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Members of Parliament failed to raise the numbers needed to veto a presidential memorandum rejecting a Bill that would have compelled lenders to first seize the assets of defaulting borrowers before going for guarantors' property.
The Law of Contract (Amendment) Bill, 2019, which was sponsored by Juja MP Francis Waititu, sought to make changes to the Law of Contract Act, which would have insulated guarantors from being immediately liable in the event a principal borrower defaulted on a loan.
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