Contemporary Loan Remission Omission: Shemitas Kesafim Nowadays

A Parsha Shuir by Rabbi Yitzhak Grossman

The concept of Shmitas kesafim nowadays [remission of loans] is the subject of debate in Gemara.

The general consensus of early poskim is that outside of eretz yisrael it is still in force in contemporary times, albeit only midrabanan.

Question: We find that many communities did not practice shemitas kesafim.

Potential rationales:

Ro”sh: regarding the community in Spain – the language of their loan documents had a clause that they can collect even in a secular forum which essentially is saying that the borrower stipulated that shemita will not apply.
Terumas Hadeshen- it doesn’t apply in artzos rechokos akin to terumah.
Question- it’s chovas haguf, there should be no difference?
Bach – the concept was never litigated since a lender is always believed to say he had a pruzbul.
Aruch Hashulchan – shemita was only enacted when there’s a companion solution [pruzbul] which is dependent on a bais din with enforceable power. Given that bais din nowadays is only enforceable on a community level, the pruzbul option is not in effect, and by extension, shemita, too. Additionally, we don’t have land.
Igros Moshe – pruzbul nowadays is only a midas hachasidus.