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{
    "id": 952241,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/952241/?format=api",
    "text_counter": 557,
    "type": "speech",
    "speaker_name": "Kipkelion East, JP",
    "speaker_title": "Hon. Joseph Limo",
    "speaker": {
        "id": 1915,
        "legal_name": "Joseph Kirui Limo",
        "slug": "joseph-kirui-limo"
    },
    "content": "“(1) A bank or financial institution shall set the maximum annual interest rate chargeable for a loan in Kenya at no more than four percentage points above the Central Bank Rate set and published by the Central Bank of Kenya under section 36(4) of the Central Bank Act.” (b) deleting subsection (3) and substituting therefor the following new subsection — (3) Any person who contravenes the provisions of subsection (2) commits an offence and shall, on conviction, be liable to a fine of not less than one million shillings or to imprisonment for a term not less than one year. (c) inserting the following new subsection immediately after subsection (3) — (4) In this section, the term “loan” has the meaning assigned to it under section 44A (5). This Clause is on capping of interest rates. We are proposing to delete that amendment which proposed to remove interest capping so that it remains. However, we are proposing certain amendments to make it compliant with the law. The Court had ruled that there was a constitutionality issue in Section 33B of the Banking Act. We have amended that Section in line with what was also proposed by one of the honourable Members, Jude Njomo. He also proposed the same. We have incorporated the same issues into this amendment. That is the import of this amendment."
}