1. The Defendant shall pay to the Plaintiff KRW 38,829,102 and the interest rate of KRW 25% per annum from July 21, 2016 to the day of complete payment.

1. Facts of recognition;

A. From September 7, 2011 to August 11, 2014, the Plaintiff registered credit business with the trade name “C”.

B. On February 21, 2012, the Plaintiff loaned a loan of KRW 60 million to the Defendant at the rate of 3% per month on July 21, 2012, the Plaintiff paid KRW 50,140,000,000 after deducting the loan fee of KRW 6 million, interest rate of KRW 1.8 million, and other registration expenses.

(hereinafter “instant loan agreement”). The Plaintiff set the right to collateral security of KRW 90 million with respect to the real estate owned by the Defendant as the secured debt, with respect to the said loan claim as the secured debt.

C. The Defendant did not repay the principal and interest in addition to the above pre-paid interest and KRW 1.8 million.

Accordingly, on February 26, 2015, the Plaintiff received a decision to commence the auction on the rent of real estate from the original branch of the Chuncheon District Court (D). On July 20, 2016, the Plaintiff received dividends of KRW 58,051,190 from the auction procedure.

[Ground of recognition] Facts without dispute, Gap evidence Nos. 1, 2, 5, 6, and 7, the purport of the whole pleadings

2. Determination

A. According to the facts of recognition as above, the defendant is obligated to pay the principal and interest of the loan under the loan agreement of this case to the plaintiff.

B. (1) The application of the highest interest rate (1) and the Act on Registration of Credit Business, etc. and Protection of Finance Users (hereinafter “Credit Business Act”) are compulsory provisions, and such violation is determined ex officio (see Supreme Court Decision 2009Da103738, Mar. 25, 2010). We examine ex officio the highest interest rate applicable to the instant loan agreement.

(2) The Credit Business Act, when a credit service provider, as a mandatory provision, enters into a loan agreement with the other party, shall prepare and deliver a loan agreement in which statutory matters, such as the name, address, and registration number of the credit service provider, are stated (Article 6 of the Credit Business Act and Article 4 of the Enforcement Decree of the same Act), as stipulated in the Credit Business Act (Article 6 of the Credit Business Act)