SURCHARGES
Article 181-2 (Imposition of Penalty Surcharges)
Where an asset management company extended credit in violation of Article 16 (1) 4, the Financial Services Commission may impose penalty surcharges to the asset management company within the scope of 20/100 of the credit extension amount. <Amended by Act No. 8863, Feb. 29, 2008>
[This Article Newly Inserted by Act No. 8516, Jul. 19, 2007]
Article 181-3 (Standards for Imposition of Penalty Surcharges)
(1) The standards of imposition of penalty surcharges under Article 181-2 shall be determined by Presidential Decree taking matters falling under the following subparagraphs into account:
1. The details and degree of violation;
2. The period and frequency of violation; and 3. The scale of profit acquired by violation.
(2) Where the corporation which violated this Act merges with another company, the Financial Services Commission may regard violations commit-ted by the corporation as those of the corporation exists after the merger or the newly found corporation by the merger, and may impose and collect penalty surcharges. <Amended by Act No. 8863, Feb. 29, 2008>
(3) Other necessary matters concerning imposition of penalty surcharges shall be described by Presidential Decree.
[This Article Newly Inserted by Act No. 8516, Jul. 19, 2007]
Article 181-4 (Submission of Opinions)
(1) The Financial Services Commission shall give an opportunity to submit opinions to the parties, the persons concerned or such, prior to imposing penalty surcharges. <Amended by Act No. 8863, Feb. 29, 2008>
(2) The parties, the persons concerned or such may present at the con- ference of the Financial Services Commission and state opinions or submit necessary information. <Amended by Act No. 8863, Feb. 29, 2008>
[This Article Newly Inserted by Act No. 8516, Jul. 19, 2007]
Article 181-5 (Application for Objection)
(1) The persons, who are dissatisfied with the disposition of imposition of penalty surcharges under Article 181-2, may file an application for an objection accompanying the grounds thereof to the Financial Services Commission, within 30 days from the day of receiving notification of such disposition. <Amended by Act No. 8863, Feb. 29, 2008>
(2) The Financial Services Commission shall decide on the application for an objection under paragraph (1) within 30 days: Provided, That such period may be extended within the scope of 30 days, if such decision cannot
be made due to unavoidable circumstances. <Amended by Act No. 8863, Feb.
29, 2008>
[This Article Newly Inserted by Act No. 8516, Jul. 19, 2007]
Article 181-6 (Extending Period of Penalty Surcharges Payment and Installment)
(1) Where the persons imposed with penalty surcharges (hereinafter re-ferred to as the “persons liable to pay penalty surcharges”) are regarded to have difficulty making payment in a lump sum due to the reasons falling under any of the following subparagraphs, the FinancialServices Com- mission may extend such period, or have them pay in installments. In this case, the Commission may have them to provide a collateral, if neces-sary: <Amended by Act No. 8863, Feb. 29, 2008>
1. Where their assets ere substantially damaged due to a disaster or theft;
2. Where their business are at substantial risk due to worsen business conditions;
3. Where payment in a lump sum is expected to result in substantial difficulty in their financial condition; and
4. Where there exist other reasons corresponding to subparagraphs 1 through 3.
(2) Where the persons liable to pay penalty surcharges intend to have the period of payment extended or to make payment in installments under paragraph (1), they shall file an application to the Financial Services Commission 10 days prior to the expiration of the payment period. <Amended by Act No. 8863, Feb. 29, 2008>
(3) Where the persons liable to pay penalty surcharges, who are allowed extension of payment period or allowed to make such payment in install-ments under paragraph (1), become to fall under any of the following sub-paragraphs, the Financial Services Commission may revoke such decision of period extension or installment payments, and have them pay in a lump sum: <Amended by Act No. 8863, Feb. 29, 2008>
1. Where they fail to pay the penalty surcharges to be paid in install- ments within the payment period;
2. Where they change collaterals or fail to follow orders of the Financial Services Commission, which is necessary to preserve a guarantee;
3. Where the Commission regards that the whole, or a part of, penalty
surcharges is not likely to be collected due to a compulsory execu- tion, commencement of compulsory sale by auction, declaration of bank-ruptcy, break-up of a corporation, disposition of national or local taxes in arrears or such; and
4. Where there exist other reasons corresponding to subparagraphs 1 through 3.
(4) Necessary matters concerning extension of penalty surcharges pay-ment period, installpay-ment paypay-ments, a guarantee or such under para- graph (1) through (3) shall be prescribed by Presidential Decree.
[This Article Newly Inserted by Act No. 8516, Jul. 19, 2007]
Article 181-7 (Collection of Penalty Surcharges and Disposition on De- fault)
(1) Where the persons liable to pay penalty surcharges fail to make pay- ments within the payment period, the Financial Services Commission may collect a fine for default, determined by Presidential Decree, on the period from the day after the payment period to the day before the day of pay- ment. <Amended by Act No. 8863, Feb. 29, 2008>
(2) Where the persons liable to pay penalty surcharges fail to make pay-ments within the payment period, the Financial Services Commission may designate another period and demand for payment, and if the penalty sur-charges and fines for default as referred to in paragraph (1) are not paid within such period, the Financial Services Commission may collect them just as disposition of national taxes in arrears. <Amended by Act No. 8863, Feb. 29, 2008>
(3) The Financial Services Commission may entrust the Commissioner of the National Tax Service with affairs on collection or disposition on default of penalty surcharges or fines for default under paragraphs (1) and (2). <Amended by Act No. 8863, Feb. 29, 2008>
(4) Other necessary matters for collection of penalty surcharges shall be prescribed by Presidential Decree.
[This Article Newly Inserted by Act No. 8516, Jul. 19, 2007]