**Exhibit 1.4**(Translation)**NIS GROUP CO., LTD.****REGULATIONS OF THE BOARD OF STATUTORY AUDITORS**(Purpose)     Article 1. In accordance with laws and ordinances and the Articles of Incorporation, theseRegulations shall provide for all matters concerning meetings of the Board of Statutory Auditors ofNIS GROUP CO., LTD. (the “Company”).(Definitions)     Article 2. (1) “Accounting Auditor” means an accounting auditor elected by the GeneralMeeting of Shareholders of the Company pursuant to Article 329,paragraph 1 of the Corporate Law of Japan.  (2) “SEC Audit Corporation” means an accounting firm, certified publicaccountant of the United States or accountant and its related party,required to be independent of the Company pursuant to the laws orordinances of the United States or the rules of the stock exchange inthe United States on which the shares of the Company are listed andregistered with the Public Company Accounting Oversight Board (“PCAOB”)of the United States, that provides the Company and any subsidiary ofthe Company under the accounting standards of the United States withaudit services and other services related with audits in accordancewith the standards of the United States.  (3) Any “Accounting Auditor” shall be qualified as an SEC Audit Corporation.(Composition)     Article 3. 1. The Board of Statutory Auditors shall be composed of all the Statutory Auditors.  2. The Board of Statutory Auditors shall appoint a full-time Statutory Auditor orAuditors.  3. In addition to the preceding paragraph, the Board of Statutory Auditors shallappoint a chairman of the Board of Statutory Auditors and a specified StatutoryAuditor or Auditors as set forth in Article 8 hereof.(Object of the Board of Statutory Auditors)     Article 4. The Board of Statutory Auditors shall receive reports on, deliberate on or adoptresolutions of, important matters concerning audits; provided, however, that the exercise of powersby each Statutory Auditor shall not be diluted.(Duties of the Board of Statutory Auditors)     Article 5. The Board of Statutory Auditors shall execute the following duties; provided,however, that any determination made under item (3) hereof shall not dilute the exercise of powersby each Statutory Auditor: (1) Preparation of audit reports;  (2) Appointment and removal of full-time Statutory Auditors; and  (3) Determination of audit policies, methods of investigation of the stateof operations and property and other matters concerning the executionby Statutory Auditors of their duties.
 

 
(Appointment and removal of full-time Statutory Auditors)     Article 6. The Board of Statutory Auditors shall, by its resolution, appoint a full-timeStatutory Auditor or Auditors from among the Statutory Auditors and remove such full-time StatutoryAuditor or Auditors.(Chairman)     Article 7. 1. The Board of Statutory Auditors shall, by its resolution, appoint achairman from among the Statutory Auditors.  2. The chairman of the Board of Statutory Auditors shall execute theduties delegated by the Board of Statutory Auditors, in addition tothe duties set forth in Article 11, paragraph 1 hereof; provided,however, that the exercise of powers by each Statutory Auditor shallnot be diluted.(Specified Statutory Auditors)     Article 8. 1. The Board of Statutory Auditors shall, by its resolution, specify a StatutoryAuditor or Auditors (“specified Statutory Auditor(s)”) to execute the followingduties: (1) Receive from the Directors businessreports and their detailedaccompanying statements and financialstatements that shall be received byeach Statutory Auditors, and deliverthe same to the other StatutoryAuditors;  (2) Give notice of the details of auditreports of the Board of StatutoryAuditors on business reports and theirdetailed accompanying statements tothe Directors;  (3) Agree with the Directors as to thedates on which notice under thepreceding paragraph shall be given;  (4) Receive from the Accounting Auditorsnotice of the details of accountingaudit reports, and give notice thereofto the other Statutory Auditors;  (5) Give notice of the details of auditreports of the Board of StatutoryAuditors on financial statements tothe Directors and Accounting Auditors;and (6) Agree with the Directors andAccounting Auditors as to the date onwhich the specified StatutoryAuditor(s) shall receive from theAccounting Auditors notice of thedetails of accounting audit reports. 2. The specified Statutory Auditor(s) shall be a full-time Statutory Auditor(s).
 

