LEGAL ALERT 🚨 | The High Court of Uganda has ruled that it's illegal for anyone to levy an interest on money lent without a money lending licence.
#LegalAlert
#LegalAlert
Court also noted ;
- It is illegal for anyone to get involved into a money lending business without a license.
- Mere levying of interest on money lent out is enough to prove that one is involved in a money lending business.
- It is illegal for anyone to get involved into a money lending business without a license.
- Mere levying of interest on money lent out is enough to prove that one is involved in a money lending business.
- An acknowledgement of a loan attained by duress cannot be relied on as evidence for money loaned.
- A mere acknowledgement of a loan without evidence of a contract may not be enough to prove that money was loaned.
Kagumaho Kakuyo v Shilla Ninsiima Civil Suit No. 531 of 2019
- A mere acknowledgement of a loan without evidence of a contract may not be enough to prove that money was loaned.
Kagumaho Kakuyo v Shilla Ninsiima Civil Suit No. 531 of 2019
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