Movable Property Security Rights Bill 2017 becomes Law

The Movable Property Security Rights Bill 2017, which enhances the ability to access credit using movable assets has become Law after President signed the Bill on 10th May, 2017.

The new law facilitates the use of movable property as collateral for credit facilities, establishes the office of the Registrar of security rights as well as provides for the registration of security rights in movable property. The Act also promotes consistency and certainty in securing financing relating to movable assets.

The State Law Office facilitated the drafting of the Movable Property Security Rights Bill that seeks to enhance access to credit by small and micro business enterprises. This will be by linking financial lenders to businesses and individuals.

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The development is part of the government’s effort to promote socio-economic development while enhancing economic governance and empowerment in the advancement of the country’s development priorities as spelt out in Vision 2030, Constitution of Kenya 2010, Jubilee Coalition Manifesto, the Millennium Development Goals and the Sustainable Development Goals declarations.

Other reforms that have taken place to create an enabling environment for business in Kenya include the enactment of the Companies Act 2015 and Insolvency Act 2015 as well as the establishment of the Business Service Registration Board.

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