MP Gitari Proposes Bill to have Land Agents Deposit Ksh.500M to Protect Buyers from Fraud

Kirinyaga Central MP Joseph Gitari has proposed a bill seeking to have land agents deposit Ksh.500 million as a surety that will protect land buyers from being victims of fraud. 

Gitari’s proposal mirrors the depositors’ protection fund that was established to protect clients from losing all their deposits following the collapse of a bank.

Moreover, the legislator argues that the bill seeks to establish an agency that would regulate the increase and activities of all land-buying companies in Kenya.

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Gitari further stated that the bill will have provisions empowering the regulator to impose penalties of up to Ksh. 5 million for non-compliance by the land-buying companies.

The MP added that there are land agents who have been deceiving unsuspecting buyers into quick and cheap deals, only to swindle them. 

Nevertheless, the law maker noted that the bill is not meant to regulate land buyers, but to protect them.