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{
    "id": 555684,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/555684/?format=api",
    "text_counter": 86,
    "type": "speech",
    "speaker_name": "Hon. Katoo",
    "speaker_title": "",
    "speaker": {
        "id": 199,
        "legal_name": "Judah Katoo Ole-Metito",
        "slug": "judah-ole-metito"
    },
    "content": "This means that the Board may even recall your loan even within three months of completion of your studies. That is good and, in fact, that is why there is this proposal in the amendment that, at least, there should be a grace period. This grace period is talked about in Sub-section 7 of the amended proposal. That is why I differ with the Vice- Chairperson of the Committee who proposed that such a clause can be addressed through regulation. We should not wait for the Regulations to address that aspect because even in the current position, which is that the Board may recall your loan within a year after completion of studies or even earlier, or any time that the Board may decide, is not provided for in the regulations. It is provided for in the Act. Therefore, we should retain Clause 7 of the Bill, which provides that within one year of completion of studies, if a loanee has not secured a source of income, the loanee shall notify the Board in writing and the Board shall not levy penalties on the loan. Hon. Temporary Deputy Speaker, I have an example of a student from my constituency who has finished her studies and, for two years now, the loan has been attracting penalties or interest. That is not good. Hon. Oyula has just talked about compliance. Even if we encourage the beneficiaries of these monies to be compliant, because of economic hardships, at times this may be beyond their wish. Therefore, it is good that we provide for a grace period of one year for the beneficiaries to settle down after studies and try to secure some source of income before starting to make repayments."
}