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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 make you change your name or how you advertise if you break the rules."

Illustration for Deposit Takers Act 2023

The Bank can tell you to make some changes if they think you have broken or are breaking certain rules, like those in section 425 or 434. They can ask you to change your name or title so it does not include a restricted word. The Bank can also ask you to stop using a restricted word in advertisements or to stop doing certain activities under a name that includes a restricted word.

You have to make these changes within a certain time and in a specific way, as stated in the notice from the Bank. The Bank will tell you how and when to make the changes.

If the Bank tells you to make changes, you must follow their instructions.

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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.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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435: Offence to contravene advertising limit, or

"Breaking advertising rules can get you a big fine"

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

"Breaking the rule to change your name can cost you 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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