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Deposit Takers Act 2023

Enforcement - Pecuniary penalty - Procedural rules

164: Limitation

You could also call this:

"You have 3 years to take action after finding out about a problem, or up to 10 years after it happened."

Illustration for Deposit Takers Act 2023

If you want to take action under this law, you can start the process within three years of finding out about the problem. You should know when the problem happened or when you should have known about it to figure out the time limit. The time limit is three years from when you discovered the issue.

If ten years or more have passed since the problem happened, you cannot start the process. There is an exception to this ten-year rule, which is explained in the Limitation Act 2010. You can find more information about this exception in Section 48(1) and (3) of the Limitation Act 2010, which talks about fraud.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS475612.

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"Same rules apply as other civil court cases"

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165: Only 1 pecuniary penalty order may be made for same conduct, or

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Part 5Enforcement
Pecuniary penalty: Procedural rules

164Limitation

  1. A proceeding under this subpart may be commenced within 3 years after the matter giving rise to the contravention was discovered or ought reasonably to have been discovered.

  2. However, no proceeding under this subpart may be commenced 10 years or more after the matter giving rise to the contravention.

  3. Section 48(1) and (3) of the Limitation Act 2010 (which relates to fraud) applies with all necessary modifications to the 10-year period referred to in subsection (2) as if it were a longstop period.