The paper examines the Legislative Process of Electronic Finance Transaction Bill in Korea. The report is intended to trace an official debate and studies conducted by National Assembly, government, and other stakeholders for the past years. The needs for the Electronic Finance Transaction Act result from the rapid growth of electronic finance transactions in Korea including mobile banking, internet banking, and cyber transactions. Currently available financial law system does not cover all these financial activities. More specifically, the most important reason for proposing this bill is to protect consumers who are suffering from electronic accidents or frauds. Although a similar bill was submitted by the ministry of Finance and Economy to the National Assembly, it contained some defects. Thus, this study introduces promising amendments recommended by the expert advisor of Finance and Economy Committee. It is important to note, however, that the Electronic Finance Transaction Bill was not adopted as a law in the 16th National Assembly period. Because the gap between the opposed and the proposed of the bill could not be adjusted, the decision was not made during the 16th National Assembly whether this bill can become a law or not.