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Deposit Takers Act 2023

Miscellaneous - Use of words bank, banker, and banking - Limit on use of restricted words in name or title

425: Limit on use of restricted words in name or title

You could also call this:

"Rules for using certain words in a financial business name"

Illustration for Deposit Takers Act 2023

You are a financial service provider or you say you can provide financial services in New Zealand. You cannot use certain restricted words in your name or title. You also cannot change your name to include these words or use them when doing business in New Zealand. You must follow this rule when you are doing business directly or through an agent. The law explains what it means to "use" these restricted words in sections like 427, 428, 429, and 431. This means you cannot do things that are not allowed by this law. If you break this rule, it means you are using the restricted words in a way that is not allowed. This law is important for people who provide financial services in New Zealand. You need to know what words you can and cannot use in your name or title.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS470474.

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Money and consumer rights > Banking and loansBusiness > Industry rules
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426: Offence to contravene limit on use of restricted words, or

"Breaking rules about using certain words is against the law"

Part 8Miscellaneous
Use of words bank, banker, and banking: Limit on use of restricted words in name or title

425Limit on use of restricted words in name or title

  1. This section applies to a person that—

  2. is a financial service provider; or
    1. directly or indirectly holds out that they are entitled, qualified, able, or willing to be in the business of providing a financial service to persons in New Zealand.

      1. The person must not—

      2. be formed, incorporated, or registered using a name or title that includes a restricted word; or
        1. change its name or title to a name or title that includes a restricted word; or
          1. use a name or title that includes a restricted word when carrying on any activity directly or indirectly in New Zealand (whether through an agent or otherwise).

            1. In sections 427, 428, 429, and 431, use, in relation to a restricted word, means to act in a manner prohibited by this section.

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