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{
    "id": 721701,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/721701/?format=api",
    "text_counter": 329,
    "type": "speech",
    "speaker_name": "Hon. Okoth",
    "speaker_title": "",
    "speaker": {
        "id": 12482,
        "legal_name": "Kenneth Odhiambo Okoth",
        "slug": "kenneth-odhiambo-okoth"
    },
    "content": "This is a good thing because this Bill gives us the requirements conduct for the people who accept moveable collateral, the care and their obligations for it. For instance, you should take ownership of some equipment. This is because you have lent against it and now you have an interest in it. For instance, if I am a producer of ice in Lake Victoria that is used to pack fish and I say I need some millions of shillings to buy and engage in more business in fish production and export, I tell you, “This is my company and the equipment that I have is specialised equipment and against it, you will give me 50 per cent ownership. This is the value of this equipment. It is registered in the registry and you have a duty to care for it and know how much of it you own based on the amount of the loan you have been given”. If I hand you the logbook of a vehicle to hold on to or even to a smaller level, something like a boda boda, until the point where I have paid you back the loan, you need to take good care of it and not destroy it. If I am a matatu driver and I have gone to a bank to ask for money to do something else, we must make sure that whoever is providing that loan, as this law provides, during the time that I am still using that movable property and someone else has an interest in it because they have given me a loan, they must take care of it. I should not devalue or desecrate that asset against which I have been given a loan. I should try to hold on to it in a way that makes sense so that if it comes down to it and the loan has to be recovered from it, they do not find that at the point of securing the loan the vehicle was valued at Kshs5 million, at the time of trying to recover the loan, if it must be recovered against the vehicle, they find that the vehicle has been damaged, is valueless or less than Kshs1 million in value. Those are the things that this law is trying to do. It is a good Bill and I urge Members to support it. I am happy to support it. It will make life easier for small business people, including many young people in Kibra who are trying to start businesses and often what they have is very small. If the banks do not recognise and accept them, they are left at the mercy of ruthless shylocks who charge very high interest rates and expect to be paid back before the business has taken off. The young people cannot pay back the loan and get returns. With those few remarks, I hope that we will pass this Bill soon and bring it into the sector and make Kenya a country where the ease of doing business ranking and evaluation is very high when we think about access to credit. I support the Bill."
}