Plain language law

New Zealand law explained for everyone

Deposit Takers Act 2023

Licensing of deposit takers - Issue of licences

20: Consultation requirements

You could also call this:

"The Bank must talk to certain groups before making some decisions"

Illustration for Deposit Takers Act 2023

Before the Bank makes a decision under section 17, they must talk to two groups. You need to know that the Bank will talk to the FMA. The Bank will also talk to the person or group applying for a licence about the rules they must follow if they get a licence.

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 It might be out of date or be missing some parts.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

This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS471969.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
Previous

19: Overseas requirements may be treated as appropriate, or

"Some overseas rules can be used if they are similar to New Zealand's rules."

Next

21: Notice of decision, or

"The Bank tells you yes or no about your licence and explains why."

Part 2Licensing of deposit takers
Issue of licences

20Consultation requirements

  1. The Bank must, before making a decision under section 17, consult—

  2. the FMA; and
    1. the applicant about the conditions and standards that the Bank proposes to impose in relation to the applicant (if the Bank issues a licence).