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[THE INVESTOR] A revised Motor Vehicle Management Act dubbed the Korean version of the US’ “lemon laws” was proposed on Aug. 23.
Proposed by Rep. Shim Jae-cheol of the ruling Saenuri Party, the revision stipulates that refunds or replacements must be provided when a new vehicle experiences defects.
If approved, the revised act would enable consumers to demand a refund or replacement if a new vehicle experiences severe faults within 30 days of delivery on two or more occasions.
In addition, four or more malfunctions or three or more major problems occurring within a year of purchase are also listed as cause for refund or replacement.
By Choi He-suk (cheesuk@heraldcorp.com)
Proposed by Rep. Shim Jae-cheol of the ruling Saenuri Party, the revision stipulates that refunds or replacements must be provided when a new vehicle experiences defects.
If approved, the revised act would enable consumers to demand a refund or replacement if a new vehicle experiences severe faults within 30 days of delivery on two or more occasions.
In addition, four or more malfunctions or three or more major problems occurring within a year of purchase are also listed as cause for refund or replacement.
By Choi He-suk (cheesuk@heraldcorp.com)
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