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{
    "id": 914912,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/914912/?format=api",
    "text_counter": 147,
    "type": "speech",
    "speaker_name": "Kanduyi, FORD-K",
    "speaker_title": "Hon. Wafula Wamunyinyi",
    "speaker": {
        "id": 291,
        "legal_name": "Athanas Misiko Wafula Wamunyinyi",
        "slug": "athanas-wamunyinyi"
    },
    "content": " Thank you, Hon. Temporary Deputy Speaker. I rise to also support this Motion by Hon. Waititu. It is fairly straightforward. It provides for the lender or bank to first exhaust all measures, including going for the borrower’s security assets, before going to the guarantor. Ordinarily, like my colleague, Hon. Chris Wamalwa has said we guarantee our colleagues in Parliament out of trust without bothering how much they are borrowing. I am sure the same extends to other members of the public. When they are guaranteeing their colleagues, it is out of trust. They know each other and they never expect that someone will default so that the lender comes after them. Usually, they help each other to realise their goals. So, this piece of legislation is important. It prevents the lender from going for the guarantor before exhausting other measures, including realising the security of the principal borrower. I am not sure what the main Act provides for, but in Saccos, there is a provision for insurance cover of member’s loans. In the event of death or default of any kind, it can be taken care of. There needs to be a provision to deal with cases where one dies while there is no cover. For example, if you borrow from a bank and then death visits you that will be unfortunate. One could possibly be on track in repaying a borrowed amount then death occurs. Usually that becomes a difficult issue if there is no provision or an insurance cover for it. That is something that we need to look at. We need to strengthen and improve the management of our SACCOs to increase their accountability and ensure that they are run transparently to help those who have invested savings in them. This Bill deals with borrowing and lending and my colleagues have talked about interest rates. All of us borrow from banks, and we have suffered in their hands. We have been paying loans for years and they never reduce because we only pay interest rates. It is important that Members are reminded that if there will be an attempt to bring changes on interest rates to this House, we will reject them. We will join hands and ensure that they do not go anywhere. As I said, this legislation is fairly straight forward from its objective of being brought to this House. I do not want to take too long on it, so that I can allow other colleagues to make their comments. I support the Bill. We will ensure that when the other Bill on interest rates is brought before this House, we will reject it. Thank you."
}