Fair Trade Commission to Increase Cancellation Fees for Online Subscriber Funeral Services... Holds Meeting

[Sejong=Asia Economy Reporter Kwon Haeyoung] On the 5th, the Fair Trade Commission held a meeting at the Korea Chamber of Commerce and Industry in Seoul with industry experts and local government officials to gather opinions on improving the funeral service sector system.

The Fair Trade Commission plans to revise the system so that consumers who join via the internet without going through product solicitors can receive higher cancellation refunds, and to include travel products sold by funeral service companies under the Installment Transactions Act. They are also considering amending the law to cancel registration if a funeral service company’s capital falls below 1.5 billion won after registration.

At the meeting, experts also presented on the coordination of funeral service business laws in the digital economy era, changes in the funeral service industry, and the necessity of related legal amendments.