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{
    "id": 904316,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/904316/?format=api",
    "text_counter": 55,
    "type": "speech",
    "speaker_name": "Sen. Wetangula",
    "speaker_title": "",
    "speaker": {
        "id": 210,
        "legal_name": "Moses Masika Wetangula",
        "slug": "moses-wetangula"
    },
    "content": "As Sen. Sakaja has said, when one computes what they eventually get from the borrower, it is sometimes over 200 per cent. I have seen some transactions where people are charging 10 per cent per month on any money borrowed. The monies look small, but this cumulative total for a person who is paying at 10 per cent per month is 120 per cent in 12 months. A regulation must be done. Mr. Speaker, Sir, this is a matter that, probably, the Senate Majority Leader should consider bringing a Bill to look into the repealed Money Lenders Act. I remember we used to go to court and lenders used to leave court in tears because they were not allowed to cream off money form unsuspecting citizens. However, people now live at their mercy. They take your car, television set, cow and everything and walk away with it."
}