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Fines for Overstaying a Visa

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After calling immigration, and being told that there were no fines (definitely wrong, but that's the person you want to speak to if you have violated the law, ha), I looked them up and here they are for you.  Although current as of August 19th 2014, please note these can be changed easily by immigration.

Overstay period                      Fine (KRW)
Less than 3 months                100,000 - 500,000
Less than 1 year                    500,000 - 2 million
Less than 2 years                  2 million - 4 million
2 years or more                    4 million - 20 million

It appears the thinking was that every three months is worth about 500,000 won, and that each year is worth about 2 million won, although there is substantial discretion for officers, particularly in the last, largest category.  Like any order, a fine is subject to a court review if you are willing to expend the money and time.

Source:
Immigration Control Act, Regulations, Attachment 7 (Standards for Determining the Amount of Fines), enacted February 29, 2012.
출입국관리법 시앵규칙 [ 별포 7] < 2012.2.29>별표 개정 범칙금의 양정기준

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