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{
    "id": 914991,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/914991/?format=api",
    "text_counter": 226,
    "type": "speech",
    "speaker_name": "Rabai, ODM",
    "speaker_title": "Hon. William Mwamkale",
    "speaker": {
        "id": 2672,
        "legal_name": "William Kamoti Mwamkale",
        "slug": "william-kamoti-mwamkale"
    },
    "content": "This amendment Bill will go a long way in curing the lacuna that has been in the law of contract where banks and lending institutions have been going for anybody in the list of guarantors to offset a debt that is supposed to be paid by the borrower. Kenya is a society that people have faith in friends and colleagues thus they guarantee them to borrow out of good faith. We know the people we guarantee, but what has been happening is that you guarantee somebody without the knowledge that sometimes you could be getting into a collusion of some sort. Hon. Temporary Deputy Speaker, I have been a victim of such a racket. I guaranteed a colleague in the Law Society Kenya Sacco and after I appended my signature, the colleague never paid the debt and I lost all my shares in that Sacco. So, this law will cure that anomaly. Guarantors should be the last people to be touched in such a transaction. Indeed, when one is The electronic version of the Official Hansard Report is for information purposes only. Acertified version of this Report can be obtained from the Hansard Editor."
}