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"id": 900448,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/900448/?format=api",
"text_counter": 360,
"type": "speech",
"speaker_name": "Ruaraka, ODM",
"speaker_title": "Hon. T.J. Kajwang’",
"speaker": {
"id": 2712,
"legal_name": "Tom Joseph Kajwang'",
"slug": "kajwang-tom-joseph-francis"
},
"content": "First, I have a problem with the interest. When you say that interest will accrue interest, at what rate and for how long? You are going to create a Pandora’s box. Even if you say market rates, what is that? Is it the lending rates? Which rate is prevailing? What has been controlling the market has been the lending rate. Even up to now, if there is a pending payment, there is obviously interest accruing at court rates, which are controlled by the Civil Procedure Act, the Adjudicature Act and so on. So, if you drop that one, I will support you. Also, I would have wished that you do not specify it to financial institutions only. It should be general so that a promissory note can be used anywhere. Even when the Leader of the Majority Party wants to buy cattle, he can use promissory notes to do so. So, if you could work on those amendments, I am ready to support you."
}