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Japan: New Law May Block Credit for Homemakers
Source: yomiuri.co.jp
Source Date: Tuesday, March 30, 2010
Focus: Electronic and Mobile Government
Country: Japan
Created: Apr 06, 2010

Major consumer finance, credit card and loan companies are likely to stop extending loans to people without an income--such as full-time homemakers--as early as June, it has been learned.

Promise Co., Aiful Co., JCB Co. and Mitsubishi UFJ Nicos Co. are among the creditors planning to halt such loans. These firms are thought to be worried over an increase in costs for the complex screening procedure expected to be triggered in June, when the revised Moneylending Control Law goes into effect. The revised law will limit the loan amount to no more than one-third of the annual household income.

The law likely will affect more than 1 million full-time homemakers who have used cashing services offered by these companies to obtain new loans.

A limited number of companies, including Cedyna Financial Co., plan to continue offering new loans to these people even under the new law.

Meanwhile, all of these finance companies plan to continue lending money to people with "family cards," which are issued at the request of the card holder.
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