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Steps in place to protect bad loan collectors from gangs.

TOKYO, Dec. 24 Kyodo The National Public Safety Commission on Thursday set new regulations to protect collectors of bad loans held by financial institutions from crime syndicates, commission officials said. They said the new measures will be implemented next spring along with the proposed ''servicer'' bad loan collection law, which would open the business of collecting bad loans to people other than lawyers, as is currently the case. The new regulations would allow the director general of the National Police Agency to keep tabs on the activities of gangsters, the collection status of the worst delinquent loans and the operations of servicers, and if necessary, direct police to investigate specific cases. The servicer law would empower the justice minister to approve licensing for servicing companies to help screen out firms tied to the underworld, the officials said.
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Publication:Japan Policy & Politics
Date:Dec 28, 1998
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