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Search results for statute of limitations

Games & Commerce

Kakao revamps mobile gift coupon refund rules, 95 percent for over 50,000 won

Kakao is revising refund and management rules for mobile gift coupons used in services such as KakaoTalk Gift, reflecting a revised standard terms proposal announced by the Fair Trade Commission. The company said updated e-financial transaction terms will take effect on Aug. 1. Refunds for expired mobile gift coupons over 50,000 won will rise to 95 percent from 90 percent, while refunds remain 90 percent for 50,000 won or less. Users can convert the full purchase amount into points without a fee deduction. Kakao also added a mandatory advance notice clause ahead of the five-year statute of limitations expiry.

Finance

Overdue debt collection practices to change after tax breaks on written-off loans

South Korea\'s financial regulators plan to curb the practice of financial companies repeatedly extending the statute of limitations on overdue loans while continuing collection efforts after receiving tax benefits. Under revised rules, firms will need to let the statute of limitations run its course when it first comes due to have personal overdue loans recognised as losses. The changes also tighten requirements for selling such debts, introduce reporting and disclosure systems, and revise related guidelines and supervision rules.

Finance

Shinhan Financial to write off 500 billion won in delinquent debt, expand inclusive finance to 4.5 trillion won

Shinhan Financial Group plans an inclusive finance project worth 5 trillion won, including the write-off of 500 billion won in long-term delinquent debt to support vulnerable borrowers\' recovery. It will also expand inclusive financing for low-income people and small businesses to 4.5 trillion won by bringing forward next year\'s plan. Shinhan will restrict extensions of statutes of limitation on debt and broaden products and credit assessment models to support mid-to-low credit borrowers.