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South Korea's FSC Abolishes Bank Payment Order Exception to Stop Hidden Debt Extension

GateNews
According to South Korea's Financial Supervisory Commission, announced on July 15, financial institutions can no longer use public notice service exceptions for payment orders to extend debt statute of limitations without debtors' knowledge. The FSC is pushing through amendments to the Special Act on Lawsuit Promotion to eliminate the exception granted to banks and other financial companies in 2014. Financial institutions had repeatedly applied for payment orders on long-term delinquent accounts with low recovery prospects, extending statute limitations without debtors' awareness. The new framework establishes that statute completion, rather than repeated extension, becomes the default principle for managing long-term overdue debt. Financial firms must allow personal debt statute limitations to expire at their first maturity to qualify for tax benefits under revised regulations taking effect in September.
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