Gyeonggi Province will conduct on-site inspections of loan (brokerage) companies from the 22nd of this month to the 24th of next month.
This inspection will mainly target companies that have not submitted a status report or have had no business performance for more than six months, within 20% of the 1,474 registered loan (brokerage) companies in the province.
The main inspection items include ▲appropriateness of the loan company's contract contents ▲compliance with interest rate limits ▲excessive lending, etc.
In particular, joint inspections will be conducted by the province, city and county authorities, and the police for major companies suspected of illegal or unfair debt collection practices and violations of laws and regulations.
Gyeonggi Province conducted a training session on the 16th for public officials in charge of private loan businesses from 31 cities and counties at the conference room of Yongsan Station in Seoul.
Furthermore, if violations of laws are confirmed, administrative measures will be taken, and if improvements are needed, administrative guidance will be provided.
Earlier, on the 16th, Gyeonggi Province held a training session for loan business officials from 31 cities and counties at the meeting room of Yongsan Station in Seoul.
The training focused mainly on relevant laws and key contents of the 'Loan Business Act' for the management and supervision of loan businesses.
It also introduced information related to loan business registration and renewal, compliance requirements for loan (brokerage) companies, and cases of illegal loan businesses and private financing damages.
Kim Gwang-deok, Director of the Regional Finance Division of Gyeonggi Province, stated, "Through appropriate administrative measures and guidance during the first half on-site inspections, we will encourage compliance in loan (brokerage) companies and strive to protect loan users."
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