Ministry of Justice to review factoring legal framework
The Ministry of Justice plans to revise the nation's lending laws that were crafted in 1896, updating them to accommodate the diversifying contract needs spurred by computer technology and globalization, the Nihon Keizai Shimbun reported Wednesd A committee established by Justice Minister Seiken Sugiura will be tasked with reviewing the legal framework for handling e-commerce transactions, franchising contracts, licensing rights, factoring services and other financial arrangements that were unforeseen at the time the lending laws were drafted, the report said, adding the Justice Ministry aims to submit the necessary legislation in 2009. E-commerce transactions involving consumers, for instance, are covered by a law governing electronic contracts.
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