Article 1 (Purpose)
The purpose of this Rule is to provide for matters necessary for providing loans for the installation of privately-operated parking lots pursuant to Articles 26 through 28 of the Seoul Metropolitan Government Ordinance on the Installation and Management of Parking Lots. <Amended on Oct. 8, 2009>

Article 2 (Loan Application)
(1) A person who intends to obtain a loan shall file a loan application after obtaining a building permit under Article 11 (1) and other relevant provisions of the Building Act. <Amended on Dec. 20, 1999; Oct. 8, 2009>

(2) The documents that a person intending to obtain a loan under Article 27 (1) of the Seoul Metropolitan Government Ordinance on the Installation and Management of Parking Lots (hereinafter referred to as the "Ordinance") shall submit to the Mayor of the Seoul Metropolitan Government (hereinafter referred to as the "Mayor") are as follows: <Amended on Dec. 20, 1999; Oct. 8, 2009>

1. A loan application for the installation of a privately-operated parking lot, in Form 1 attached hereto; <Amended on Oct. 8, 2009>
2. A business plan for the installation of a parking lot, in Form 2 attached hereto. <Amended on Oct. 8, 2009>

Article 3 (Maximum Loan Amount)
The maximum amount of loans that the Mayor may extend to a loan applicant shall be the full amount of the construction cost of the relevant parking lot but shall not exceed three billion won. <Amended on Jun. 5, 1996; Jun. 20, 2003; Oct. 8, 2009>

Article 4 (Determination of Eligibility for Loans)
(1) The Mayor shall determine whether a person who desires to obtain a loan is eligible for loan by examining whether the person meets the eligibility requirements, whether the loan for which an application is filed is within the lending limit, whether the documents submitted are properly prepared, whether the business plan is feasible, and other factors.

(2) A parking lot to be installed in an area where the Mayor restricts the installation of a parking lot because it is likely to aggravate traffic congestion shall not be eligible for any loan. <Newly Inserted on Jun. 5, 1996>

Article 5 (Lending Procedure)
A loan shall be extended to a person of whom the Mayor gives notice of his/her recommendation as eligible, in accordance with the procedure for extending loans of the bank designated by the Mayor.

Article 6 (Repayment)
A loan shall be repaid in equal installments over five years, with a grace period of three years, and the installment repayments shall be made four times a year. <Amended on Jun. 5, 1996>

Article 7 (Interest Rates)
(1) A loan shall bear no interest, but fees and charges payable to financial institutions for handling the loan shall be borne by the borrower: Provided, That if a loan is accelerated pursuant to Article 28 of the Ordinance, an interest rate of five percent per annum shall apply to such loan from the date on which the grounds for acceleration arise. <Amended on Oct. 8, 2009>

(2) The fees and charges for handling loans under paragraph (1) shall be fixed by an agreement between the Mayor and entrusted financial institutions. <Amended on Jun. 20, 2003>

Article 8 (Limitations on Use)
No loan shall be used for any purpose other than the purposes specified in the application. <Amended on Oct. 8, 2009>

Article 9 Deleted. <Dec. 20, 1999>

ADDENDUM
This Rule shall enter into force on the date of its promulgation.
ADDENDUM <Rule No. 2763, Jun. 5, 1996>
This Rule shall enter into force on the date of its promulgation.
ADDENDA <Rule No. 3085, Dec. 20, 1999>
(1) (Enforcement Date) This Rule shall enter into force on the date of its promulgation.
(2) (Applicability) The interest rate on loans under Article 7 (1) shall apply to loan applications filed on or after December 1, 1999.
ADDENDA <Rule No. 3201, Jul. 30, 2001>
(1) (Enforcement Date) This Rule shall enter into force on the date of its promulgation.
(2) (Applicability) The amended provisions of Article 7 (1) shall apply to loans extended on or after the date this Rule enters into force.
ADDENDA <Rule No. 3328, Jun. 20, 2003>
(1) (Enforcement Date)
This Rule shall enter into force on the date of its promulgation.
(2) (Applicability)
The amended provisions of Articles 3 and 7 shall apply to loans extended on or after the date this Rule enters into force.
ADDENDA <Rule No. 3696, Oct. 8, 2009>
Article 1 (Enforcement Date)
This Rule shall enter into force on the date of its promulgation.
Article 2 (Applicability concerning Interest Rate on Returned Loans)
The interest rate under the amended provisions of Article 7 (1) shall apply beginning with the first person who obtains a loan after this Rule enters into force.
ADDENDUM <Rule No. 3711, Dec. 10, 2009>
This Rule shall enter into force on the date of its promulgation.