The Bill was placed on the Order Paper of Parliament on 9 January 2024. TISL has argued in the Petition (SC SD 14/2024) that the Bill does not conform to the principles of reasonableness, proportionality, natural justice, separation of powers and legal certainty as required, and is thus violation of Article 83 of the Constitution as read with Article 3 and 4 of the Constitution.

The extortive and predatory practices faced by victimised customers/borrowers of microfinance schemes, among others include, sextortion/soliciting of sexual bribes, physical, mental, and emotional harassment and intimidation, and the application of extortive interest rates in the granting of loans.