Brokers Act

LAWS OF KENYA
THE BROKERS ACT
CAP. 527
Revised and published by the National Council for Law Reporting
with the authority of the Attorney-General as gazetted by the Government Printer
www.kenyalaw.org

Kenya
Brokers Act
Cap. 527
Legislation as at 31 December 2022
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Share widely and freely.

Brokers Act (Cap. 527)
Contents
1. Short title ........................................................................................................................................................................................................... 1
2. Interpretation .................................................................................................................................................................................................... 1
3. Licence required .............................................................................................................................................................................................. 1
4. Official brokers ................................................................................................................................................................................................. 1
5. License to keep exhibited his name and trade ................................................................................................................................... 2
6.

ame and trade ................................................................................................................................... 2
6.

Books of account to be kept by licensees ............................................................................................................................................. 2
7. Authority to search licensed premises .................................................................................................................................................... 2
8. Business to be transacted at specified places only ........................................................................................................................... 2
9. Business hours ................................................................................................................................................................................................. 2
10. No article to be altered or dealt with for seven days .................................................................................................................... 2
11. Police to be notified of suspected stolen property ......................................................................................................................... 3
12.

pected stolen property ......................................................................................................................... 3
12.

Penalties ........................................................................................................................................................................................................... 3
13. Act not to apply to auctioneers .............................................................................................................................................................. 3

.................................................................................................................................................... 3

Brokers Act (Cap. 527) Kenya
BROKERS ACT
CAP. 527
Assented to on 24 December 1930
Commenced on 24 December 1930
[Amended by Statute Law (Miscellaneous Amendments) Ordinance, 1961 (Act No. 15 of 1961) on 8 August 1961]
[Amended by Public Service Commissions (Amendment) Act, 1962 (Act No. 20 of 1962) on 24 January 1963]
[Amended by Kenya (Amendment of Laws) (Miscellaneous Amendments)
Regulations, 1963 (Legal Notice 462 of 1963) on 1 June 1963]
[Amended by Brokers Act Corrigenda (Corrigendum 74 of 1963) on 24 September 1963]
[Amended by Kenya (Amendment of Laws) (Written Laws)
Order, 1963 (Legal Notice 2 of 1964) on 12 December 1963]
[Amended by Court Brokers Act (Act No. 1 of 1981) on 8 May 1981]
[Amended by Licensing Laws (Repeals and Amendment) Act, 2006 (Act No. 17 of 2006) on 1 May 2007]
[Revised by 24th Annual Supplement (Legal Notice 221 of 2023) on 31 December 2022]
An Act of Parliament to make provision for the licensing and control of the businesses of brokers,
money-changers and goldsmiths and silversmiths
1. Short title
This Act may be cited as the Brokers Act. 2.

g and control of the businesses of brokers,
money-changers and goldsmiths and silversmiths
1. Short title
This Act may be cited as the Brokers Act. 2.

Interpretation
In this Act "licensing authority" means the person or authority so appointed for purposes of this Act. 3. Licence required
(1) No person shall carry on the trade of a broker, money-changer, goldsmith or silversmith, save as
hereinafter provided. (2) A person desirous of carrying on any of the trades mentioned in subsection (1) shall first obtain a
licence from the licensing authority of the district in which he intends to trade, and shall pay such
fee as the Cabinet Secretary may, by order, prescribe in respect of that trade. (3) The licensing authority may refuse to grant a licence without assigning any reason but shall record
reasons for the information of the Cabinet Secretary. (4) Every licence granted under this Act shall be valid for a period of three years from the date of issue. [Act No. 20 of 1962, s. 13, L.N. 462/1963, Act No. 21 of 1966, 1st Sch., Act No. 17 of 2006, s. 116.]
4. Official brokers
(1) Brokers shall be of two classes: "official" and "ordinary".

2/1963, Act No. 21 of 1966, 1st Sch., Act No. 17 of 2006, s. 116.]
4. Official brokers
(1) Brokers shall be of two classes: "official" and "ordinary".

