𝐏𝐄𝐓𝐈𝐓𝐈𝐎𝐍 𝐔𝐑𝐆𝐄𝐒 𝐇𝐎𝐔𝐒𝐄 𝐓𝐎 𝐀𝐌𝐄𝐍𝐃 𝐂𝐎𝐍𝐒𝐔𝐌𝐄𝐑 𝐏𝐑𝐎𝐓𝐄𝐂𝐓𝐈𝐎𝐍 𝐋𝐀𝐖 𝐓𝐎 𝐒𝐓𝐎𝐏 𝐈𝐍𝐓𝐄𝐑𝐄𝐒𝐓 𝐁𝐄𝐘𝐎𝐍𝐃 𝐏𝐑𝐈𝐍𝐂𝐈𝐏𝐀𝐋
The National Assembly has been petitioned to amend the Consumer Protection Act, Cap 501, to formally codify the 𝘪𝘯 𝘥𝘶𝘱𝘭𝘶𝘮 𝘳𝘶𝘭𝘦, a safeguard intended to protect borrowers from paying interest that exceeds the original loan principal.
Speaker of the National Assembly, Hon. Moses Wetang’ula informed the House of a petition from Mr. Allen Waiaki Kishore, a Senior Counsel with Mwai & Allen Advocates.