Plain language law

New Zealand law explained for everyone

Credit Contracts and Consumer Finance Act 2003

Certification and fit and proper person requirements - Changes relating to certified persons

131R: Duty to notify changes

You could also call this:

"Tell us about important changes"

Illustration for Credit Contracts and Consumer Finance Act 2003

You must tell the Commission if something important changes about you, like a new director. You have 10 working days to tell them after you find out about the change. You need to give the Commission the information they need to check if you still meet the requirements mentioned in section 131G.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS502536.

This page was last updated on — View changes

Topics:
Business > Industry rules
Previous

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

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

Next

131S: Appeals against certification decisions, or

"Challenging a certification decision you don't agree with"

Part 5ACertification and fit and proper person requirements
Changes relating to certified persons

131RDuty to notify changes

  1. A certified person must notify the Commission about any prescribed change in circumstances (for example, a change in directors or senior managers) relating to a certified person.

  2. The time within which a person must notify the Commission under subsection (1) is 10 working days from the date on which the person comes to know about the change.

  3. A certified person must provide to the Commission the information that is required by the Commission to assist it in determining whether the certified person continues to meet, or no longer meets, the requirements referred to in section 131G.

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