All 264 members of Jae-seok approved… ‘Unanimous agreement’
A bill to open ‘one living expenses account per person’ and prevent creditors from seizing deposit claims therefor passed the plenary session of the National Assembly on the 8th.
The ruling and opposition parties held a plenary session at the National Assembly this afternoon and submitted the ‘Civil Execution Act Amendment Bill’ proposed by Ki-hyung Oh, a member of the Democratic Party of Korea, and finally passed it with the approval of all 264 members present.
This is part of the ‘national seizure ban bank account system’ pledged by Democratic Party leader Lee Jae-myung.
Previously, at an on-site meeting on ‘Easing the Financial Burden of the Vulnerable’ on the 24th of last month, Representative Lee said, “If an individual has bad credit, he or she cannot open a bank account, and if he or she is unable to open a bank account, there is no way to receive compensation for his or her labor, so he or she is virtually kicked out of the field of economic activity.” He said, “No system should go in a direction that interferes with or destroys an individual’s life.”
The amendment includes provisions that allow financial institutions prescribed by Presidential Decree to open ‘one living expenses account per person’ for debtors and prohibit the seizure of deposit claims corresponding to this account. In addition, when an amount exceeding the prohibition on seizure of living expenses is deposited in the account, the excess amount is automatically transferred to a reserve account.
According to the current law, Article 246 of the Civil Execution Act specifies ‘deposits necessary for one month of livelihood’ in the list of prohibitions against seizure, and according to the Presidential Decree, it is set at 1.85 million won per month.
However, it is difficult to receive protection in the actual seizure process. If the debtor has bank accounts at multiple financial companies, the creditor bank does not have the authority to extract only 1.85 million won and freezes the bank accounts all together.
In the end, the debtor can only receive 1.85 million won back by applying to the court to change the scope of the seizure prohibition claim and receiving permission. The debtor must apply to the court every month and pay administrative costs on his own. If you don’t know about this system, you won’t be able to get money from your account until you repay your debt.
Accordingly, it has been repeatedly pointed out in the field that after the seizure process has been carried out, it is difficult for the debtor to maintain basic livelihoods, such as paying rent and electricity, water, and gas bills.
(Seoul = News 1)
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