Lee Jae-myung "Eradicate Illegal Private Loans... Nullify Interest on Illegal Loan Contracts"

"Expansion of Investigation and Authority of the Special Judicial Police Unit"

[Asia Economy Reporter Oh Ju-yeon] Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, stated on the 23rd, "We will eradicate illegal private loans by making the penalties greater than the profits gained illegally."

Lee Jae-myung, the Democratic Party presidential candidate, is announcing senior citizen policy pledges at the Shindaebang 2-dong Senior Center in Dongjak-gu, Seoul, on the 19th. Photo by the National Assembly Press Photographers.

On this day, Candidate Lee said on Facebook, "Illegal private loans are a vicious crime that targets the plight of those pushed into a corner."

Candidate Lee emphasized, "We will eradicate illegal private loans by expanding the investigative and crackdown authority of the Special Judicial Police Unit nationwide." He also said, "In cases of illegal loan contracts violating the Interest Rate Restriction Act, we will nullify all interest contracts, return interest already received, and if the interest rate exceeds three times the permitted rate, we will also nullify the principal contract."

Along with this, he said, "We will establish a victim protection and relief system that enables everything from preventive education to victim counseling, legal support, and economic self-reliance support by utilizing the 'Visiting Illegal Private Finance Victim Counseling Center' and the 'One-Stop Illegal Private Finance Victim Reporting Center,' which were first implemented nationwide in Gyeonggi Province."

Candidate Lee emphasized, "There is nothing more important than protecting the lives of the people, and the first duty of the state is to ensure that the community's rules are well observed in the field. The Lee Jae-myung administration will fulfill its responsibility by eradicating illegal private loans that ruin the livelihoods of ordinary people and protect the lives of the people."

This content was produced with the assistance of AI translation services.