Abstract
Adverse effects by the Money Lending Business Law (herein "MLBL") are gradually becoming obvious. Citing data released by the National Police Agency, the mass media reported on April 4, 2013 that the victims of Yamikin (illegal lenders) have been decreasing due to the effects of the MLBL. A series of those media reports feel strange to me. The questionnaire survey we conducted in January 2013 showed that 9.8 % of consumer loan users used Yamikin this past year, a figure well beyond the 3.3% of 2011. Such similar increasing trend had been confirmed by a survey released by the Japan Financial Services Association in November 2012. In fact, the incidents of Yamikin victims have occurred frequently even after such media reports. For instance, in May 2013 alone, a city council member in Sodegaura city, who had been engaged in Yamikin lending was arrested. There is no end to the incidents of fake pawnshops and card encashments, which are becoming the modus operandi of Yamikin. As has been discussed, expansion of Yamikin victims is just one of the adverse effects of the revised MLBL. Uchida and I conducted a "survey on the impacts of the revised MLBL" targeting general consumers in January 2013, following the survey conducted in July 2011, to find out the actual status of consumer loans. As a result of this survey, we confirmed a series of the adverse effects of the MLBL including Yamikin damage. This article reports on several issues caused by the law revision.