(2) A person desirous of becoming an official broker shall find two sureties approved by the licensing
authority, or such person as it may appoint, who will enter into a bond to the extent of two
thousand shillings each for his good behaviour. [L.N. 463/1963.]
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, or such person as it may appoint, who will enter into a bond to the extent of two
thousand shillings each for his good behaviour. [L.N. 463/1963.]
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Brokers Act (Cap. 527) Kenya
5. License to keep exhibited his name and trade
Every money-changer, goldsmith or silversmith licensed under this Act shall always keep exhibited in
English characters not less than three inches long over the outer door of his shop or place of business his
name and trade. 6.

lways keep exhibited in
English characters not less than three inches long over the outer door of his shop or place of business his
name and trade. 6.

Books of account to be kept by licensees
(1) Every money-changer, goldsmith or silversmith licensed under this Act shall keep in English,
Kiswahili, Gujerati or Urdu such books of account as are necessary to exhibit or explain his
transactions and financial position in his trade or business, including a book containing entries
from day to day in sufficient detail of all cash received and cash paid, and, where the trade or
business has involved dealing in goods, accounts of all goods sold and purchased with the dates of
the sales and purchases and showing the buyers and sellers thereof in sufficient detail to enable the
goods and the buyers and sellers thereof to be identified:
Provided that any money-changer, goldsmith or silversmith, who has not been licensed under this
Act prior to the 1st January, 1931, shall keep the books of account prescribed by this subsection in
English and in no other language.

nsed under this
Act prior to the 1st January, 1931, shall keep the books of account prescribed by this subsection in
English and in no other language.

(2) The books of account required by subsection (1) to be kept by a licensee shall be produced by him
for examination at any time to a person authorized in writing by a magistrate or to a police officer
not below the rank of assistant superintendent or to any police officer holding a written authority
from such senior police officer authorizing him to act under this section. 7. Authority to search licensed premises
A police officer not below the rank of assistant superintendent or any officer authorized by him in writing,
or any other person authorized in writing by a magistrate, may at any time enter the shop or place of
business of any money changer, goldsmith or silversmith licensed under this Act and may search for
and examine the books of account required by section 6 to be kept, and may take extracts and copies
therefrom, and may search the shop or place of business of the licence for any articles that he may have
reason to suspect to have been dishonestly obtained or dishonestly placed therein. 8.

ace of business of the licence for any articles that he may have
reason to suspect to have been dishonestly obtained or dishonestly placed therein. 8.

Business to be transacted at specified places only
Every licence granted to a goldsmith or a silversmith shall specify the place or places at which the trade
may be carried on, and the licensee shall not carry on the trade elsewhere than that specified in the
licence, without the permission of the licensing authority. 9. Business hours
All goldsmiths and silversmiths licensed under this Act shall close their shops or places of business to the
public between the hours of eight o'clock in the evening and seven o'clock in the morning. 10. No article to be altered or dealt with for seven days
(1) No person carrying on the trade of goldsmith or silversmith shall sell or dispose of, or in any way
alter the shape, condition or nature of any article offered to him for purchase, sale, exchange or
otherwise, within seven days after he has received the actual possession of the article. (2) Every person carrying on either of the aforementioned trades shall, during the seven days, deposit
and keep any article or articles offered to him for purchase, sale, exchange or otherwise, at such
place or places only as may be described on his licence. 2

p any article or articles offered to him for purchase, sale, exchange or otherwise, at such
place or places only as may be described on his licence. 2

Brokers Act (Cap. 527) Kenya
11. Police to be notified of suspected stolen property
Every licensee under this Act shall bring to the notice of the police any case in which he has reason to
believe that any article offered to him is stolen property.
12. Penalties
Any person who contravenes any provision of this Act, or obstructs or hinders any officer acting in the
lawful exercise of any power or performance of any duty conferred upon him, shall be guilty of an offence
and liable to a fine not exceeding one thousand shillings or to imprisonment for a period not exceeding
three months, or to both, and to the forefeiture of his licence.
13. Act not to apply to auctioneers
This Act shall not apply to an auctioneer within the meaning of the Auctioneers Act (Cap. 526), nor shall a
licence under this Act authorize the holder thereof to carry on the business of such an auctioneer.
[Act No. 15 of 1961, Sch.]
3