 
(Statutory Auditors to attend meeting of the Board of Directors by Special Directors)     Article 9. In the event that the Board of Directors has appointed Special Directors, the Boardof Statutory Auditors shall, by its resolution, appoint a Statutory Auditor or Auditors to attend ameeting of the Board of Directors by such Special Directors.(Holding of meetings)     Article 10. Meetings of the Board of Statutory Auditors shall be held at the head officebimonthly, in principle; provided, however, that meeting of the Board of Statutory Auditors may beheld from time to time as the necessity arises.(Convener)     Article 11. 1. Meetings of the Board of Statutory Auditors shall be convened andpresided over by the chairman.  2. Each Statutory Auditor may request the chairman to convene a meetingof the Board of Statutory Auditors.  3. In the event that the chairman does not convene a meeting of the Boardof Statutory Auditors in spite of a request made under the precedingparagraph, the Statutory Auditor who has made such request may conveneand preside over the meeting.(Convocation procedure)     Article 12. 1. To convene a meeting of the Board of Statutory Auditors, noticethereof shall be dispatched to each Statutory Auditor not later thantwo (2) days prior to the date of the meeting in accordance asprovided for in the Articles of Incorporation.  2. If consented to by all the Statutory Auditors, a meeting of the Boardof Statutory Auditors may be held without following the convocationprocedure.(Method of adopting resolutions)     Article 13. 1. A resolution of the Board of Statutory Auditors shall be adopted by amajority of the Statutory Auditors.  2. For adopting a resolution, the Board of Statutory Auditors shalldeliberate by reference to sufficient information.
 

 
(Resolution of audit policies and other matters)     Article 14. 1. The Board of Statutory Auditors shall, by its resolution, formulateaudit policies, audit plans, audit methods, the distribution ofauditing duties and other matters.  2. In addition as provided for in the preceding paragraph, the Board ofStatutory Auditors shall make decisions as to any matter considerednecessary for Statutory Auditors to perform their duties, includingaudit expense budgets.  3. The Board of Statutory Auditors shall make decisions as to the detailsof the following frameworks and request the Directors to establish theframeworks: (1) Matters relating to employees to assist the StatutoryAuditors to execute their duties;  (2) Matters relating independence of the employees setforth in the preceding item from the Directors;  (3) Framework for the Directors and employees to filereports to the Statutory Auditors and other frameworksfor filing reports to the Statutory Auditors; and  (4) Other frameworks to secure effective performance ofaudits by the Statutory Auditors.(Engagement of third-party advisors)     Article 15. The Board of Statutory Auditors may engage attorneys, certified publicaccountants, consultants and other third-party advisors at the cost of the Company when it deemsnecessary for the performance of its duties.(Regular meetings with Representative Directors, etc.)     Article 16. 1. The Board of Statutory Auditors shall regularly meet theRepresentative Directors, exchange opinions on problems to beaddressed by the Company, the state of development of the environmentsfor the Statutory Auditors’ audits, important problems in conjunctionwith audits, etc. and also make requests as deemed necessary to theRepresentative Directors, in an effort to increase mutualunderstanding.  2. The Board of Statutory Auditors shall explain its audit policies andaudit plans, as well as the state of the performance of audits and theresults thereof, whenever appropriate, and express its opinions on theelection of Accounting Auditors, to the Representative Directors andthe Board of Directors.  3. The Board of Statutory Auditors shall, in consultation with theDirectors, determine a proposition for the election of AccountingAuditors and other matters for the Directors and employees to filereports to the Board of Statutory Auditors under the framework set forth in Article 14, paragraph 3, item 3 above, in addition to thematters provided for in law and receive reports thereon.
 

 
(Reports to the Board of Statutory Auditors)     Article 17. 1. Each Statutory Auditor shall report the state of performance of hisduties to the Board of Statutory Auditors regularly and from time totime and must do so at any time upon request from the Board ofStatutory Auditors.  2. Any Statutory Auditor who receives a report from any AccountingAuditor, Director, employee in the internal audit section, etc. orother person shall file such report to the Board of StatutoryAuditors.  3. The Board of Statutory Auditors shall request any Accounting Auditor,Director, employee in the internal audit section, etc. or other personto file a report as the necessity arises.  4. In conjunction with the three preceding paragraphs, in the event thatany Accounting Auditor, Director, employee in the internal auditsection, etc. or other person gives notice of any matter to bereported to the Board of Statutory Auditors to all the StatutoryAuditors, such any matter shall not be required to be reported to theBoard of Statutory Auditors.  5. The Board of Statutory Auditors shall receive reports from theAccounting Auditors on their audit reports (including audit reports onconsolidated financial statements to be filed with the SEC).(Measures in response to reports)     Article 18. In the event that the Board of Statutory Auditors receives any of the followingreports, it shall make necessary investigations and take any appropriate measure according to thesituation: (1) Report from any Director that a fact was found to threaten to cause amaterial damage to the Company;  (2) Report from any Accounting Auditor that a malpractice by any Directorrelating to the performance of his duties or any other material factin contravention of laws or ordinances or the Articles ofIncorporation were found;  (3) Report from any Director or employee on any of the matters determinedin consultation with the Directors in advance; and  (4) Report or information received from any officer, employee or the likeor any outsider pursuant to the Regulations for the Operation of theWhistle-Blowing Policy.
 

