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Credit Contracts and Consumer Finance Act 2003

Certification and fit and proper person requirements - Issue of certifications

131H: Procedural requirements

You could also call this:

"How the Commission makes decisions about certification"

Illustration for Credit Contracts and Consumer Finance Act 2003

When the Commission decides whether to give certification under section 131G or impose conditions under section 131L(1)(a), you need to know they follow rules. The Commission looks at certain matters before making a decision and makes the decision in a certain way. They must also follow specific steps if they plan to refuse certification or impose conditions. If the Commission plans to refuse certification or impose conditions, they give you at least 10 working days' written notice. They tell you why they might make this decision and give you a chance to make written submissions. You are called the applicant if you apply for certification, and this can also include directors or senior managers. The Commission has to consider your submissions before making a final decision. You have the right to be heard and to provide more information. This helps the Commission make a fair decision about your certification.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS502521.

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Topics:
Business > Industry rulesMoney and consumer rights > Consumer protection
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131G: When certification must be issued, or

"When the Commission must give you a certification"

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131I: Notice of decision, or

"The Commission tells you in writing what they decide about your application."

Part 5ACertification and fit and proper person requirements
Issue of certifications

131HProcedural requirements

  1. This section applies to a decision of the Commission as to whether to issue certification under section 131G or to impose conditions under section 131L(1)(a).

  2. The Commission must have regard to the prescribed matters (if any) before making a decision.

  3. The Commission must make the decision in the prescribed manner (if any).

  4. Subsections (5) and (6) apply if the Commission proposes to—

  5. refuse to issue a certification; or
    1. impose a condition when the applicant has not requested a condition; or
      1. impose a condition that is materially more restrictive than that requested in the application.

        1. The Commission must give the applicant no less than 10 working days’ written notice of the following matters before it exercises the power:

        2. that the Commission may refuse to issue the certification or impose the condition; and
          1. the reasons why it may exercise that power.

            1. The Commission must give the applicant or the applicant’s representative an opportunity to make written submissions on the matter within that notice period.

            2. In this section, applicant means—

            3. the person applying for certification (for example, the entity that will provide the service); and
              1. any director, senior manager, or proposed director or senior manager who the Commission is not satisfied is a fit and proper person to hold their respective position.

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                Notes
                • Section 131H: inserted, on , by section 50 of the Credit Contracts Legislation Amendment Act 2019 (2019 No 81).