利子의 새로운 法的規制

Abstract

Korea had enforced 'Interest Limitation Law' from January 1, 1962, to January 13, 1998 when she repealed it on account of foreign crisis. However, on March 6, 2007, new 'Interest Limitation Law' was enacted and will enter into force after three months from the enactment date. The policy of interest limitation not only has long history but also is universal. In the early days, the interest agreement itself was prohibited. Since the modern age, capitalistic thought has regarded the interest agreement as natural and lawful. As a result, there has been a problem of interest agreement for payment of excessive interest. Accordingly, it has been affirmatively appreciated to protect the economically disadvantaged by enactment of a special law 'Interest Limitation Law.' However, former 'Interest Limitation Law' had some controversies concerning the application of the law, recognition of a claim for recapture of excessive interest, etc. Just before the enactment of new 'Interest Limitation Law,' Koran Supreme Court decided that interest agreement which exceeds socially accepted common idea is null and void, and therefore, a claim for recapture of the excessive interest is possible. The decision is very noticeable in that it raised some critical legal issues, such as what standard of interest which is not socially acceptable is, what legal reasoning which can recognize recapture of the excessive interest is, etc. Moreover, it should be noted that although newly enacted 'Interest Limitation Law' is almost identical with the old one, the former stipulates recapture of the excessive interest. When I think of the purpose of new legislation, I would like to offer the following suggestions to protect economically disadvantaged more effectively. First, when the amount of loans does not exceed 100,000 won, I think interest-free loans or interest under half of limited rate of interest reasonable. Secondly, when the amount of loans does not exceed 1,000,000 won, total amount of interest should not exceed the principal according to the principle of limitation of total amount of interest. Thirdly, in case that the amount of loans does not exceed 10,000,000 won, relatively low rate of interest should be applied. On the contrary, when the amount of loans exceeds 10,000,000 won, application of relatively high rate of interest would be permissible according to the amount of loans. Lastly, the above mentioned details should be articulated in a relevant Presidential decree.