금융소비자 보호와 대부업 규제 - 금융소비자보호를 위한 대부업규제강화의 문제점 -

Abstract

Despite a reduced ability, total household debt in Korea is increasing rapidly. At the end of March 2011, average liabilities per household increased by 12.7 percent to 52,050 thousand won from the end of February 2010. Secured and credit loans went up by 12.3 percent and 21.9 percent,respectively. Secured loans occupied 54.8 percent of the total liabilities,which dropped by 0.2 percent from the end of February 2010. Because of the structural risk of household debt in Korea, the Korea Financial Supervisory Authorities(KFSA) has introduced so called ‘2012 Work Plan of the KFSA’, which contains various debt reduction measures. To reduce household debt, the focus of ‘the 2012 Work Plan’ is placed to expand the supply of micro-finance and strengthening of consumer protection. Proposed measures of KFSA seems to protect financial consumers by strengthening regulation of the loan, such as predatory lending and prevent ineligible loans, incomplete sales by setting a high level of integrity obligation of the money lender. This paper attempt to analyze the efficacy of the Korean Government’s effort against the abusive business conduct of the moneylender in small loan transaction by examining the ‘Money Lending Business Law’(MLBL). The MLBL in Korea provides a framework for the registration of private moneylender, the control of money lending transactions, and the prohibition of charging excessive interest rates. In conclusion, this paper argues the risk of government’s engagement in loan deal due to regulatory price control and suggest the necessity of improvement over the regulation of overndebtedness of small loan consumer in Korea.