Plain language law

New Zealand law explained for everyone

Deposit Takers Act 2023

Licensing of deposit takers - Issue of licences

21: Notice of decision

You could also call this:

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

Illustration for Deposit Takers Act 2023

When you apply for a licence, the Bank makes a decision. The Bank must tell you about its decision, as stated in section 17. If the Bank says no to your licence, they must explain why they made this decision. The Bank will send you a notice with their reasons.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS490597.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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20: Consultation requirements, or

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

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22: Bank must keep register of licensed deposit takers, or

"The Bank must keep a public list of licensed deposit takers that you can easily find and access."

Part 2Licensing of deposit takers
Issue of licences

21Notice of decision

  1. The Bank must give notice of its decision under section 17 to the applicant.

  2. If the Bank refuses to issue a licence, the notice must include a statement of the Bank’s reasons for doing so.