The meaning of “credit card” in the act of self-financial circulation of credit card as stipulated in Article 70(2)2(a) of the Specialized Credit Financial Business Act, and whether the act of self-financial circulation through the fictitious transaction by use of forged and altered credit card not issued by the credit card company constitutes an act of self-financial circulation of credit card (negative)

Subparagraph 3 of Article 2 of the Specialized Credit Finance Business Act and Article 70 (2) 2 (a) of the Specialized Credit Finance Business Act (Amended by Act No. 13068, Jan. 20, 2015)

[Plaintiff-Appellant] Plaintiff 1 and 1 other (Law Firm Gyeong, Attorneys Park Jong-soo et al., Counsel for plaintiff-appellant)

Defendant 1 and one other

Prosecutor

Seoul Central District Court Decision 2014No2448 Decided October 24, 2014

The appeal is dismissed.

The grounds of appeal are examined.

Article 70 (2) 2 (a) of the Specialized Credit Financial Business Act provides a provision to punish the act of lending funds by pretending the sale of goods or the provision of services, or by acting as an agent in order to establish a credit order following an increase in consumer financing. In such a case, the term "credit card" in the act of using a credit card is in accordance with the definition of the credit card as provided in subparagraph 3 of Article 2 of the same Act, and it is repeatedly issued by a credit card company (including a person operating a credit card business equivalent to the credit card business in a foreign country) and repeatedly issued by the credit card company (including a certificate) in accordance with the identification of the credit card as provided in subparagraph 3 of Article 2 of the same Act. Thus, it cannot be viewed that the credit card company's act of using a forged or altered credit card transaction without the issuance of the credit card company constitutes the act of using a credit card.

The court below affirmed the judgment of the court of first instance that the Defendants, a credit card merchant, committed the act of financing funds by making a disguised transaction by making payments in excess of the actual sales amount with the credit cards presented by Nonindicted 1 and Nonindicted 2, but the credit cards presented by Nonindicted 1 and Nonindicted 2, with the effect that the said credit cards are forged and the transaction by a forged credit card does not constitute the elements of Article 70 (2) 2 (a) of the Specialized Credit Financial Business Act. Such judgment of the court below is just in light of the record and the legal principles as seen earlier, and contrary to the allegations in the grounds of appeal, there were no errors in the misapprehension of the legal principles as to

Therefore, the appeal is dismissed. It is so decided as per Disposition by the assent of all participating Justices on the bench.

Justices Kim Chang-suk (Presiding Justice)