Data Source:Laws and Regulations Retrieving System of the Banking Bureau


Titleļ¼š Prohibitory Provisions of Standard Form Contract for the Business of Electronic Payment Institutions (2015.04.27 Announced)
   1    1.The contract shall not contain any agreement under which the user relinquishes the right to a contract review period.
   2    2.The contract shall not contain any agreement that the user shall bear all losses resulting from unauthorized use, theft or any other unauthorized use of user's e-payment account by a third party before the electronic payment institution has taken proper preventive actions.
   3    3.The contract shall not contain any clause that says the electronic payment institution needs not be held responsible for dispute over user's use of the business service of the electronic payment institution.
   4    4.Unilateral modification of contract prohibited
The contract shall not contain any agreement that the electronic payment institution may, without notifying the user, unilaterally change the service contents and service fees and that the user may not object to such changes.
The contract shall not contain any clause that allows the electronic payment institution to unilaterally modify the contract without notifying the user.
   5    5.Arbitrary rescission or termination of contract and relief of liability prohibited
The contract shall not contain any agreement that the electronic payment institution may arbitrarily terminate or rescind the contract without notifying the user.
The contract shall not contain any agreement that relieves in advance the electronic payment institution of its liability according to law when it terminates or rescinds the contract.
   6    6.The contract shall not contain any agreement that the user forfeits his/her right to rescind or terminate the contract provided by law or that restricts the user to exercise such rights.
   7    7.The contract shall not contain any clause that says the electronic payment institution's advertisements and oral agreement with the user do not constitute a part of the contract, or that the institution's advertisements are for reference only.
   8    8.The contract shall not contain other clauses that violate the mandatory or prohibitory provisions of law, or agreements that are against the principle of good faith or apparently unfair.
   9    9.The contract shall not contain any clause that limits the electronic payment institution's responsibility for intentional and material error.