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{
    "id": 959698,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/959698/?format=api",
    "text_counter": 102,
    "type": "speech",
    "speaker_name": "Suba South, JP",
    "speaker_title": "Hon. John Mbadi",
    "speaker": {
        "id": 110,
        "legal_name": "John Mbadi Ng'ong'o",
        "slug": "john-mbadi"
    },
    "content": "Hon. Deputy Speaker, the other thing that is coming out clearly, which Hon. Jude Njomo has added, but it was not asked for by the court, is to clearly define the CBK rates. Hon. Jude Njomo, in his amendment, is saying that we are talking about the rate that is mentioned under Section 36(4) of the CBK Act. It talks about the base lending rate so that there is no ambiguity. If you read Section 33B(2) of the Bill, even shylocks who loan people money at 30 per cent rate should worry because they are not left out in this definition. Section 33B(2) says that a person shall not enter into an agreement or arrangement to borrow or lend directly or indirectly at an interest rate in excess of that prescribed by law. That does not leave out shylocks. They cannot lend beyond what is prescribed in law. Therefore, the base lending rate which is prescribed under Section 36(4) of the CBK Act is what we are referring to. We are saying that no financial institution or anybody should charge above 4 per cent of the base lending rate. That is the clarity that this Bill seeks to bring out."
}