 
(Preparation of audit reports)     Article 19. 1. The Board of Statutory Auditors shall, based on the audit reportsprepared by each Statutory Auditor, prepare its audit reports upondeliberation.  2. If the details of the audit report of the Board of Statutory Auditorsdiffers from those of each Statutory Auditor and such each StatutoryAuditor so requests, the Board of Statutory Auditors shall refer tothe details of the audit report of the Statutory Auditor in its auditreport.  3. Each Statutory Auditor shall affix his signature or his name and seal(including electronic signature) to the audit report of the Board ofStatutory Auditors. The full-time Statutory Auditor or Auditors andoutside Statutory Auditor or Auditors shall be indicated or recordedas such therein.  4. The preceding three paragraphs shall apply, mutatis mutandis, when theCompany prepares extraordinary financial statements or consolidatedfinancial statements.(Consent to the election of Statutory Auditors, etc.)     Article 20. 1. The following matters concerning the election of Statutory Auditorsshall be subject to the resolution of the Board of Statutory Auditors: (1) Consent to a proposition on the election of StatutoryAuditors to be submitted to a General Meeting ofShareholders;  (2) Request that the election of Statutory Auditors be amatter forming an object at a General Meeting ofShareholders; and  (3) Request that a proposition on the election ofStatutory Auditors be submitted to a General Meetingof Shareholders. 2. The preceding paragraph shall apply, mutatis mutandis, to the electionof a Statutory Auditor to fill a vacancy.(Consent to the election of Accounting Auditors, etc.)     Article 21. 1. The following matters concerning the election, non-reelection andremoval of Accounting Auditors shall be subject to the resolution ofthe Board of Statutory Auditors: (1) Consent to a proposition on the election of AccountingAuditors to be submitted to a General Meeting ofShareholders;  (2) Consent to the removal or non-reelection of AccountingAuditors to be a matter forming an object at a GeneralMeeting of Shareholders;  (3) Request that a proposition on the election ofAccounting Auditors be submitted to a General Meetingof Shareholders;  (4) Request that the election, removal or non-reelectionof Accounting Auditors be a matter forming an objectat a General Meeting of Shareholders; and (5) Election of a person to temporarily perform the dutiesof Accounting Auditors in the event that the office ofAccounting Auditors is vacant.
 

 
 2. Consent of all the Statutory Auditors to the removal of any AccountingAuditor for any statutory reason for removal may be obtained uponconsultation at a meeting of the Board of Statutory Auditors. In thatcase, a Statutory Auditor designated by the Board of StatutoryAuditors shall explain the fact and the reason therefor at the firstGeneral Meeting of Shareholders to be held after such removal.  3. The consent set forth in the preceding paragraph may be given inwriting or in electronic records in the case of urgent necessity.(Consent to remuneration, etc. of Accounting Auditors)     Article 22. Any consent to remuneration, etc. of Accounting Auditors and any person totemporarily perform the duties of Accounting Auditors shall be by resolution of the Board ofStatutory Auditors.(Consent to partial indemnification of Director)     Article 23. 1. Any of the following unanimous consents by the Statutory Auditors maybe given upon deliberation at a meeting of the Board of StatutoryAuditors: (1) Consent to a proposition on partial indemnification ofany Director to be submitted to a General Meeting ofShareholders;  (2) Consent to a proposition on amendment to the Articlesof Incorporation to allow the Board of Directors topartially indemnify any Director by resolution of theBoard of Directors to be submitted to a GeneralMeeting of Shareholders;  (3) Consent to a proposition on partial indemnification ofany Director to be submitted to a meeting of the Boardof Directors in accordance as provided for in theArticles of Incorporation; and  (4) Consent to a proposition on amendment to the Articlesof Incorporation to allow the Board of Directors toenter into an agreement with any outside Director topartially indemnify him to be submitted to a GeneralMeeting of Shareholders. 2. The consent set forth in the preceding paragraph may be given inwriting or in electronic records in the case of urgent necessity.(Consent to intervention in a lawsuit to assist)     Article 24. 1. Any unanimous consent by the Statutory Auditors to intervention by theCompany in a derivative lawsuit to assist any defendant Director maybe given upon deliberation at a meeting of the Board of Statutory Auditors.  2. The consent set forth in the preceding paragraph may be given inwriting or in electronic records in the case of urgent necessity.
 

