KISORO – The Kisoro Resident District Commissioner, Hajji Badru Ssebyala, has vowed to take action against money lenders involved in the unlawful confiscation of property from local residents.
RDC Ssebyala revealed that his office has documented numerous cases of money lenders seizing people’s assets, claiming default on loans. The district’s presidential representative stressed that his office is committed to addressing these fraudulent practices and warned the public against entering agreements with money lenders without a thorough understanding of the terms.
CUE IN… HAJJI SSEBYALA……ENG/LUG//
According to section 90 (2) of the Tier 4 Microfinance and Money lenders Act 2016 Act, a money lender who charges interest that is higher than the maximum interest rate prescribed by the Minister commits an offence and on conviction is liable to a fine not exceeding fifty currency points and the court may, in addition to the fine order that the money lenders license be cancelled and the money lender pays the borrower any money paid in excess as a result of the interest rate charged.
