If you are a licensed deposit taker, you must have a current credit rating from an approved rating agency. This credit rating is like a report card for how well you manage your money and pay your debts. You can find more information about exemptions from this rule in section 70.
You need to get your credit rating from an agency that is approved to give these ratings. The credit rating is a measure of how well you can pay your debts and manage your money. It must meet the requirements set out in the standards.
If you want to know more about when you might not have to follow this rule, you can check section 70 to see if the Bank can grant you an exemption.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS475717.
A licensed deposit taker must have a current credit rating that is given by an approved rating agency.
In this Act, a credit rating, in relation to a deposit taker, is a rating of its creditworthiness that complies with the requirements prescribed by the standards.
See section 70, which allows the Bank to grant an exemption from this section.
