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(1) The Minister may, in consultation with the Central Bank of Kenya established under the Central Bank of Kenya Act (Cap. 491), determine and publish -(a) the matters to be taken into account in the computation of the hire purchase price and the amounts of the instalments by which the hire purchase price is to be paid including such matters as the rate of interest or charges which may be imposed on a hirer in respect of any sum credited or to be credited to the hirer by the owner; and(b) the penalties or forfeitures which may be imposed on a hirer under a hire purchase agreement.(2) The Minister may determine different matters and different penalties and forfeitures for different types of hire purchase businesses.
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