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{
    "id": 998919,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/998919/?format=api",
    "text_counter": 268,
    "type": "speech",
    "speaker_name": "Sen. Sakaja",
    "speaker_title": "",
    "speaker": {
        "id": 13131,
        "legal_name": "Johnson Arthur Sakaja",
        "slug": "johnson-arthur-sakaja"
    },
    "content": "Madam Temporary Chairperson, before I move, it allow me to explain to a bit to the Senators how we arrived this clause. This clause is the one that looks at loans and mortgages. We came up with it after extensive consultation with the Kenya Bankers Association (KBA), Central Bank of Kenya (CBK) and many other players. This is the best way to put it. I beg to move - THAT Bill be amended by deleting Clause 26 and substituting it with a new clause- Loans and mortgages . 26 . (1) Where a pandemic has a negative impact on the capacity of a borrower to meet his or her contractual obligations entered into prior to the declaration of a pandemic, the following measures shall apply during the pandemic up to two months after the end of the pandemic - (a) the borrower may give notice of default in writing to the respective lending financial institution specifying the reason for default to be as a result of the pandemic; (b) the borrower and the lending financial institution may enter into an agreement for the extension of the timelines for repayment; (c) where the borrower and the lending financial institution fail to agree on the timeline for extension of the repayment, the lending financial institution shall determine a reasonable timeline for repayment; (a) the borrower shall not be listed by a credit reference bureau on account of a default; and (b) the statutory notice of realization of a security given shall not be issued. (2) The Cabinet Secretary responsible for matters relating to finance shall- (a)in consultation with financial institutions, develop a criterion for debt review; and The electronic version of the Senate Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor, Senate."
}