based funeral service company goes out of business, consumers can receive 50% of the advance payment they made as compensation from banks or mutual aid associations. However, if consumers do not notify the funeral service company of their address change, cases occur where banks or mutual aid associations fail to properly notify consumers about the compensation payment.

Accordingly, the Fair Trade Commission, with the cooperation of the Ministry of the Interior and Safety, obtained the updated registered addresses of about 35,000 consumers who have not received compensation payments. Banks and mutual aid associations plan to resend compensation payment notices using the registered addresses provided by the Ministry of the Interior and Safety.

A Fair Trade Commission official stated, "Since the compensation period of the mutual aid association is three years from the date of business closure, consumers should regularly check whether the funeral service company they subscribed to has gone out of business and whether their contact information is up to date to properly receive compensation payments."