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Tokyo government says Line Credit engages in excessive lending

The Tokyo metropolitan government said online lending service LINE Credit Corp. engaged in alleged excessive lending practices, and issued a business improvement order, The Nikkei reported Jan. 21.

Authorities say the Line Corp. unit violated financial regulations by lending 32 customers more than one-third of their annual income, and also failed to collect proof of income certificates from 16 loan recipients.

The metropolitan government ordered Line Credit to submit a business improvement plan by Feb. 26.