South Korea Tackles Fine Print In Subscription Service Agreements

Fine print in subscription service agreements is a recent target of the Fair Trade Commission (KFTC), as the regulator endeavors to keep consumers from getting stuck buying products they no longer want.

South Korea’s antitrust watchdog announced Sunday it requested four of the largest local e-book providers — Millie, Kyobo Book, Yes24 and Ridibooks — to fix unfair terms and conditions in their membership contracts.

Kyobo was ordered to make eight corrections, Yes24 seven, Millie six and Ridibooks five.

Starting from September, membership fees will be fully refundable for seven days after e-book service sign up. After the first seven days, customers can receive 90 percent back.

Previously, customers had to wait to finish the memberships, which normally locked them in for months. Some platforms could refuse requests from customers.

The KFTC also requested the four companies correct refund policies that discriminate against users who sign up through alternative payment methods. Ridibooks and Kyobo Book will delete the line from their contracts that allowed them to reject refunds for payments made through Naver Pay, cash vouchers and international payment methods.

Full Content: Korea JoongAng Daily

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.