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Deposit Takers Act 2023

Miscellaneous - Use of words bank, banker, and banking - Bank may require change of name, etc

436: Power to require change of name, etc

You could also call this:

"The Bank can ask you to change your name or title if you break a rule"

Illustration for Deposit Takers Act 2023

You can be asked to change your name or title if the Bank thinks you have broken a rule. The Bank can ask you to stop using a certain word in an advertisement. You must do what the Bank asks within the time they say. You might be asked to stop doing something if your name or title has a restricted word. The Bank will tell you what to do and when to do it. You have to follow their instructions. The Bank can do this if they think you have broken section 425 or 434. They will send you a notice telling you what to do. You must comply with the 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=LMS475587.

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435: Offence to contravene advertising limit, or

"Breaking the advertising rules can lead to a big fine."

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437: Offence to contravene requirement to change name, etc, or

"Breaking the law by not changing your name when required can lead to a big fine."

Part 8Miscellaneous
Use of words bank, banker, and banking: Bank may require change of name, etc

436Power to require change of name, etc

  1. If the Bank is satisfied on reasonable grounds that a person has contravened, or is contravening, section 425 or 434, the Bank may, by notice, require the person to do any of the following:

  2. change the person's name or title to a name or title that does not include a restricted word:
    1. cease using a restricted word in an advertisement:
      1. cease carrying on any activity using a name or title that includes a restricted word.

        1. A person must comply with the requirement within the period of time and in the manner specified in the notice.

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