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Credit Contracts and Consumer Finance Act 2003

Certification and fit and proper person requirements - Conditions of certification

131L: When Commission may impose conditions

You could also call this:

"When the Commission can add rules to a certification"

Illustration for Credit Contracts and Consumer Finance Act 2003

The Commission can impose conditions on a certification when it is issued. You will get a written notice if conditions are imposed. The Commission can change or cancel these conditions at any time. The conditions can relate to requirements mentioned in section 131G, such as making sure those requirements are still met. Conditions can also specify when the certification will expire. This is subject to any regulations made under section 138(1)(hb). The Commission's decisions are based on the rules. You can find more information about the rules in the relevant sections. The rules help the Commission make decisions about certifications.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS502526.

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Topics:
Business > Industry rules
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131K: Conditions of certification, or

"Rules to Follow When You're Certified"

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"Apply to change your certification conditions"

Part 5ACertification and fit and proper person requirements
Conditions of certification

131LWhen Commission may impose conditions

  1. The Commission may, by written notice to the applicant or certified person,—

  2. impose conditions on a certification when the certification is issued; and
    1. vary, revoke, add to, or substitute any conditions of certification imposed under this section at any time after the certification is issued.

      1. A condition referred to in subsection (1) may only—

      2. relate to the requirements referred to in section 131G (for example, to ensure that those requirements continue to be satisfied and to require verification that those requirements continue to be satisfied); or
        1. specify a date of expiry of the certification.

          1. This section is subject to any regulations made under section 138(1)(hb).

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