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{
    "id": 940950,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/940950/?format=api",
    "text_counter": 103,
    "type": "other",
    "speaker_name": "",
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    "content": "Hon. Members, in the case of the Finance Bill, 2019 which is before the House under Order No.8(1), His Excellency the President in his reservations, requests the House to delete Clause 45 of the Bill, which relates to capping of interest rates chargeable on loans advanced by banks and other financial institutions. In essence, the proposed amendment seeks to amend the Banking Act (Cap. 488) of the laws of Kenya by repealing Section 33B so as to remove rates chargeable on loans. Hon. Members, in considering the President’s Reservations, the Departmental Committee on Finance and National Planning recommends that the House agrees with the proposed deletion. The Committee has also proposed further amendments pursuant to the provisions of Standing Order No. 154(3) relating to referral of Bills by the President. The effect of the amendments proposed by the Committee is to safeguard any loan agreements entered into by borrowers under Section 33B of the Banking Act which is proposed to be repealed."
}