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{
    "id": 1277763,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1277763/?format=api",
    "text_counter": 128,
    "type": "speech",
    "speaker_name": "Kericho County, UDA",
    "speaker_title": "Hon. Beatrice Kemei",
    "speaker": null,
    "content": " Hon. Temporary Speaker, I beg to give notice of the following Motion: THAT, aware that the Consumer Protection Act, 2012 provides for the protection of the consumer and prevention of unfair trade practices in consumer transactions in line with Article 46 of the Constitution; further aware that there exists unregulated moneylenders, commonly referred to as ‘shylocks’, that provide loans outside the scope of formal financial institutions; noting that with the repeal of the Moneylenders Act in 1984, unscrupulous business people have exploited the loopholes to the detriment of the general public; concerned that these lenders operate outside of the formal financial sector and as such engage in predatory practices such as high interest rates, hidden fees, unclear terms and conditions and aggressive loan recovery methods; further concerned that the absence of clear and enforceable regulations is untenable and requires immediate remedy; recognizing that the effects of these unregulated operations extend beyond financial implications but are also social and emotional with reports of depression, family breakups and even instances of suicide by borrowers due to excessive penalties and harsh recovery methods; now therefore, this House resolves that the government, through the National Treasury and Economic Planning develops a framework to regulate unlicensed money lenders to promote a fair and sustainable financial system."
}