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Is shylock allowed in Kenya?
However, the country has put in place strict laws and regulations to curb this exploitative practice. The Money Lenders Act, Cap 273 of the Kenyan laws, strictly prohibits shylocking.
How does Shylock work?
Shylock is a Jewish moneylender who loans 3,000 ducats to his Christian rival Antonio, setting the security at a pound of Antonios flesh. When a bankrupt Antonio defaults on the loan, Shylock demands the pound of flesh.
Is debt shaming illegal in Kenya?
The Constitution of Kenya, 2010 under Article 28, for example, provides that every person has the right to inherent dignity and the right to have that dignity respected and protected. This impliedly protects individuals from unfair debt collection practices, including harassment, debt shaming and violence.
What is a Shylock in business?
Register your company with the Registrar of Companies. Prepare a business plan, detailing your business model and the target market. Submit information about your shareholders, including proof of funding sources. Ensure you have anti-money laundering (AML) and data protection policies in place.
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The Money Lenders Act, Cap 273 of the Kenyan laws, strictly prohibits shylocking. Under this act, any person or entity engaging in money lending activities without a valid license issued by the Cabinet Secretary is deemed to be shylocking.
How to write an agreement to borrow money?
Information included on personal loan agreements include the names of both parties, the date of the agreement, the principal loan amount, the interest rate, and repayment terms. Personal loan agreements can be used as evidence in court if you fail to make payments.
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SHYLOCK VS. ANTONIO: INFORMAL MONEY LENDING
by S Mariwah Cited by 11 Since Shylock refused any form of payment, the court allows Shylock to extract the pound of flesh. At that very moment, Antonio was saved by a lawyer, who
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