利息制限法.DOC

Interest Rate Restriction Act (Act No. 100 of May 15, 1954) Chapter I Restrictions on Interest, etc. (Articles 1 to 4) Chapter II Special Provisions on Commercial Loans (Articles 5 to 9) Supplementary Provisions Chapter I Restrictions on Interest, etc. (Restrictions on Interest) Article 1 If the interest under a contract for interest on a loan of money exceeds the amounts calculated based on the interest rates specified in the following items in relation to each of the instances referenced in the following items, the contract shall be void in relation to the portion of interest which exceeds those respective amounts: (i) where the amount of the principal is less than 100,000 yen: 20 percent per annum; (ii) where the amount of the principal is 100,000 yen or more but less than 1,000,000 yen: 18 percent per annum; or (iii) where the amount of the principal is 1,000,000 yen or more: 15 percent per annum. (Advance Deduction of Interest) Article 2 Where interest is deducted in advance, if the amount deducted in advance exceeds the amount calculated based on the interest rate prescribed in the preceding Article, with the amount received by the debtor being the principal, the portion of interest in excess of that amount shall be deemed to have been appropriated to payment of the principal. (Deemed Interest) Article 3 For purposes of the application of the provisions of the preceding two Articles, any monies other than the principal, whether they are called a reward, discount charge, commission charge, inspection fee, or any other name, which the creditor receives with regard to the loan of money, shall be deemed to be interest; provided, however, that this shall not apply to expenses for concluding the contract and for the performance of obligations. (Restrictions on Agreements for Liquidated Damages) Article 4 (1) If the ratio of liquidated damages to the principal under an agreement for liquidated damages due to a failure to perform an obligation under a loan of mone