Credit Contracts and Consumer Finance Act 2003

Certification and fit and proper person requirements - Expiry, suspension, or cancellation of certifications

131P: When Commission may suspend or cancel certification

You could also call this:

"When the Commission can stop or cancel your certification"

Illustration for Credit Contracts and Consumer Finance Act 2003

The Commission can suspend or cancel a certification if you ask them to. They can also do this if you do not meet the requirements referred to in section 131G. The Commission can suspend or cancel a certification if they think you are incapacitated or have stopped existing. The Commission can also suspend or cancel a certification if you have become insolvent, as defined in section 6(4) of the Financial Markets Conduct Act 2013. They can do this if they think you have broken a condition of the certification in a significant way. You can request the Commission to suspend or cancel your certification by written notice.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS502532.

This page was last updated on 1 January 2026 — View changes

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Business > Industry rulesMoney and consumer rights > Banking and loans

131O: Duration of certification, or

"How long your certification lasts"

131Q: Procedural requirements on suspension or cancellation of certification, or

"What happens if the Commission wants to suspend or cancel your certification"

Part 5ACertification and fit and proper person requirements
Expiry, suspension, or cancellation of certifications

131PWhen Commission may suspend or cancel certification

The Commission may suspend (for a specified period or until a specified requirement is met) or cancel a certification—
if the certified person, by written notice, requests the Commission to do so; or
if the certified person does not meet, or no longer meets, the requirements referred to in section 131G; or
if the Commission is satisfied that the certified person is incapacitated, has ceased to exist, or has become subject to an insolvency event within the meaning of section 6(4) of the Financial Markets Conduct Act 2013; or
if the Commission is satisfied that the certified person has materially contravened a condition of the certification.

Compare

2013 No 69 s 408

Notes

Section 131P: inserted, on 1 June 2021, by section 50 of the Credit Contracts Legislation Amendment Act 2019 (2019 No 81).