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Article: New Law Undermines Thai Credit Bureau.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- February 18, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Darana Chudasri, Bangkok Post, Thailand Knight Ridder/Tribune Business News
Feb. 18--A new credit card law to protect consumers to come into effect on March 14 could undermine the effectiveness of credit bureaus and efforts to strengthen credit discipline, according to the president of the Thai Credit Bureau.
Chompunute Sumanaseni said the new law, which calls for jail sentences of five to 10 years for financial institutions that violate certain disclosure rules on customer information, had made credit bureau members reluctant to submit new information to the bureau.
"For instance, one member basically said that they would stop ...