Borrowers have been handed a lifeline from unregulated interest rates after the National Assembly, on Tuesday, formally petitioned to amend the Consumer Protection Act Cap 501. Specifically, Parliament was petitioned to enshrine a legal provision called the in duplum rule, designed to shield borrowers from excessive interest charges on loans. However, in practice, lenders have continued to subject borrowers to mounting interests, penalties and other charges which exceed what they initially borrowed. “The purpose of the rule is to protect borrowers from exploitation, prevent endless accumulation of interest, and encourage fair lending practices,” the petition reads. Wetang'ula informed MPs that the petition primarily requested a clear legal framework which specified when the in duplum rule takes effect and whether it covers penalties and fees.