Financial Product Sales Agent Disclosure

Disclosure Obligations of Financial Product Sales Agents/Brokers

Under Article 26 of the Financial Consumer Protection Act, Hanpass Co., Ltd. notifies the following information.

  • Hanpass Co., Ltd. is a loan broker (corporate) that intermediates loan-type products offered by multiple licensed financial product providers.
  • Hanpass Co., Ltd. has no authority to execute loan contracts. Each partner financial institution (direct financial product provider) conducts credit evaluations and enters into loan contracts directly with customers.
  • Hanpass Co., Ltd. is liable for damages if it violates the Financial Consumer Protection Act intentionally or negligently, causing loss to a consumer.
  • Hanpass Co., Ltd. does not charge consumers any financial compensation for loan brokerage services.
  • Credit or personal information provided by customers for loan contracts is retained and managed by the financial institution (direct financial product provider) that is a party to the contract.
  • Hanpass Co., Ltd. does not request or receive any financial benefits other than the commissions set by its partner financial institutions (direct financial product provider).
  • If Hanpass Co., Ltd. violates Article 19 of the Financial Consumer Protection Act and causes damage to a financial consumer, it is responsible for compensation However, if it proves there was no intent or negligence, it shall not be held liable.