NAIROBI, Kenya, May 10 – President Uhuru Kenyatta has signed into law the Movable Property Security Rights Bill 2017, which enhances the ability to access credit using movable assets.
The new law facilitates the use of movable property as collateral for credit facilities, establishes the office the Registrar of Security Rights as well as provides for the registration of security rights in movable property.
“There is established the Office of Registrar that will be for receiving, storing and making accessible to the public information on registered notices with respect to security rights and rights of non-consensual creditors; and the general running of the registry,” a section of the law reads.
The law also promotes consistency and certainty in securing financing relating to movable assets.
Some of the movable assets include electronics and jewellery among others. For the longest time, financial institutions have focused on immovable assets like land and houses as collateral to access credit.
President Kenyatta signed the Bill before he travelled to the United Kingdom to attend the 3rd London Conference on Somalia.
Deputy President William Ruto, National Assembly Speaker Justin Muturi, Solicitor General Njee Muturi and National Assembly Majority Leader Aden Duale witnessed the signing of the Bill into law.