No 25 Of 2016 - as Plain Text by MWakili

SPECIAL ISSUE Kenya Gazette Supplement No.

143 (Acts No.

25) REPUBLIC OF KENYA KENYA GAZETTE SUPPLEMENT ACTS, 2016 NAIROBI, 31st August, 2016 CONTENT Act PAGE The Banking (Amendment) Act, 2016 507 i.ATIONAL COUNCIL FOR LAW REPORTING RECEIVED 02 SEP 2116 P Aox 10443-00100 NAIROBI, KENYA Trl FAX: 2712694 PRINTED AND PUBLISHED BY THE GOVERNMENT PRINTER, NAIROBI 507 THE BANKING (AMENDMENT) ACT No.

25 of 2016 Date of Assent: 24th August, 2016 Date of Commencement: 14th September, 2016 AN ACT of Parliament to amend the Banking Act ENACTED by the Parliament of Kenya, as follows 1.This Act may be cited as the Banking (Amendment) Short title.

Act, 2016.

The Banking Act in this Act referred to as "the Amendment of Principal Act" is amended by inserting the following new section 31 of Cap.

section immediately after section 31.

488.

Disclosure of information 31A.

A bank or financial institution on loans.

shall, before granting a loan to a borrower disclose all the charges and terms relating to the loan.

The Principal Act is amended by inserting the Amendment of following new section immediately after section 33A.

section 33A of Cap.

488.

Powers of Central Bank 33B (1) A bank or a financial to enforce interest ceilings.

institution shall set (a) the maximum interest rate chargeable for a credit facility in Kenya at no more than four per cent, the base rate set and published by the Central Bank of Kenya; and (b) the minimum interest rate granted on a deposit held in interest earning in Kenya to at least seventy per cent, the base rate set and published by the Central Bank of Kenya.

(2) 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.

508 No.

25 Banking (Amendment) 2016 (3) A bank or financial institution which 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 in default, the Chief Executive Officer of the bank or financial institution shall be liable to imprisonment for a term not less than one year.

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