 
(Deliberation on exercise by Statutory Auditors of powers)     Article 25. In the event that Statutory Auditors exercise their powers or perform their dutieswith regard to the following matters, the Statutory Auditors may deliberate thereon in advance at ameeting of the Board of Statutory Auditors: (1) Explanation as to any question addressed in writing by a shareholderto Statutory Auditors prior to the holding of a General Meeting ofShareholders;  (2) Report to the Board of Directors, request for the convocation of ameeting of the Board of Directors, etc.;  (3) Results of investigations as to propositions, documents, etc. to besubmitted to a General Meeting of Shareholders;  (4) Demand for the suspension of any Director’s act beyond the scope ofthe objectives of the Company or any other act in contravention oflaws or ordinances or the Articles of Incorporation;  (5) Statement of opinions on the election, removal, resignation andremuneration, etc. of Statutory Auditors at a General Meeting ofShareholders;  (6) Matters concerning a lawsuit between the Company and any Director;  (7) Matters concerning approval of audit or non-audit services ofAccounting Auditors; and  (8) Matters concerning the institution of lawsuits and other matters.(Deliberation on remuneration, etc.)     Article 26. Upon unanimous consent by the Statutory Auditors, remuneration, etc. of StatutoryAuditors may be deliberated at a meeting of the Board of Statutory Auditors.(Minutes)     Article 27. 1. The following matters shall be included in minutes of each meeting of the Board ofStatutory Auditors and the Statutory Auditors present shall affix their signaturesor their names and seals (including electronic signatures) thereto: (1) Day, hour and place of the meeting (including the method ofattendance at the meeting if any Statutory Auditor, Director orAccounting Auditor who was not in the place physically attended themeeting);  (2) Proceedings in outline and the resultant actions taken thereat;  (3) Outline of the particulars of the opinions or statements, if any,given thereat with regard to any of the following matters: (a) Report from any Director that afact was found to threaten tocause a material damage to theCompany; and  (b) Report from any AccountingAuditor that a malpractice byany Director relating to theperformance of his duties orany other material fact incontravention of laws orordinances or the Articles ofIncorporation were found; (4) Name of any Director or Accounting Auditor present thereat; and  (5) Name of the chairman of the meeting.
 

 
 2. In the event that the filing of a report to the Board of Statutory Auditors isdetermined not to be required by the provision of Article 17, paragraph 4, minutesshall be prepared of the following items: (1) Details of the matter determined not to be required to be reported tothe Board of Statutory Auditors;  (2) Date on which the filing of such report to the Board of StatutoryAuditors was determined not to be required; and  (3) Name(s) of the Statutory Auditor(s) who performed the duties involvedin the preparation of minutes. 3. The minutes mentioned in the preceding two paragraphs shall be kept on file by theCompany at the head office for ten (10) years.(Secretariat for the Board of Statutory Auditors)     Article 28. The convocation of meetings of the Board of Statutory Auditors, preparation of theminutes and other businesses concerning the administration thereof shall be assigned to theStatutory Auditors’ staff and other employees to assist the Statutory Auditors to perform theirduties.(Criteria for Audits by the Statutory Auditors)     Article 29. All maters concerning the Board of Statutory Auditors and the audits by StatutoryAuditors shall be governed by the Criteria for Audits by the Statutory Auditors to be determined bythe Board of Statutory Auditors, in addition as provided for in laws or ordinances, the Articles ofIncorporation and these Regulations of the Board of Statutory Auditors.(Amendment and abolition of these Regulations)     Article 30. Any amendment to or abolition of these Regulations shall be made by the Board ofStatutory Auditors.(Effectuation)     Article 31. These Regulations shall become effective as from June 29, 1994.(Effective date of amendment)     Article 32. 1. These Regulations, as amended, shall become effective as from August 11, 1995.  2. These Regulations, as amended, shall become effective as from June 10, 2002.  3. These Regulations, as amended, shall become effective as from April 1, 2003.  4. These Regulations, as amended, shall become effective as from June 22, 2004.  5. These Regulations, as amended, shall become effective as from February 15, 2005.  6. These Regulations, as amended, shall become effective as from June 22, 2005.  7. These Regulations, as amended, shall become effective as from June 24, 2006.  8. These Regulations, as amended, shall become effective as from October 1, 2006.