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Article: MAJOR JAPAN MONEYLENDERS' COMBINED INTEREST REFUNDS HIT US$10B.
- Article from:
- AsiaPulse News
- Article date:
- October 6, 2009
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TOKYO, Oct 6 Asia Pulse - Refunds issued by the four leading consumer credit companies to borrowers for past interest overpayments reached a cumulative 922.4 billion yen (US$10.3 billion)from April 2006 through this past August.
Following a January 2006 ruling by the Supreme Court, consumer lenders that had previously charged more than the 15-20 per cent cap set by an interest rate law have been required to give borrowers refunds on request.
The refund tally is equivalent to roughly 70 per cent of the combined consolidated net profit generated by the four firms -- Promise Co. (TSE:8574), Acom Co. (TSE:8572), Aiful Corp. (TSE:8515) and Takefuji ...